Home Equity Lines of Credit

Home Equity Lines of Credit

Put the power of your home's equity to work.

Put the power of your home's equity to work.


Using your home's equity you can set a convenient Line of Credit to provide funds to help you meet on-going and unexpected expenses. You have the flexibility of drawing the amount you need when you need it without having to reapply each time. Interest may even be tax deductible. Consult your tax advisor.

Summary

A home equity line of credit is a form of revolving credit in which your home serves as collateral.


Because the home is likely to be a consumer's largest asset, many homeowners use their credit lines only for major items such as education, home improvements, or medical bills and not for day-to-day expenses.


If you would prefer to apply via paper application, click HERE.

Interest Rates

80% Combined Loan to Value Program


  • Single Family Program

Combined Loan to Value: up to 80% Maximum Loan Amount $150,000


Amount……………………...........740+ Credit Score.....720-739 Credit Score

$100,000 - $150,000.....................+.00%..........................N/A

$50,000 - $99,999.........................+.25%..........................+.50%

$25,000 to $49,999………............+.50%..........................+.75%

Up to $24,999……………………..+.75%..........................+1.00%


  • Condominium Program

Combined Loan to Value: up to 80% Maximum Loan Amount $75,000


Amount……………………...........740+ Credit Score.....720-739 Credit Score

$50,000 - $75,000.........................+.50%..........................+.75%

$25,000 to $49,999………............+.75%..........................+1.00%

Up to $24,999……………………..+1.00%........................+1.25%


90% Combined Loan to Value Program


  • Single Family Program

Combined Loan to Value: up to 90% Maximum Loan Amount $75,000

(80% when 1st Mortgage Exceeds $750,000)


Amount……………………...........740+ Credit Score.....720-739 Credit Score

$50,000 - $75,000.........................+1.00%..........................+1.25%

$25,000 to $49,999………............+1.25%..........................+1.50%

Up to $24,999……………………..+1.50%..........................+1.75%


  • Condominium Program

Combined Loan to Value: up to 90% Maximum Loan Amount $60,000

(80% when 1st Mortgage Exceeds $750,000)


Amount……………………...........740+ Credit Score.....720-739 Credit Score

$50,000 - $60,000.........................+1.25%..........................+1.50%

$25,000 to $49,999………............+1.50%..........................+1.75%

Up to $24,999……………………..+1.75%..........................+2.00%




Fees:

$50 annual fee (waived with Evergreen Bank Group personal checking)

$295 processing fee


Prime: 3.25%

*All annual percentage rates are accurate as of December 1, 2014 and are subject to change at any time. Rates are variable and are based on the Wall Street Journal Published Prime Rate and are subject to change. Please see terms or contact a bank representative for more details.

Terms
  • IL Property Only, Primary Residence, Owner Occupied, Single Family Residence or Condo (no multi-unit or co-op properties)
  • Rate floor on all floating rate line of credit programs 4.25%
  • Processing fee $295/file
  • HELOC payments are due on the 20th of each month (statements are generated on the last day of each month)
  • Minimum advance amount per draw is $500
  • Property insurance is required
  • Credit subject to approval
  • Balloon payment
  • Rates, terms, and conditions are subject to change at any time

80% Combined Loan to Value Program Disclosures:

Note: Credit and other restrictions may apply. Annual Percentage Rate (APR) can change on the first business day of the month following the change to the Wall Street Journal Prime Rate. There is no limit on the amount by which the annual percentage rate can change during any one year period. However, under no circumstances will your Annual Percentage Rate exceed 19.90% per annum or, go below 4.25% per annum at any time during the term of the Plan. If you had an outstanding balance of $10,000, the minimum payment at the maximum Annual Percentage Rate of 19.90% would be $169.01. This Annual Percentage Rate could be reached immediately or prior to the first payment. Payments do not include amounts for taxes and insurance. There is a processing fee of $295 at the time of account opening. Annual Percentage Rate varies based on a maximum loan to value 80%, owner-occupied properties, depending upon your commitment amount and credit qualifications. Funds will be disbursed after the federally mandated cancellation period. Offer applies to an owner occupied single family residence or condo and is subject to underwriting standards. Property insurance is required; flood insurance may be required. Rates are dependent on your loan amount, product and qualifications. Closing costs paid by Evergreen Bank Group are limited to title, appraisal, credit report, flood determination and recording fees. Consult your tax advisor regarding the tax-deductibility of interest. This offer cannot be combined with any other offer and can be withdrawn at any time without notice. Offer subject to credit approval, including verification of application information and receipt of collateral documents. This offer does not apply to purchase money transactions.


90% Combined Loan to Value Program Disclosures:

Note: Credit and other restrictions may apply. Annual Percentage Rate (APR) can change on the first business day of the month following the change to the Wall Street Journal Prime Rate. There is no limit on the amount by which the annual percentage rate can change during any one year period. However, under no circumstances will your Annual Percentage Rate exceed 19.90% per annum or, go below 4.95% per annum at any time during the term of the Plan. If you had an outstanding balance of $10,000, the minimum payment at the maximum Annual Percentage Rate of 19.90% would be $169.01. This Annual Percentage Rate could be reached immediately or prior to the first payment. Payments do not include amounts for taxes and insurance. There is a processing fee of $295 at the time of account opening. Annual Percentage Rate varies based on a maximum loan to value 90%, owner-occupied properties, depending upon your commitment amount and credit qualifications. Funds will be disbursed after the federally mandated cancellation period. Offer applies to an owner occupied single family residence or condo and is subject to underwriting standards. Property insurance is required; flood insurance may be required. Rates are dependent on your loan amount, product and qualifications. Closing costs paid by Evergreen Bank Group are limited to title, appraisal, credit report, flood determination and recording fees. Consult your tax advisor regarding the tax-deductibility of interest. This offer cannot be combined with any other offer and can be withdrawn at any time without notice. Offer subject to credit approval, including verification of application information and receipt of collateral documents. This offer does not apply to purchase money transactions.