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Home Equity Line of Credit

A Peoples Bank Home Equity Line of Credit is a convenient, secure way to take advantage of one of your biggest assets, your home! Your line of credit can be designed to fit your personal needs and take the stress out of financing. This could be the last time you ever need to apply for credit!

  • Home Improvement projects
  • College expense
  • New vehicle
  • Consolidate debt
  • Recreation vehicle
  • Any personal expenditure

Our Home Equity Lines of Credit are designed with you in mind:

  • Quick approval
  • Convenient check access
  • Interest may be tax deductible
    (Consult a tax advisor regarding the deductibility of interest.)

If you have any questions, you may contact us at 502-538-7301. You will be required to disclose the following information at the time of your application:

  • Most current pay stub or W2's
  • Copy of your Deed
  • Most recent Property Valuation Statement
  • Statement of current mortgage balance, if any
  • Proof of insurance on property

*Subject to credit approval. Consult tax advisor regarding deductibility of interest. The variable Annual Percentage Rate (APR) is based on the Prime Rate published on the last business day of the month in The Wall Street Journal (3.25% as of December 17, 2008). Applicable interest rate varies depending on your credit qualifications, loan-to-value ratio (up to 100%), consumer choice of product structure, and payment from a Peoples Bank Mt. Washington account and may range from variable APR of Prime (plus) + 0% (with a Floor of 4.50% APR) to Prime (plus) + 4.00% (with a Floor of 8.50% APR), and will not exceed 24% APR. Advertised rate is valid only for new lines with a credit limit of $40,000 or greater. Other rates are available on loans of $10,000 to $39,999.  $49 closing cost. A $30 fee will be charged to your Line of Credit annually. A $500 prepayment penalty will be charged if the line is closed within the first 60 months. Property and flood insurance may be required. Other fees and restrictions may apply. Terms and conditions subject to change without notice. Please contact us for more information regarding rates, fees, terms, conditions and restrictions.

IMPORTANT INFORMATION FOR OPENING A NEW ACCOUNT
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.

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