Home Equity Line of Credit

2.99%APR*  |  3.99%APR**  

     

Turn your home’s equity into cash with an American Bank Home Equity Line of Credit (HELOC).  Use it for travel, debt consolidation, home renovations or even college.  The possibilities are endless.

 

A Home Equity Line of Credit (or HELOC for short) can give you easy access to financing whenever you need it, without having to apply for a loan every time.

Like a home equity loan, a HELOC is based on your home's value. But instead of a lump sum, you're pre-approved for a certain amount that you can use as you need. You can access it anytime, and you don't pay any interest until you actually use it. 

Portfolio Banker

Grand Rapids

218.322.2012

NMLS #1603212

Portfolio Banker

Hibbing

218.231.8974

NMLS #651154

Portfolio Banker

Mt. Iron

218.735.3768

NMLS #779331

 

 

*2.99% Introductory Annual Percentage Rate (APR) available for a limited time.  Introductory Interest Rate is fixed at 2.99% for 12 month Introductory Period.  Credit scores of 680 or higher required.  Maximum combined loan-to-value (CLTV) up to 90% for credit scores of 720 or more.  Maximum CLTV up to 80% for credit scores of 680-719. Other qualifying ratios and terms may apply.  After 12 month introductory period, APR is variable and based on index plus a margin. APR will vary with Prime Rate (the index) as published in Wall Street Journal. Maximum APR is 18% or maximum permitted by law, whichever is less. As of April 15, 2019, the variable rate ranged from 5.50% to 7.00%.  Typical repayment on a $100,000 line of credit at APR of 5.50%:  Interest on amount of credit outstanding during draw period paid monthly, followed by one final balloon payment of $100,467.12, which may result if only minimum periodic payments are made. Actual payments may increase or decrease as rate increases or decreases.  Borrower pays all closing costs (credit report, O&E, mortgage recording and registration fees, appraisal, flood determination, which generally range from $0 to $1000)  Property insurance required. Rates and loans are subject to American Bank underwriting guidelines and credit approval. New HELOCs secured by primary dwelling only. $50 annual fee. Increase of 1.50% for lines under $10,000.

**3.99% Introductory Annual Percentage Rate (APR) available for a limited time. Introductory Interest Rate is fixed at 3.99% for the 12 month Introductory Period.  Credit scores of 680 or higher required.  Maximum combined loan-to-value (CLTV) up to 90% for credit scores of 720 or more.  Maximum CLTV up to 80% for credit scores of 680-719. Other qualifying ratios and terms may apply.  After 12 month introductory period, APR is variable and based on index plus a margin.  APR will vary with Prime Rate (the index) as published in Wall Street Journal.  Maximum APR is 18% or maximum permitted by law, whichever is less.   As of April 15, 2019, the variable rate ranged from 5.50% to 7.00%.  Typical repayment on a $100,000 line of credit at APR of 5.50%:  Interest on amount of credit outstanding during draw period paid monthly, followed by one final balloon payment of $100,467.12, which may result if only minimum periodic payments are made. Actual payments may increase or decrease as rate increases or decreases.  Bank pays closing costs (credit report, O&E, mortgage recording and registration fees, appraisal, flood determination, which generally range from $0 to $1000) on loans up to $100,000.  Property insurance required.   Rates and loans are subject to American Bank underwriting guidelines and credit approval. New HELOCs secured by primary dwelling only. $50 annual fee.  Increase of 1.50% for lines under $10,000.