*Capitol Bank’s Capitol Advantage Home Equity Line of Credit is a limited time offer and is subject to change. The introductory Annual Percentage Rate (APR) for qualified applicants is 1.99% for the first 9 months following closing, with a variable APR as low as 4% thereafter. After the introductory period ends, the APR will vary to reflect changes in an index, but will not be lower than 4%. Without this introductory APR, using the current index rate of 4.75% and a margin of 0%, the APR would be the rate of 4.75%. Using the index rate and a margin of 2.5%, the APR would be 7.25%.
*This introductory rate requires:
- A new home equity line of credit.
- Secured by a first or second lien on the home.
- This credit plus the amount of other credit secured by the home do not exceed 80% of the property value.
- That you already own the home.
- That you maintain a qualified Capitol Bank checking account during the term of the line of credit.
How your rate is determined:
The index that is used to determine the APR is the Prime Rate published in the Midwest Edition of the Wall Street Journal. As of January 1, 2020, the Prime Rate was 4.75%.
After the 9 month introductory APR period ends, the APR is variable and will consist of the Prime Rate plus a margin ranging from 0% to 2.5% depending upon the occupancy status of the property, the combined loan to value ratio, maintaining a Capitol Bank checking account and your creditworthiness; however, the APR will not be less than 4% or greater 18% under any circumstances.
Any APR rate changes on your billing statement will be determined as disclosed above. See your billing statement for actual APR rate changes and effective dates.
An annual fee of $35.00 applies to all accounts and will be assessed on the anniversary date of the loan. Closing costs are limited to the cost of appraisal or title insurance, if required. Appraisal and title costs range from $200 to $1,000. Insurance on the property securing this loan is required and payable by the borrower.
This offer is only valid in the State of Wisconsin and is subject to credit approval and property evaluation. Proceeds for this account may not be used to pay off an existing Capitol Bank line of credit. Offer subject to change. Consult one of our mortgage lenders at 608-836-1616 for current rate and conditions.
With low home inventory in Madison, now is the perfect time to consider improving your current home. Let us provide the cash you need to turn your current home into the home of your dreams. Beyond competitive rates to Madison area home owners, we seek relationships that enhance our customers’ overall financial health.
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