HOME EQUITY LINE OF CREDIT: *APR = Annual Percentage Rate. The Promotional Annual Percentage Rate (APR) of 2.99% is fixed for the first 6 full billing cycles from origination. After the fixed rate promotional period, the APR is a variable rate based on the Wall Street Journal’s Prime Rate minus 0.25%. As of 10/1/2018, Prime Rate is 5.00% with an APR of 4.75%. After the first 6 full billing cycles, the APR will never go below 3% and the maximum is 18%. The maximum combined (existing mortgage loan balances plus Home Equity Credit Line limit) loan-to-value ratio (LTV) is 80% of market value. The minimum line of credit amount is $10,000. The maximum line of credit is $300,000 with LTVs up to 80%. The minimum credit advance that you can receive is $500. Third party fees may need to be reimbursed if the loan is closed within the first 24 months.
HOME EQUITY LOAN: **APR = Annual Percentage Rate. A loan amount of $100,000 and greater has a 3.99% APR and is representative of a 7 and 10-year term home equity loan in first lien position with no points, and up to 80% loan-to-value (LTV). A loan amount of less than $100,000 has a 4.24% APR and is representative of a 7 and 10-year term home equity loan in first lien position with no points, and up to 80% LTV. PAYMENT EXAMPLE: A loan at an APR of 3.99% would have 120 months principal and interest payments of $10.11 per $1,000 borrowed. A loan at an APR of 4.24%, would have 120 months principal and interest payments of $10.24 per $1,000 borrowed.
There is no application fee, no closing costs, no annual fee. Proof of homeowners insurance required. CT owner-occupied properties only. Programs, rates, terms, and conditions are subject to change and may be withdrawn without notice. Other terms and conditions may apply. A $25 balance in your Connex share savings account required. Up to 100% loan-to-value financing available, higher rates apply. Interest may be tax deductible, please consult your tax advisor. All loans are subject to credit and underwriting approval. Refinancing existing Connex home equities not eligible.