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Skip Navigation LinksPersonal Banking | Home Equity & Other Loans | Floating Loans

Floating Loans

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


Rate *Line from $10,000


Closing Costs No closing costs provided the line remains open for 2 years~ $0.00
Minimum Line Amount In order to get the advertised special rates $10,000
Ceiling/Floor *Lines from $10,000 5.75%APR

Maximum Rate Maximum Rate 20.00%


Prime is equal to 3.75% APY

*This APR will change when Prime exceeds 5.75%APR

Available on owner occupied one-to-two-family Residence

~Account must stay open for 2 years. If the account is closed, the closing cost will be added to the final pay off

Rates apply to new money, referrals and increases. Hazard insurance required. APR is equal to Annual Percentage Rate.


  • Perfect for providing you with the flexibility for funding things such as home improvements, education, or debt consolidation
  • Home Equity Line of Credit is a 10-year note
  • Your minimum monthly payment is the accrued interest.  You can pay as much principal each month as you desire without penalty*

*A balloon payment will result in you having to repay the entire outstanding Loan Balance in a Single Payment at time of maturity.


  • Minimum loan is $10,000. The maximum loan is 80% of the appraised value of your home minus your last mortgage
  • Floating rate-floats with prime. (see above for current rate)


  • 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


  • You can access your Home Equity Line of Credit through Royal Banks checks or through a convenience mailing

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