Home Equity Loan Rates
Home Equity Loan Rates – Annual Percentage Rate (APR)
|1-5 Year Term||Fixed rate 6.50% APR with a payment deduction from a ParkeBank Account.|
|6-10 Year Term||Fixed rate 6.75% APR with a payment deduction from a ParkeBank Account.|
|11-15 Year Term||Fixed rate 7.25% APR with a payment deduction from a ParkeBank Account.|
|Prime Home Equity Lines of Credit||Variable rate set at WSJ Prime Rate, with a Floor of 5.00% APR and a ceiling of 16.00% APR. The current APR for this product as of 01/01/2018 is 5.00%. The WSJ Prime Rate as of 12/14/2017 is 4.50% APR. The APR is subject to change after consummation.|
A $10,000 home equity loan with a term of 6 years, at an interest rate of 6.75% and an APR of 6.75% would require 72 monthly payments of $169.11.
Add .50% to the interest rate if payments are not deducted from a ParkeBank account.
Home Equity Loans over $250,000 require title insurance. Appraisal fees and other fees may also apply.
Property insurance is required on all Home Equity Loans.
Loan information is provided to assist in evaluating alternatives only and does not constitute an offer to extend credit.
Rates are subject to change without notice. Rates effective as of January 1, 2018.
Loans subject to credit approval.
Payments do not include the amounts for taxes and insurance premiums. The actual payment will be greater.
The Federal Deposit Insurance Corporation (FDIC) has permanently increased deposit insurance on all accounts to $250,000 per depositor.