Tap into your home's equity and do something special. Take advantage of our great home equity line of credit rates to remodel your kitchen, pay for college, build an addition or do just about anything else you want. A home equity line of credit combines the convenience of a revolving credit line with Quick Check access.
Account terms and conditions
The draw period for the QuickEquity Line is 10 years. Minimum monthly payments during the draw period are interest only. The repayment period is 15 years. The regular monthly payment during the repayment period is based on a 15-year amortization of your balance at the start of the new payment period, plus all accrued finance charges. All QuickEquity Lines are subject to credit approval, appraisal and an annual fee of $50 beginning in the second year.
(1) Rates as of 3/16/09. The introductory annual percentage rate (APR) is as low as 4.50% and remains in effect for the first six billing cycles from the opening date. The 4.50% APR requires automatic payments from a River City Bank checking account. Other introductory rates are available depending on your creditworthiness and other factors. After the introductory period, the APR for our home equity line of credit will fluctuate. The new rate will be based on Prime, (the Index), as published in the Wall Street Journal, (currently 3.25% as of 3-16-09), plus a Margin. Under no circumstances will the rate ever fall below 4.50%, (the floor), nor will it ever rise above 15%, (the ceiling).
(2) Offer is based on an 80% loan-to-value ratio. Other rates are available based on loan-to-value ratio, property valuation, owner occupancy and other factors. This is not an offer for extension of credit nor a commitment to lend, and is subject to change without notice. You may pay all or any amount owing under the account at any time after the first two (2) years after the opening date, without penalty. However, if you close your account during the first two (2) years after the opening date, a prepayment penalty of $500 or six (6) months interest on 80% of the original principal amount, whichever is less, may be charged. This fee will be added to the payoff balance. Borrower may have to pay certain fees to third parties such as appraisers, title insurance companies and government agencies for loan amounts greater then $250,000, or when there is a payoff of an existing lien on the property. In addition, an annual fee of $50 beginning in the second year will apply. Certain restrictions may apply. Program subject to change.