Home Equity Line of Credit

Convenience

• Provides you the flexibility for funding things such as: home improvements, education, or debt consolidation
• Minimum monthly payment is the accrued interest.  You can pay as much principal each month as you desire without penalty*
• You can access your Home Equity Line of Credit through Royal Banks checks or through a convenience mailing
  * A balloon payment will result in you having to repay the entire outstanding Loan Balance in a Single Payment at time of maturity.

Flexibility

• Minimum Loan Amount – $10,000
• Maximum Loan Amount – 80% of the appraised value of your home minus your last mortgage payment
• Floating Rate – Floats with Prime (see above for current rate)

Savings

• Potential Tax Savings – Interest paid on your Home Equity Line of Credit may be tax deductible.  Consult your tax advisor regarding the deductibility of interest

The rate floats with Prime. If rates go down, you reap the benefits!

Prime is equal to 7.75% APR (effective 11/08/2024)
*If the account is closed before 3 years, the closing cost will be added to the final pay off.
~ Available on owner occupied one-to-four family residence.
~ Rates apply to new money, referrals and increases. Hazard Insurance required.
~ APR= Annual Percentage Rate.

*Loan Special for a limited time. APR= Annual Percentage Rate. Interest rates and APR are accurate as of 11/07/24. Payments must be automatically deducted from your checking account for the 12 month introductory rate of 4.75% APR. If payments are not automatically deducted, the introductory 12 month rate will be 5.65%. After the 12 month introductory rate expires, the interest rate will float based on Wall Street Journal Prime Rate if payments are automatically deducted from your checking account. If payments are not automatically deducted from your checking account, the interest rate will float based on Wall Street Journal Prime Rate plus 0.50%. The minimum APR that can apply during the line of credit is 7.75%**and the maximum APR that can apply during the line of credit is 20.00%. Payments based on a $10,000 line of credit for the first year with an APR of 4.75%, and automatic deduction, would be $39.58. Payments based on a $10,000 loan, with automatic deduction, is 7.75%, an APR of 7.75%***, and 119 monthly payments of $65.82 with a final payment of $10,065.82. The minimum rate without automatic payments deducted is 8.25%, an APR of 8.25%, for 119 months of $70.07 with a final payment of $10,070.07. The advertised rate is available for only 120 month home equity lines of credit. This offer is for new lines of credit and is not available for refinancing existing Royal Banks of Missouri loans. No closing costs; however, if the home equity line of credit is closed within 36 months from the origination date, the borrower will reimburse Royal Banks of Missouri the actual closing cost paid by the Lender. No annual or periodic fees. You may pay certain fees to third parties. These fees generally total between $500.00 to $700.00. If you ask, we will give you an itemization of the fees that you will pay to third parties. Payments do not include amounts for taxes and insurance premiums. All other loan terms and requirements apply. Other restrictions may apply.
**The Line of Credit will have a floor of 6.00% after the first year with monthly payments automatically deducted from a bank account. If payments are not automatically deducted, the Line of Credit will have a floor of 6.10% after first year.
*** Offer is subject to change without notice.