Home Equity Loan
1Free appraisal on real estate purchase transactions (up to $500)for mortgage loans serviced by Desert Schools. Additional restrictions may apply and subject to credit approval. If an application is declined by Desert Schools, Desert Schools will cover related appraisal costs up to $500. If the appraisal cost exceeds $500, the difference will be the responsibility of the applicant. Offer expires December 31, 2016. All loans subject to credit approval.
2APR=Annual Percentage Rate. Promotional Rate shown available only for new Home Equity Line of Credit applications received April 1, 2016 through June 30, 2016 and may change without notice.The promotional APR will be fixed at 2.25% and will not increase until the first day of the thirteenth month after the date of the loan closing. After the promotional period, the loan will become a variable rate loan and the total loan balance will be subject to the prevailing rate as set forth in the original loan documents. The subsequent APR may vary based on the index rate plus a margin. The index rate is based on the Prime Rate as published in the Wall Street Journal. On March 1, 2016 that rate was 3.50%. The floor rate at the end of the initial 12 month period will be 3.50%. The APR will never exceed 18.00%. This line has a 10 year draw period. The minimum monthly payment will be principal and interest amortized over a 15 year repayment term. This promotion applies only to new lines of credit of $10,000 or more with a maximum loan-to-value (LTV) of 80%. $50 annual fee applies. Eligible property includes single family, owner-occupied, primary residence and vacation homes only. Property insurance is required. Not all customers will qualify for this promotional offer. Alternative rates and terms are available. Interest may be tax deductible. Consult your tax professional regarding deductibility. Closing costs are waived unless the loan is paid off within the first three years. An estimated range of fees are $200 to $750.