Your home’s equity could help make your next outdoor adventure possible!
Baylake Bank is here to
help you make the most of your money
and your home’s equity. Whether you plan to
boat on the bay, enjoy the beauty of a local
state park in a new RV, travel, or four-wheel right
outside your door, we’ll work with you
to help you finance today’s purchases and
Talk with a Personal Banker
today about all our financing options.
*Introductory Rate of 2.49% Annual Percentage Rate (APR) as of
1/21/2013 is fixed for the first 9 months only
and is available on lines with a loan to value (LTV) ratio of
80% or less, minimum credit score of 720, and required auto
payment from a Baylake Bank checking. After
the introductory rate period, the variable rate reverts back to the
floor rate or the fully indexed rate, whichever is higher. The
fully indexed variable rate for lines of
credit equals “index plus margin” and ranges from Prime + 1.00% to Prime
+ 2.00%. (Prime means the prime rate published
in the Wall Street Journal.) The margin is
determined by the LTV ratios. Monthly interest only payments required.
Available on revolving lines of $10,000 to
$250,000 for new relationships or increases of at least
$10,000 on current Baylake Bank lines to individuals of
owner-occupied homes. After the introductory
period, the APR will not exceed 18.00% or be less than 4.00% for 80% or
less LTV (4.50% for 80.01-85% LTV). There is an annual fee of $50
after the first year.
Home equity is considered to be the current market value of your residence, less the balance of any loans secured by your residence.
Advantages of a Home Equityline
Current tax laws make Baylake Bank Home Equityline a beneficial way for you to borrow money.
While tax deductions for interest expenses on other consumer loans have been phased out, Home Equityline interest (subject to certain limitations) may be 100% reportable as mortgage interest. Please consult your tax advisor for deductibility, etc.
A Home Equityline is a versatile, handy and advantageous source of funds.
In addition, a Baylake Bank Home Equityline offers a "conversion option" which enables you to fix a competitive rate on a portion or all of your outstanding Home Equityline balance. Then, as your principal is paid, it once again becomes available on your line of credit.
For complete details, contact a Personal Banker at your nearest Baylake Bank Financial Center.