Rates are current as of 3/16/17 and are subject to change without notice
|Loan Amount||Combined Loan to Value|
|Up to $250,000||50%||5.00%|
|$250,001 to $500,000||50%||5.25%|
|$500,001 to $1,000,000||50%||5.50%|
*Annual Percentage Rate (APR) is based on the Wall Street Journal Prime Rate plus a margin and will vary with the Prime Rate. The Prime Rate is 4.00% as of the last change date of March 16, 2017. Quoted APR includes a 0.25% discount for automatic payment from a Far East National Bank checking or savings account. APR may vary.
Maximum lifetime APR is 18%. APR assumes a new home equity line on an owner-occupied single family residence, condo, PUD, or 1-2 unit property located in California. APR may vary based on CLTV ratio and amount of credit extended. Line of credit term is 25 years (10-year draw period followed by 15-year repayment period). Line of credit eligibility is subject to credit approval and our appraisal valuation system of collateral property. Other limitations and restrictions may apply. All terms are subject to change without notice.
A non-refundable fee of $250 applies to all lines. No annual fee for any line amount. No setup fees or closing costs for lines up to $250,000. No setup fees for lines of $250,001 to $500,000, but closing costs apply. A $500 setup fee and closing costs apply to lines above $500,000. Appraisal fees apply to all 2-unit properties regardless of line amount. Combined closing costs generally total from $1,380 to $2,555 depending on your credit line granted.
Property insurance is required. Consult your tax advisor regarding tax deductibility of interest.
Interest-only lines provide for the payment of interest only during the draw period, and payments of principal and interest during the repayment period. Principal is not reduced during the interest-only period. At the end of this period, your monthly payment will increase even if the interest rate stays the same, possibly substantially, as you will be required to pay down the outstanding principal. Always consider paying more than the minimum payment to pay down the principal.