Program

Interest Rate

APR*

Home Equity Line - Prime -0.50%

1st Lien, Primary Home

7.750%

7.750%

Home Equity Line - Prime -0.50%

2nd Lien, Primary Home (1st lien with The Village Bank)

7.750%

7.750%

Home Equity Line - Prime Only

2nd Lien, Primary Home (1st lien with another lender)

8.250%

8.250%

Home Equity Line - Prime +0.50%

Second Home

8.750%

8.750%

*APR = Annual Percentage Rate is variable, tied to the Wall Street Journal Prime Rate, the index (currently 8.25% as of May 24, 2023) plus or minus a margin, and can change monthly. There is a minimum rate of 3.00% APR, and a maximum rate of 18% APR. Available for primary residences or secondary homes to new Home Equity Line of Credit (HELOC) borrowers only. Maximum combined loan-to-value of 80%. HELOCs have a 20-year term (10-year draw period with interest only payments followed by 10-year repayment period with principal and interest payments). In order to open, use, or maintain your account, you may have to pay certain fees to third parties in connection with opening the account. These fees generally range between $0.00 and $3,000.00, depending upon the line amount, how the property is titled, property location, or if a full appraisal is needed. Upon request or within three business days from date you submit your application, we will provide you with an itemization of the fees that you will have to pay to third parties. Property hazard and flood insurance (if applicable) is required for the life of the loan. All loans are subject to credit approval and other conditions may apply. An Early Termination Fee of $500 will apply if the HELOC is closed within 36 months.

In order to receive prime -.50% APR, the HELOC must be in 1st lien position or subordinate to a Village Bank 1st lien, the property must be your primary home, max Combined Loan to Value (CLTV) 80%, other requirements may apply. Please see Important Terms Disclosure (pdf).