Home Equity Line of Credit
The equity in your home is an important asset that’s just waiting to be utilized. From debt consolidation to home improvements, Bank of Akron’s Freedom Equity can be a powerful resource. Now you can get the special introductory rate of 2.99% for all new home equity lines of credit for the first 12 months.
Key Features and Benefits:
- Choose between variable-rate and fixed-rate options
- No closing costs or application fees
- No annual fee
- Your borrowings may be tax deductible
- Consolidate high-rate bills, make major purchases, etc.
Currently 2.99% Annual Percentage Rate (APR), fixed for twelve months from the date the account is opened (“Introductory Period”). On the first rate change after the “introductory period” the APR may vary based on the highest Prime Rate (the index) as published by The Wall Street Journal in its “money rates” table for the last day prior to the beginning of the new billing cycle (currently 3.25%) plus a margin of 0.50% for line amounts $100,000 or more. APR will not exceed 16%. New applications qualify for a 0.25% interest rate reduction with a CLTV less than 70% and/or a 0.25% interest rate reduction with automatic payment deduction from your Bank of Akron checking or savings account. Your Home Equity account must be secured by a mortgage on your owner-occupied property. You must carry hazard (and flood, if applicable) insurance on the property that secures the line of credit. Loans are subject to credit approval and satisfaction of title and appraisal requirements. A fee may be charged if the property is in the name of the trust. You may also pay certain fees to third parties to establish a clear title. Certain third party fees must be reimbursed, up to a maximum of $450.00, if the line is closed within three years of opening. Rate shown is for new Home Equity Line of Credit accounts only and may change without notice. Consult a tax advisor regarding deductibility of interest. Our toll free number is 1-800-542-5401. Promotion period ends June 30, 2014.