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Your home's equity can power your next dream with a Home Equity Loan or Home Equity Line of Credit (HELOC).
Choose to receive funds in a lump sum loan or as a line of credit
Use to consolidate debt, take on home improvement projects, address expenses or more
Various terms are available
Opt for fixed or variable rates
Limited Time HELOC Offer: Special low rate of 6.99%APR† for 6 months
1Loan limits are determined by combined loan-to-value (CLTV) and are available up to 70 percent, depending on loan criteria.
2APR = Annual Percentage Rate. Rates and terms shown are accurate as of 2/29/24. The minimum periodic payment for line of credit is interest-only for the first (10) ten years ('draw period') followed by fully-amortizing payments to repay the balance over the final (15) fifteen years. No draws will be allowed during the repayment period. Payments and rate can adjust monthly. Payments will increase if rates increase. At the end of the draw period, your required monthly payments will increase because you will be paying both principal and interest.
Line of credit rate is calculated using an index plus a margin. The index used is the Prime Rate as published in the Wall Street Journal. The current prime index is 8.500%. The minimum credit line amount is $25,000 and the maximum is $400,000. Monterra will pay customary closing costs on lines up to $250,000 in second lien position. Borrower is responsible for closing costs on lines in first lien position or over $250,000 and any escrow fees resulting from changes to title. Borrower is responsible for closing costs on a line of credit in first lien position and investment properties.
3Tax deductibility depends on your individual situation. Consult your tax advisor.