Up to five loans within one line of credit. Now with an introductory rate of 2.99% APR!** 2.99% APR is an introductory rate valid for the first twelve (12) months of the loan. Thereafter the interest rate adjusts monthly based on the Wall Street Journal Prime Rate (5.50% on 1/31/2019). The Coastal Plus Home Equity Line Difference Unlike most, Coastal Heritage Bank offers a Home Equity Line that doesn't require you to choose between a revolving line of credit and a fixed rate loan when you apply. It's called Coastal Plus Home Equity. You can borrow on your revolving line of credit and then, if you choose, can ask to convert a portion (or all) of the amount you’ve borrowed into a fixed-rate installment loan. You can have up to 5 fixed-rate installment loans outstanding at one time, without having to go through another application process. The amount available on your credit line will be reduced by the total balance(s) of your installment loan(s). As you pay down the balance of the installment loans, the amount available to borrow on your credit line will be replenished. See our variable-rate program disclosure for more details. Interest Rates The revolving line of credit has a variable rate of interest that can change monthly. Each fixed-rate installment loan associated with the account has a fixed rate and fixed payment amount for the term of the installment loan. The rate is determined at the time of the conversion and depends on the term of the loan. Ask us about our current rates and terms. Monthly Statements & Payments Each month you will receive a Coastal Plus Home Equity statement. If your payments are set up for Auto-Pay, they will be made automatically. If you’ve converted some or all of your revolving balance into one or more fixed-rate installment loans, the monthly statement will also provide information about the installment loans. You will also receive a separate bill for each installment loan. If you do NOT authorize automatic payments, simply use the bill from your monthly statement to make the payment due on your revolving line and the separate billing notices you receive for each fixed-rate installment loan. Checks - Availability of Funds The Bank is prohibited by law from releasing loan proceeds for a period equal to three business days after the mortgage closing date, if the loan is to be secured by your principal dwelling (primary residence). You may then access your credit line simply by writing a check. We will provide you with a set of 12 checks bearing your name(s) and address. Please keep a record of all checks you write against your Home Equity Credit Line. Your canceled checks will not be returned to you. 10 year draw interest only, 15 year principal and interest payments Conversion to Fixed Rate Loan(s) During the draw period, you can convert all or a portion of your revolving balance into a Fixed Rate Installment Loan. You can have up to five (5) installment loans open at any one time. Questions If you have any questions about our Coastal Plus Home Equity Line, contact our Consumer Loan Department for assistance at (781) 796-6038. **2.99% APR is an introductory rate valid for the first twelve (12) months of the loan. Thereafter the interest rate adjusts monthly based on the Wall Street Journal Prime Rate plus 0% for the life of the line (5.50% on 1/31/2019) or Prime Rate minus .25 with auto-payment from a Coastal Heritage Bank account. Maximum annual percentage rate (APR) is 18%, minimum APR is 3.00%. Available for owner-occupied residences only (1-4 family property or condominium). Loan-to-value limits apply. Property insurance is required. Flood insurance may be required. Homes currently on the market or planned for sale within a year are not eligible. Offer, rates and program subject to change without notice. Offer valid for new customers only. Customers with an existing Home Equity Line of Credit are not eligible for the special introductory rate. Consult your tax advisor about deductibility of interest. Subject to credit application and approval. Please call for additional details and requirements. ALL RATES, TERMS AND PROGRAMS ARE SUBJECT TO CHANGE WITHOUT NOTICE. For more information, please call or visit any one of our convenient branch locations. Product Description APR Apply Coastal Plus Home Equity line of Credit** Line of Credit - Based on Prime Rate 5.250% Product Description APR Payment per $1,000 Payments Coastal Plus Home Equity Fixed Rate Options 5 Year Fixed Rate Option 4.750% $18.76 Show Payments 10Year Fixed Rate Option 5.000% $10.61 Show Payments 15 Year Fixed Rate Option 5.250% $8.04 Show Payments 20 Year Fixed Rate Option 5.500% $6.88 Show Payments
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