Your equity. Your way.
Feel confident in your financial decisions with a HELOC from Riverview. Explore your possibilities for growth, savings or whatever opportunities life presents when you unlock your home equity.
Rates as low as 5.99% APR*
You can use a HELOC for a variety of purposes, such as home improvements, debt consolidation, or unexpected emergencies. This versatility makes a HELOC a convenient option for homeowners who have multiple financial needs.
- Pay for repairs, renovations, and more
- Finance big purchases with ease
- Consolidate your debt and save
- Increase your monthly cash flow
*Discounted Introductory Fixed Rate of 5.99% Annual Percentage Rate (APR) during the first 6 months of the draw period are available for applications received by 12/31/2023 and meet all qualifying requirements listed below. After the initial fixed rate period, rates are variable and the APR will change based on the Prime Rate published in the Wall Street Journal (as of 7/27/2023 8.50%), plus a margin; margin is based on your combined loan to value, type of collateral, and loan amount; margins range from .25% to 1.50% during the draw period. Introductory fixed rate is subject to change during the promotional period. Minimum APR after the fixed rate period will be 4.25% and 5.25% for manufactured homes. Maximum APR is 16.00%. The term of a HELOC is 30 years: 10-year draw period, 20-year repayment period. The APR during the repayment period will be a fixed rate at the prevailing Wall Street Journal Prime Rate (as of 7/27/2023 8.50%) plus a margin. The margin is based on your combined loan to value, type of collateral, and loan amount; margins range from 1.25% to 2.50%. Payments during the repayment period will be principal plus interest. Property insurance is always required, and flood insurance is required where necessary. $400 termination fee will be charged if loan is paid off in the first 36 months from Note date. If a $300 credit was applied toward an appraisal, an additional $300 termination fee will be charged for a total of $700.
To qualify for the discounted introductory fixed rate, all of the following requirements must be met: You must maintain autopay from a Riverview Bank checking account to the HELOC, be enrolled in and maintain online banking, and hold one Riverview Bank debit card. If you terminate, cancel, or close ANY of the requirements listed above within the first six (6) months of the draw period, your interest rate will revert to the Prime rate plus the margin covered in this disclosure.
No annual fee the first year, thereafter $75. Typical closing costs range from $150 - $2,000. The bank will pay up to $400 of the closing costs associated with the origination of your line of credit, excluding appraisal fees. During the promotional period, the bank will pay up to $300 of the appraisal fee, at closing, if an appraisal is required. Riverview Bank HELOCs are subject to application and credit approval. Please consult your tax advisor regarding tax deductibility of interest and charges.