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
tomorrow’s dreams!
Talk with a Personal Banker
today about all our financing options.
Whatever the good life means to you,
we can help
you get there!
To use your Home Equityline, you'll receive special
checks FREE which can be used much like a regular checking account. Simply write out a
check of $500 or more, and you'll get the dollars you need for that special purchase or
investment.
Once you qualify, a Home Equityline or loan can be
especially useful when you need, or want, available cash for expenses such as college
tuition, unexpected medical bills, debt consolidation, a major purchase such as an auto or
boat, a dream vacation, or more.
*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.
All loans are subject to Baylake Bank credit criteria including property
and flood insurance as applicable. Monthly
payments do not include taxes and insurance
premiums. Closing costs vary from $125 to $1,500. Other fees and
restrictions may apply. Conversion Option Lock
fee of $50 may apply. Not valid with any other offers.
All terms and conditions are subject to change at any time.
Consult your tax advisor regarding
deductibility of interest.
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Baylake Bank
| 217 N. 4th Avenue,
Sturgeon Bay, WI
54235-2405
(920) 743-5551 (800) 267-3610
Copyright © 1997-2013
Baylake Bank. All rights reserved. |
Home Improvement
Vehicle Purchase
Debt Consolidation
College Tuition
Home equity is considered to be the current
market value of your residence, less the balance of any loans secured by
your residence.
For example: |
| Current value of home |
$ 80,000 |
| |
x .80 |
| Subtotal |
$ 64,000 |
| Less present mortgage balance |
$ 20,000 |
| Approximate
equity loan value |
$ 44,000 |
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.
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