1. Tax Advantage
You may be able to deduct 80% of your Home Equity Loan or Line of Credit interest on your income tax returns. Remember to consult your tax advisor to determine whether your Home Equity interest is tax deductible.
2. Rates and Closing Costs
The rates as of February1, 2008 are:
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- TopLine = Prime + 0% APR
- MainLine = Prime + .75% APR |
Rates may vary and the maximum APR is 18.00%. The minimum APR for MainLine is 6.00%. There is no minimum APR on TopLine. No transaction charges or membership fees apply. Closing costs may apply, ranging from $.92 per $100 to $1.91 per $100.
The No Closing Cost feature is subject to the terms and conditions stated in the Addendum to Home Equity Line Agreement, Disclosure and Note. We will initially pay these costs, but they must be repaid if the credit line is closed before its third anniversary. Closing costs exclude Prince George's County transfer tax. Our No Closing Cost feature does not include special costs which may arise in certain situations; for example, attorneys fees for trust arrangements, title insurance, survey fees and fees incurred for the preparation of legal documents where the borrower and owner of the property differ.
Adequate property insurance is required.