What if you could tap the equity of your home simply by reaching into your wallet? It’s not so far-fetched. With a home equity line of credit from Old Second Bank, your home can be a ready source of cash for everything from home improvements to life improvements. Better still, you’ll pay a low annual rate and no hidden fees. Take advantage of this great rate and start your application today!
For the first 12 months, introductory rate
Variable rates after introductory period as low as prime.
*Home equity line of credit (HELOC) ) offer is available on owner occupied, single family dwellings. It is open to new HELOCs or refinances from another institution. Following the introductory fixed-rate period, the annual percentage rate (APR) may vary and is based on the highest prime rate as published in the Wall Street Journal. Prime rate on 10/31/2019 was 4.75%. Individual APRs may vary based on applicant’s credit. A margin may be added depending on loan amount, loan-to-value (LTV) and FICO score. As of 10/31/2019, available APRs for loan amount ≥$100,000 ranged from Prime (4.75% APR) to Prime + 2.00% or 6.75% APR. As of 10/31/2019, available APRs for loan amount <$100,000 ranged from Prime + 0.25% or 5.00% APR to Prime + 2.00% or 6.75% APR. The maximum APR is 18.00%. The minimum APR (floor) that can apply is 4%, excluding any Introductory specials. A $50 annual fee is waived the first year and payable each year thereafter. Minimum credit line is $10,000; maximum credit line is $500,000 depending on FICO score, credit qualification, and real estate value. An early cancellation fee is applied to any account closed within 36 months of opening date as follows: $200 for $10,000 - $24,999 lines of credit; $500 for $25,000+ lines of credit. A $75 conversion fee will apply for locking a portion of the equity line. 10-year draw period followed by a 20-year repayment period. During the draw period, your monthly minimum payments can be as low as interest-only. If you choose to pay only the amount of interest due, then at the end of the draw period you will still owe the original amount you borrowed and your monthly payments will increase during the repayment period because you must pay back the principal as well as interest. Your payments could increase even more if your variable rate increases. Offer applies to owner-occupied, single family residences. Subject to credit approval and sufficient property value. Property, title and flood insurance, if applicable, are required. Consult a tax advisor regarding the deductibility of interest. Terms and conditions subject to change without notice. “O2” and “Old Second” each refer to Old Second National Bank.