It's a Line of Credit with Super Powers!
Equilock is the Home Equity Solution that's the Best of Both Worlds.
Do you need a line of credit?
Or do you need that -- plus something more?
Our Equilock Line of Credit gives you the
benefits of a line of credit -- plus the flexibility to use it like a
fixed-rate loan. So whether you're remodeling your home, financing an
education, or consolidating debt, you'll have more options than ever
Lock in if rates rise. Unlock if rates fall.
Unlike other home equity products that
make you choose between a fixed-rate home equity loan or a variable rate
line of credit, Equilock allows you to enjoy the flexibility of a
traditional line of credit with the peace of mind of having the ability
to convert all or a portion of your line into a fixed-rate, fixed-term
home equity loan. When and how much of your available line of credit you
lock in is your choice.
And enjoy the convenience of auto payment from one of our checking accounts.
You never know what life may bring your way. A line of credit -- with super powers -- is a great way to be ready.
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is a variable rate line of credit with a fixed-rate lock option. An
introductory 2.99% Annual Percentage Rate (APR) will be in effect for six
months after opening the line. Following the introductory period, the APR will
become the highest Prime Rate quoted in the Wall Street Journal on the first
day of the month (4.00% APR as of 3/16/17.) The lowest rate will be 3.50% APR
and the highest will be 14.99% APR. The variable rate line is subject to credit approval and appraisal, with draw and repayment periods of 10 years with no annual fee. Line requires auto payment from a Tompkins Mahopac Bank checking account. If a fixed rate option is selected, the maximum fixed rate term is 180 months, but cannot exceed maturity date of the line of credit. Minimum fixed rate term is 12 months. Minimum fixed rate loan amount is $5,000. Maximum fixed loan amount is the full balance of the line of credit. There is a $150 fee to lock or unlock any portion of the line of credit. Maximum number of fixed rate loan locks is six. If opted, the fixed APR will be based on the lesser of either the bank’s current fixed home equity loan rate (4.75% APR for up to 60 months as of 5/1/2016) or the current fixed Equilock rate (prime rate + 6% for 60 months; prime + 8% for 120 months; prime + 10 % for 180 months). Property insurance required. Flood insurance may be required. If you close the line within 36 months, you must reimburse us for third party fees paid in connection with opening the line. These fees are estimated at $1,530 for a $100,000 loan. Mortgage tax must be paid by the borrower for loans over $250,000. Consult your tax advisor about deductibility of interest. Terms and conditions subject to change without notice.