APR is the Annual Percentage Rate. Rates displayed above may change at any time and without advance notice. It is the reader’s responsibility to verify rates with an MBT loan officer. All products and services are subject to Bank and credit approval. Penalty may be imposed for early payoffs. Best rate shown based on credit score.
Offer is subject to credit approval. The variable Annual Percentage Rate (APR) for the line is based on the Prime Rate (which as of August 1, 2013 is 3.25%). The rate for your line will depend on your credit qualifications and loan-to-value ratio, and will range from a variable APR of Prime (currently 3.25% APR) to Prime + .75% (currently 4.0% APR). In any event, your APR will never exceed 25.00% per annum or less than your initial rate. Rates assume a pre-authorized transfer from a Monroe Bank & Trust deposit account. Add .25% to stated rates when a pre-authorized plan is not established. Minimum credit limit is $5,000. Credit limit is based on loan-to-value ratio and credit qualifications. No appraisal fee on loans of $100,000 or less. Fees for customer-requested appraisals are the customer’s responsibility. An annual fee of $75.00 is charged at the beginning of each year beginning in the 13th month, and will be charged to the account as an advance. An early termination fee of $250 will be charged if closed within 24 months. Property, title, and/or flood insurance, if applicable, is required. Consult your tax advisor about the deductibility of interest. For a home equity line which requires interest only payments, the principal balance is not reduced. Paying only the minimum payment amount will result in a balloon payment. For example, if you borrow $50,000 for 120 months at 3.25% APR and made only interest payments, at the end of 10 years you would have a balloon payment of $50,133.56 due. It’s a good practice to consider paying more than the minimum payment each month in order to pay down the principal.