Home Equity Loans
If you need to borrow for a specific purpose, a fixed rate, fixed term Home Equity Loan may be your answer. No application or appraisal fee. Same-day approval. And the interest may be tax deductible - check with your tax advisor. For information about our new Interest-Only Home Equity Loans, click here. To apply, click here, call 1-800-YES-5020 or visit any store.
* Rates listed require automatic payment deduction (APD) from a Commerce account. For example, the monthly payment for a 15-year $25,000 loan with a fixed APR of 6.49% and a loan to value of 80% or less would be $217.64. Without automatic payment deduction, the APR would be 6.74% and the monthly payment would be $221.09. Maximum of 90% loan-to-value for First and Second Lien Positions or 80% loan-to-value for Rental Properties. Maximum LTV of 80% for all property types where loan value is greater than or equal to $500,000.00. Investment Properties have a rate differential of 0.5%. For example, the rate on a rental property with a 15-year term would be 6.99% APR, with automatic payment deduction. Offer may be withdrawn at any time.
Certain restrictions apply. Property and/or flood insurance may be required. Loans over $750,000 require title insurance, the cost of which is to be paid by the customer. On loans requiring a property lien, you will be charged a $90 recording fee at the time of closing. Rates may vary for properties located in Delaware and Florida.
For all applications taken during the promotional period from April 1, 2008 to May 12, 2008, the customer will not have to pay the $90 recording fee. All fees for properties in Florida up to $750,000 loan value will be waived.
Home Equity Lines Of Credit
You’re in control with a Home Equity Line of Credit. Use your line all at once or a little at a time. With a Home Equity Line of Credit, you’ll be ready to take advantage of a great opportunity or cover any emergency. You’ll pay interest only on the money you use. And the interest may be tax deductible - check with your tax advisor. For information about our new Interest-Only Home Equity Line of Credit, click here. To apply, click here, call 1-800-YES-5020 or visit any store.
*The Home Equity Line is a variable rate line of credit. The rate is equal to the Prime Rate as published in the Wall Street Journal - 1.01% and is subject to change. The Prime Rate as of May 01, 2008 is 5.00%. This rate is available to lines of credit for which the loan value is $200,000 to $750,000. Other rates are available for lines of credit with other loan values. Maximum of 90% loan-to-value for First and Second Lien Positions or 80% loan-to-value for Rental Properties. Maximum LTV of 80% for all property types where loan value is greater than or equal to $500,000.00. Maximum lifetime cap 18% APR. Property and/or flood insurance may be required. Lines over $750,000 require title insurance, the cost of which is to be paid by the customer. On lines of credit requiring a property lien, you will be charged a $90 recording fee at the time of closing. Offer may be withdrawn at any time. Certain restrictions apply.
For all applications taken during the promotional period from April 1, 2008 to May 12, 2008, the customer will not have to pay the $90 recording fee. For states with mortgage taxes or document taxes, there will be no line draw down restrictions. All fees for properties in Florida up to $750,000 loan value will be waived.
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