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 this home equity line of credit at a special introductory rate of 2.99% for the first 12 months for lines of $50,000 or greater.
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% APR, is available for twelve months from the date the account is opened (“Introductory Period”). On the first rate change after the introductory period the APR will adjust to Prime minus 0.25% (currently 3.00% APR) with a floor of 4.50% APR for lines of credit $50,000 or greater. Regular rates may vary monthly. Maximum APR is 16.9%. Your home equity account must be secured by a mortgage on your owner-occupied property. 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 a trust. You may also pay certain fees to third parties to establish clear title. Certain third party fees must be reimbursed if the line is closed within three years of opening. These fees are based upon the maximum amount of the line and are not to exceed $450.00. Rate shown is for new Home Equity Line 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, 2013.