Home Equity Line of Credit
*Annual Percentage Rate.
Leader Bank’s Premier Home Equity Line of Credit (HELOC) Program
The Leader Bank Premier Home Equity Line of Credit Program allows borrowers who require standalone and second mortgage financing to obtain an outstanding 6 month fixed APR* of 2.99% then Prime for the life of the loan. By combining a traditional first mortgage with a Leader Bank second mortgage, borrowers may potentially avoid higher-cost non-conforming financing options.
2.99% APR* fixed for the first 6 months then
PRIME** (4.00% APR*) for the life of the loan
AUTO PAY from a Leader Bank Checking Account*
What is a home equity line of credit?
A home equity line of credit lets homeowners borrow money against the equity in their home. They are often used for home improvements or to consolidate high-interest rate debt. Borrowers who require standalone and second mortgage financing may obtain a fixed Annual Percentage Rate for the initial term of the loan, followed by a rate based on the current Prime index for the life of the loan. By combining a traditional first mortgage with this second mortgage program, borrowers may potentially avoid higher-cost non-conforming financing options as well as private mortgage insurance, all while giving them access to funds for their current needs.
*Annual Percentage Rate (APR) will not increase during the first 6 months. Minimum loan amount $25,000 and Max loan amount $400,000. 75% Max CLTV for purchase transactions, rate/term and cash-out refinance available. 15 year repayment period following the 10 year draw. Massachusetts properties only. NH, CT, ME, RI & VT eligible with max $300,000 loan amount. U.S. Citizens and Permanent Residents only. Primary residence. 6 months liquid reserves, no gift funds. $500 early termination fee if less than 2 Years. $450 closing fee waived if $25,000 drawn for minimum of 90 days. Requires “auto-pay” with a Leader Bank checking account, otherwise intro rate, margin and floor rate will be 0.25% higher. **Prime is a variable rate index subject to change at any time, as published by the Wall Street Journal. Floor rate of 4.00% APR. Qualify at Prime+2% as fully amortized payment (P&I) for 25 yrs fully amortizing. The maximum APR that can be charged for this account is 18.00% unless otherwise restricted by applicable law. Homeowners insurance required. Prime 4.00%. APR effective as of 05/5/22. Full appraisal required, included in closing cost. New clients only. Other restrictions may apply. Contact a Leader Bank representative for complete details.