Issue link: https://read.dmtmag.com/i/354830
AUGUST 2014 | BRAVAMAGAZINE.COM 1 Low rates. No or low closing costs 1 … and the lowest monthly payments. TURNS OUT YOU CAN HAVE IT ALL Home equity line of credit With a Home Equity Line of Credit from Summit, you can get the money you need for the next project on your to-do list, your next big purchase or to pay off debt — and save money doing it. • No annual fee • No or low closing costs 1 • Lock your balance to a low fixed rate for terms up to 15 years 2 • Interest-only payments — choose this option for the lowest monthly payment 3 • Borrow up to 100% of your home's equity • Potential for tax-deductible interest 4 Apply online at SummitCreditUnion.com, at any Summit branch or call 608-243-5000 | 800-236-5560. 3.99% APR 5 variable rate thereafter 5 1.99% APR 5 intro rate for 6 months 5 NMLS #449323 1 Low or no closing costs for new HELOC only. Appraisal fee and title report, if required, is not included and is an additional charge. The charge for an appraisal is typically $385 to $470. The charge for a title report is typically $325. APR is as low as 3.99% variable rate. The APR will not vary above 15% APR. Property Insurance is required. 2 15-year fixed - 180 monthly payments of $8.19 per $1,000 borrowed. 3 Minimum credit score of 651 needed to qualify for interest-only payment option. Maximum draw period is 10 years. Monthly payment during the draw period is interest only or $50, whichever is greater. Minimum payment will not repay principal. 4 Consult your tax advisor regarding deductibility of interest. 5 APR is Annual Percentage Rate. After the six-month introductory period the rate will revert to the floor rate of 3.99% or the Prime Rate as published in the Wall Street Journal plus or minus a margin, whichever is higher. Your actual rate will be based upon your credit worthiness and loan-to-value. As of 2/17/14 the variable rate without the discount would be 3.99% APR (floor). The APR will not vary above 15% APR nor below 3.99% APR. Prime rate as of 2/15/14 is 3.25%. Maximum LTV is 90%. Property insurance is required. Offer only applies to new Home Equity Lines of Credit opened on or after 2/17/14. Existing Home Equity Lines of Credit are not eligible for the introductory rate. Offer is subject to change without notice.