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HELOC (Home Equity Line of Credit) Disclosure - January 2024

The 4.99% introductory Annual Percentage Rate (APR) is fixed for the first 9 monthly billing cycles from the date of opening and effective as of 1/16/24 on credit lines up to $250,000.  After 9 monthly billing cycles, the introductory rate will convert to a variable APR based on predetermined margins at or above the prime lending rate as published in The Wall Street Journal and may vary monthly but will never go below a floor rate of 4.00% or a maximum APR of 12.00%   As of 1/16/24 the APR ranged from 8.50% to 10.50%.  Offer available for new applications submitted for qualified borrowers with approved lines of $20,000 or higher.  Loan to value must be 80% or less.  Applicant must have a credit score of 680 or higher.  Not all applicants will qualify for this rate.  Your minimum periodic payment will be equal to the interest that has accrued on your account as of the closing date of each billing statement. Single-family owner-occupied properties used as primary residence only, excluding manufactured homes. No closing costs on credit lines up to $250,000.  Closing costs are required to be repaid if the credit line is closed within the first 36 months after account opening. Closing costs range between $500 and $2,500 depending on property location and credit line amount.  Consult your tax advisor regarding deductibility of interest.  Property insurance required. Some restrictions apply, contact the bank for details.   Offer not valid on existing CNB Bank Home Equity Lines of Credit.   Offer may be discontinued at any time without notice.   Limited time offer; rates are subject to change. NMLS 681652. 

 

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