Old Point National Bank
valid from 09/24/2018 - Open

Only applies to new interest-only lines. Minimum loan amount of $10,000. Minimum initial credit advance of $10,000 must be taken when the account is opened. The minimum ongoing credit advance for this account is $300. 3.99% Introductory Annual Percentage Rate (APR) is available with a 89% loan-to-value (LTV) or less. The APR does not include costs other than interest. The interest rate will be fixed at 3.99% APR during the 12-month introductory period. The HELOC has a draw period of 10 years and a balloon payment will result if only the minimum monthly payment is made. If you made only the minimum monthly payments (interest only) and took no other credit advances, it would take 10 years to pay off a credit advance of $10,000 at an APR of 5.25%. During the Draw Period, you would make 119 monthly payments of $43.75 (interest only). This would be followed by one final payment of $10,043.75 (interest and principal). After the 12-month introductory period, the APR will vary. The index is the base rate on corporate loans posted by at least 70% of the 10 largest US banks known as the Wall Street Journal US Prime Rate and is published in the Wall Street Journal. As of September 2018, the variable rate for home equity lines of credit ranges from Prime (5.25% APR) to Prime plus 3 (8.25% APR). Higher rates apply for higher LTV, and rates are dependent on other factors. The rate will not vary above 24% APR nor below 3.99% APR. Rate information will be provided on or with each periodic statement. Offer is subject to normal credit qualifications. There is a processing fee of $100. Third party fees range from $150 - $1,500. Rates are subject to change. Property insurance is required. Only owner-occupied property. Consult your tax advisor regarding the deductibility of interest. Some restrictions may apply. Offer subject to change. Member FDIC.