Evans Bank in the Community 2022

Variable Rate Home Equity Lines of Credit (HELOC)

If you’d like to learn more about this product, Contact Us

The introductory rate of 1.99%APR is fixed for the first six billing cycles and is subject to change on the first day of the seventh billing cycle after closing (“Introductory Period”). After the Introductory Period the Annual Percentage Rate1 (APR) will be subject to change each billing cycle.

Rates are effective as of June 16, 2022.   

Contact a local branch representative to learn more about our Home Equity Lines of Credit options.

Line APR1 Current APR Auto-Deduct Discount2 Current APR with Discount
$10,000 – $24,999 Prime + 3.75% 8.50% 0.25% 8.25%
$25,000 – $49,999 Prime + 1.75% 6.50% 0.25% 6.25%
$50,000 – $99,999 Prime + 1.25% 6.00% 0.25% 5.75%
$100,000 – $400,000 Prime + 0.75% 5.50% 0.25% 5.25%

1Your Annual Percentage Rate (APR) on the variable rate option may be 1.99% for the first 6 billing cycles. The maximum APR will not exceed 16.90%. Prime equals the highest rate identified by The Wall Street Journal as the Prime Rate in its table listed “Money Rates” as of the monthly determination date in the agreement. The Prime Rate in effect on 6/16/2022 is 4.75%. Rate subject to change without notice. Contact any branch for further details. 

2Have your payment auto deducted from an Evans Bank checking account at loan origination to reduce your rate by 0.25%. Discount for auto deduction is not applied to 1.99% introductory rate period.

Non-Discounted variable APRs will range: Prime + 3.75% for lines up to $24,999.99, Prime + 1.75% for lines between $25,000 – $49,999.99, Prime + 1.25% for lines between $50,000 – $99,999.99 and Prime + 0.75% for lines of $100,000 or more.

No application or closing fees will be charged at time of origination. If your line is paid and your home equity mortgage is discharged within 3 years of origination, closing costs must be reimbursed to the bank. Consult a tax advisor regarding deductibility of interest.

The loan will be secured by a mortgage on your primary or secondary residence. Hazard (Homeowner’s) insurance is required. Flood insurance, where applicable, is required. Introductory rate is available for applications received through 9/30/2022.

Equity Select  Better Equity Select 
Lien Position: 1st or 2nd 1st or 2nd
Loan Limits:  $400,000.00 max  $400,000.00 max 
Draw Period:  5 years 10 years 
Repayment Period:  15 years  15 years
Total Term:

20 years

25 years
Payment Structure: 

Interest Only – 1st 5 years 

Principal & Interest – Remaining 15 years 

.33% of Principal Balance & Interest – 1st 10 years 

Principal & Interest – Remaining 15 years 

Occupancy: Principal & Secondary Residences Principal & Secondary Residences
Credit Score:  660 minimum  660 minimum 
Combined Loan to Value (CLTV): 

85% principal residence 

75% secondary residence

85% principal residence 

75% secondary residence

Fixed Rate Options: Talk with a local branch representative to discuss the ability of converting a portion or all of your existing Home Equity Line of Credit balance to a Fixed Rate Loan option.

Other Terms and Conditions may apply.

Return to Current Rates

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