Home Equity Lines of Credit
Riverview offers Home Equity Lines of Credit to meet our customers needs.
Benefits:
- Competitive interest rates
- Minimum payments accrued interest only
- Low annual fee
- Checks for easy access to funds
For customers who want flexibility and convenience in a revolving line of credit. Suggested uses include: autos, recreational vehicles, boats, travel trailers, vacation, wedding, remodel or home improvements, bill consolidation. This can be used on Primary Residence only. Not Intended for business or student loan purpose.
- Maximum Loan to Value: Up to 80%
- Minimum: $10,000
- Terms: 10-year draw period followed by a 20-year amortized repayment period
- Minimum Payment: Interest only during the 10-year draw period. Minimum monthly payment will be fully amortized during the 20-year repayment period.
- Annual Fee: $50, waived with automatic monthly payment from any Riverview Account
- Termination Fee: $400 - for lines closed in the first 3 years
- Closing Credit: Up to $400 credit towards closing costs
* Please consult your tax advisor regarding the deductibility of interest and charges.
Loan products subject to credit approval. Other terms, conditions, restrictions & fees may apply. Full documentation, title & property insurance required. Flood insurance required if property is located in a Special Flood Hazard Area. HELOC Interest rates are variable and based on the Wall Street Journal Prime Rate (the "Index") plus a margin. The margin is based on the approved loan amount and our evaluation of your credit history. Payment amount will change as rates change.