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This offer is valid for owner-occupied, single-family
residences, townhouses, and condominiums only. Co-ops and mobile
homes are excluded from this offer. Financing in Louisiana, Mississippi
and Alabama only.
Borrowers should qualify for and are approved for credit by meeting
standard loan underwriting guidelines and/or reaching automated
credit-scoring benchmarks. The amount of the line you qualify for
depends on your annual gross income and the lendable equity in your
home (up to 100% of the current value of your home less any debt
secured by your home).
This offer is available to homeowners who are 18 years of age or
older. This offer is available only to customers on new home equity
lines. Property and flood insurance may be required. Purposes of
lines may be restricted by state law and Bank One credit policy.
Other fees and restrictions may apply. Please contact us for more
information regarding rates, fees, terms, and conditions.
*All of the terms described below are subject
to change.
MINIMUM PAYMENT REQUIREMENTS:
The minimum amount for the first credit advance
is $5,000.00.
You can obtain credit advances for 5 years. This
period is called the "draw period." At our option, we
may renew or extend the draw period. After the draw period ends
the repayment period will begin. The length of the repayment period
will depend on the balance at the time of the last advance you obtain
before the draw period ends. You will be required to make monthly
payments during both the draw and repayment periods. At the time
of each credit advance a payoff period will be established. The
payoff period may vary depending on the amount of your outstanding
credit balance after you obtain an advance. The payoff period is
shown in the following table:
|
Range of Balances
|
Payoff
Period |
| Up To - $5,000.00 |
60 Monthly Payments |
| $5,000.01 - $10,000.00 |
96 Monthly Payments |
| $10,000.01 - And above |
120 Monthly Payments |
The payoff period will always be the shorter of
the payoff period for your outstanding balance or the time remaining
to the maturity date. Your payment will be set to repay the balance
after the advance, at the current annual percentage rate, within
the payoff period. Your payment will remain the same unless you
obtain another credit advance. Your payment may also change if the
annual percentage rate increases. Each time the annual percentage
rate increases, we will review the effect the increase has had on
your plan. If the annual percentage rate has increased so much that
your payment is not sufficient to repay the balance within the payoff
period, we will adjust your payment to repay the balance within
the original payoff period. Your payment will include any amounts
past due and any amount by which you have exceeded your credit limit,
and all other charges. Your payment will never be less than the
smaller of $100.00, or the full amount that you owe.
FEES AND CHARGES: You must pay certain fees to third parties
to open the plan. These fees generally total between$500.00 and
$750.00. If you ask, we will provide you with an itemization of
the fees you will have to pay third parties. A $25 late payment
fee may apply if the loan is paid over 5 days after the due date.
VARIABLE RATE FEATURE: This plan has a variable rate feature
and the annual percentage rate (corresponding to the periodic rate)
and the minimum payment may change as a result. The annual percentage
rate includes only interest and no other costs. The annual percentage
rate is based on the value of an index. The index is the Prime Rate
published in the Money Rates column of the Wall Street Journal.
When a range of rates has been published the highest rate will be
used. We will use the most recent index value available to us as
of 1 day before the date of any annual percentage rate adjustment.
To determine the annual percentage rate that will apply to your
account, we add a margin to the value of the Index. If the rate
is not already rounded we then round up to the next .125%.Ask us
for the current index value, margin and annual percentage rate.
After you open a plan, rate information will be provided on periodic
statements that we send you.
RATE CHANGES: The annual percentage rate can change semi-annually
on the first day of January and July. The rate cannot increase or
decrease more than 0.5 percentage point at each adjustment. The
ANNUAL PERCENTAGE RATE cannot increase more than 5.0 percentage
points above the initial rate or the maximum permitted by law, whichever
is less. Ask us for the specific rate limitations that will apply
to your credit line.
MAXIMUM RATE AND PAYMENT EXAMPLES: If you had an out standing
balance of $10,000, the minimum payment at the maximum ANNUAL PERCENTAGE
RATE of 9.0% would be$146.53. This annual percentage rate could
be reached at the time of the 55th payment.
MARGIN: The margin you receive is based on certain creditworthiness
criteria. We have recently used margins ranging from .1% to 1%.
Please ask us what margin you qualify for.
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