Main Office | 206.546.8484
Erin Schlegel
Sydney Todd
Ballinger - Lake Forest Park | 206.219.0240
Joo Sun Choe
Joel Philips
TOP Food and Drug | 206.219.0300
Brooklyn Slawter
Mike Suh
Monroe | 360.794.3581
Jackie Stafford
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*The Annual Percentage Rate (APR) will vary at Prime Rate as published in the Wall Street Journal, (5.25% as of 4/29/08). Receive a .25% discount when you choose convenient automatic payment deductions from a Shoreline Bank account. The rate will not exceed 18.00% APR, and the floor rate is 5.00% APR. The rates shown assume you meeting the bank standards for creditworthiness.
Payment example: The monthly payment amount for a $40,000 Home Equity Line of Credit is $166.67. This payment example assumes an 80% loan-to-value ratio and full utilization of the line with an interest only payment at the Annual Percentage Rate (APR) of 5.00% as of 4/29/08. APR includes all eligible discounts.
There is a 5 year draw period, followed by a 10 year repayment period. During the 5 year draw period, you may obtain advances from your line of credit. Once the repayment period begins, you may no longer make advances on the line and you will have 10 years to repay the outstanding balance, including principle and interest, fully amortized. There is a $750.00 cancellation fee if the Line is closed within 24 months of origination.
Collateral must be the borrower’s primary residence, the maximum allowed loan-to-value ratio is 80%, and property insurance is required and flood insurance where necessary. Minimum line amount is $25,000.00 with the maximum line amount at $200,000.
Rates and terms are subject to change without notice. Please consult your tax advisor regarding deductibility
of interest.
