Rates effective: 11/30/2015 through 12/06/2015
APR = Annual Percentage Rate
TERMS AND CONDITIONS:
This variable rate line of credit must be secured by an owner-occupied, 1-4 family residential property, not currently listed for sale, with a maximum 80% loan-to-value ratio, first or second lien. The rates, fees, and terms of credit stated are based on meeting the bank’s normal credit underwriting standards. Rates, fees, and terms may vary based on your credit qualifications, loan amount, and loan-to-value ratio. Property insurance and flood insurance (if applicable) is required. A National Penn checking account is required. The minimum line is $5,000, of which $5,000 must be new money (other rates and terms apply). Maximum line is $300,000. This offer and rates are subject to change based on market conditions and borrower eligibility. Please ask about other programs and terms available.
COSTS AND FEES:
An early termination fee of 2% of the credit limit (maximum $350) will be charged if the line is permanently closed within 36 months of being established. Account opening fees may range from $66 to $700 depending on line amount, appraisal type, and property location. Trust review fee of $200 for properties held in trust. Certain fees may apply if Maryland collateral.
*The 2.49% annual percentage rate (APR) applies to new lines of credit of $50,000 or more and is good for the first 12 months of the loan. Increases to existing lines require a $50,000 minimum line and a $10,000 increase. The 2.49% promotional rate is not available to National Penn borrowers who have received a discounted line of credit rate within the last 36 months.
**For example, the $50,000 line of credit, after the expiration of the 12-month introductory 2.49% rate, the APR will be variable based on the Wall Street Journal Prime (WSJP) as published daily, plus a margin of 0.50%, or a minimum APR of 2.99%, whichever is greater. Rate shown is based on the highest WSJP published prime rate. Rates are subject to change, increasing when the prime rate increases, decreasing when the prime rate decreases. Current WSJP is accurate as of 8/17/15, which was 3.25%, plus 0.50% = 3.75%. Maximum APR is 18.00%. Different loan amounts have margins ranging from WSJP + 0.25% to WSJP +1.00%, based on line amounts. Refer to our website for other SimpleLOC™ pricing options.
SimpleLOC FIXED RATE OPTION:
This account includes a fixed rate option. Current fixed rate APRs range from 3.44% to 6.24% depending on payment option, loan amount, or loan term selected. This rate may vary, but once established as a new Fixed Rate Advance, will not vary thereafter. A $75.00 rate lock fee applies each time you establish a Fixed Rate Advance. The fee is waived if rate is locked at closing. You are limited to a maximum of 3 Fixed Rate Advances at any one time, with a minimum advance of $5,000.
MATURITY DATE & MINIMUM PAYMENT INFORMATION:
This line of credit has a 15 year draw period and 15 year repayment period. By making only the minimum periodic payments each billing cycle, for the maximum term, your line of credit will have a maturity balloon payment, where all principal, interest and fees will be due in 30 years from date established. Please refer to our credit agreement for complete details.
Consult a tax advisor for deductibility of interest.