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Home Equity Loans
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Following are Lake Trust rates |
| Home Equity Fixed Rate | |||
| Effective Date: Monday, February 6, 2012 thru Sunday, Feb 12, 2012 | |||
| Minimum Amount to Finance | Term | Daily Periodic Rate | Annual Percentage Rate (APR) |
First Lien Position - Maximum Combined Loan to Value up to 80% | |||
| Minimum $5,000 | 84 Months | 0.013397% to 0.013808% | 4.89% to 5.04% |
| $10,000 | 120 Months | 0.014877% to 0.015288% | 5.43% to 5.58% |
| $15,000 | 180 Months | 0.012603% to 0.013014% | 4.60% to 4.75% |
Second Lien Position - Maximum Combined Loan to Value up to 80% | |||
| Minimum $5,000 | 84 Months | 0.015178% to 0.019288% | 5.54 to 7.04% |
| $10,000 | 120 Months | 0.016658% to 0.020767% | 6.08% to 7.58% |
| $15,000 | 180 Months | 0.014384% to 0.018493% | 5.25% to 6.75% |
| Home Equity Line of Credit | ||||
| Effective Date: Monday, February 6, 2012 | ||||
| Loan Type | Minimum Amount to Finance | Term | Daily Periodic Rate | Annual Percentage Rate (APR) |
Maximum Combined Loan to Value up to 80% | ||||
| Variable* Rate Line of Credit | $5,000 | Five year Draw Period, Extended upon Review | Prime Rate Adjusted Quarterly, Currently 0.010959% | Prime Rate Adjusted Quarterly, Currently 4.00% |
| LOAN TERMS AND CONDITIONS | |||||
| All Rates Expressed as Annual Percentage Rate (APR) | Your rate will be in the ranges disclosed above and will be based on your credit history, approximate term, and security offered. A loan officer will let you know the rate you qualify for after reviewing your application documents. | ||||
| Collection Cost | You promise to pay all costs of collecting your delinquent accounts to the extent permitted by State law. | ||||
| Late Charge | If a payment is more than 10 days late, you may be charged 2% of the payment due ($10.00 minimum). | ||||
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* PRIME RATE FOR HOME EQUITY LINE OF CREDIT LOANS |
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The Prime Rate for Home Equity Line of Credit Loans is indexed to the highest Prime Rate as published in the Money Rates column in the Wall Street Journal for the 15th day of the month immediately preceding each calendar quarter (If the 15th day of the month immediately preceding a calendar quarter is a Saturday, Sunday, or another day in which the Wall Street Journal is not published, the index will be the highest Prime Rate as published in the Money Rates column of the next day that the Wall Street Journal is published). However, the ANNUAL PERCENTAGE RATE shall never be less than 4.00% which corresponds to a daily rate of 0.0110% or higher than 18.00% which corresponds to a daily rate of 0.04932%. Any increase or decrease in the ANNUAL PERCENTAGE RATE will be effective on the first day of the month following the month in which the rate is calculated. |
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