Offer subject to credit approvals and may be withdrawn at any time. The calculated minimum payment will not fully repay the principal that is outstanding on your Credit Line and your final payment will be a single balloon payment of $49,735.21. The highest principal and interest payment during the repayment period would be $2,500. The monthly principal and interest payments are based on 1.250% of your outstanding balance. e Following the draw period, there will be a repayment period of 239 principal and interest payments and a final balloon payment. During the Draw Period you would make 120 interest only payments of $1,333.33. A recapture fee of $375 will be imposed if your account is closed within 36 months of opening.Ĥ) For example, if you took an initial advance of $200,000 from a Convertible HELOC and you took no other credit advances, it would take 30 years to pay off the $200,000 at an Annual Percentage Rate of 8.00%. Property insurance and, if applicable, flood insurance are required. Fees to open these lines may range from $0 to $1,365 depending on the amount of the line and the state in which the property is located. Minimum line amount of $25,000 for the Convertible HELOC. Investment properties are not eligible for Convertible HELOC.ģ) Prime rate as of Jis 8.25% is used to calculate Home Equity Lines of Credit (rates are variable and are subject to change). If you pay only the amount of interest that is due, once the interest-only period ends, you will still owe the original amount that you borrowed and your monthly payment will increase significantly because you must pay back the principal as well as the interest, even if interest rates remain the same.ġ) During the Draw Period, the minimum monthly payment for this Convertible HELOC is interest only or $50, whichever is greater.Ģ) LTV is 80% for Out-of-Market properties or when the first and second mortgage balance is greater than $750,000. Interest-only payments do not build home equity. A 20 year repayment period, during which you must pay principal and interest, follows the 10 year draw period. *The "interest only" portion of this Convertible HELOC allows you to pay only the interest on the money you borrow for 10 years (draw period) from the date the line is established. Other Home Equity Line of Credit products are available. The rates and terms described above are for the Convertible Home Equity Line of Credit. Yes, WSFS will accept applications individually or with a co-applicant. Do I need to apply individually, or can I apply with a Co-Applicant?Ī. Meet and discuss with an Associate at your local banking office.These are the ways to apply for any loan at WSFS: **Other fees may apply such as a $375 recapture fee if any Home Equity Loan or Line of Credit is closed within 36 months and/or other state specific fees could be applicable.Ī. WSFS does not charge any origination fees or closing costs. Are there any origination fees or closing costs?Ī. Monthly payments will be based upon the balance of the line of credit, and payments are variable and fluctuate with the Wall Street Journal Prime rate. The funds are available during the draw period up to the credit limit established. A line of credit is a borrowing limit extended to you. You will receive a one-time, lump sum that is then paid down with fixed monthly payments for the duration requested and agreed upon. A loan is an amount of money that you borrow for a specified length of time. What is the difference between a loan and line of credit?Ī. Please contact your local banking office or call Customer Support for more information. Yes, we allow applications on investment properties. Does WSFS allow applications for Home Equity Loans/ Lines of Credit on Investment Properties?Ī. Single Family Home, Town Home, Twin Home, Row Home, Duplex, Manufactured and Condominium. Which properties are acceptable collateral for an application?Ī. Please contact your tax advisor to verify if you’re eligible for a deduction.
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