Ready to Put the ME back in HOME?
Home Equity Line Perks:
- Interest is charged on only on the amount advanced
- Experienced loan officers that can help you through every step of the process
- Local processing of your loan documents
- Calculators to help you determine what you can afford and monthly payment scenario
1Annual Percentage Rate (APR) is accurate as of 5/12/2022 and is subject to change at any time. The payment example given is based off of a 80% Loan-to-value (LTV) fully advanced $15,000 home equity loan at a variable APR of 5.00% equaling an interest only monthly payment of $63.70 (interest only payment amount dependent on number of days in month) that is set up on an automatic payment plan. Making interest-only payments does not decrease your principal balance. Variable interest would never go below an APR of 3.00% or above 18.00%. Property insurance is required and in some cases this includes flood insurance. Loan is subject to application and approval. Certain restrictions may apply. For more detailed rate and loan information, review the 80% Plan Disclosure listed below.
Variable Rate Information:
- Up to 80% total LTV: applicable interest rate varies with a variable APR of Prime +1.00% (currently 5.00% APR).
- Greater than 80% up to 90% total LTV: applicable interest rate varies with a variable APR of Prime +2.00% (currently 6.00% APR).
Secure and Fair Enforcement Act (SAFE): This mortgage licensing act protects customers and provides a registration system for customers to learn more about lenders and their employees. CoreFirst Bank & Trust safe act information can be reviewed here.
Tax and Legal Information: Please consult a tax advisor on the impact of the loan on your tax situation.
Fixed Rate/Payment Home Equity Options: Other lines of credit secured by real estate are available that can include a fixed rate and a fixed payment term. Learn more about these products to make the best decision for you and your financial situation.
KANSAS HEAL 80% PLAN DISCLOSURE
Originator NMLSR ID: 797608 Origination Co. NMLSR ID: 739177
This disclosure contains important information about our Kansas HEAL 80% Plan (the "Plan" or the "Credit Line"). You should read it carefully and keep a copy for your records.
AVAILABILITY OF TERMS. All of the terms of the Plan described herein are subject to change. If any of these terms change (other than the ANNUAL PERCENTAGE RATE) and you decide, as a result, not to enter into an agreement with us, you are entitled to a refund of any fees that you paid to us or anyone else in connection with your application.
SECURITY INTEREST. We will take a security interest in your home. You could lose your home if you do not meet the obligations in your agreement with us.
POSSIBLE ACTIONS. Under this Plan, we have the following rights: We can terminate your account, require you to pay us the entire outstanding balance in one payment, and charge you certain fees if:
a. You engage in fraud or material misrepresentation in connection with the Plan.
b. You do not meet the repayment terms of the Plan.
c. Your action or inaction adversely affects the collateral for the Plan or our rights in the collateral.
We can refuse to make additional extensions of credit or reduce your credit limit if:
a. The value of the dwelling securing the Plan declines significantly below its appraised value for purposes of the Plan.
b. We reasonably believe you will not be able to meet the repayment requirements due to a material change in your financial circumstances.
c. You are in default of a material obligation of the Plan.
d. Government action prevents us from imposing the annual percentage rate provided for under the Plan or impairs our security interest such that the value of the interest is less than 120 percent of the credit line.
e. A government authority has notified us that continued advances would constitute an unsafe business practice.
f. The maximum annual percentage rate is reached.
The initial agreement permits us to make changes to the terms of the Plan at specified times or upon the occurrence of specified events.
Fees and Charges. In order to open and maintain an account, you must pay certain fees and charges.
Lender Fees. The following fees must be paid to us:
Description Amount When Charged
NSF Handling Fee: $30.00 At the time a payment is returned to us for non-sufficient funds
Late Charge. Your payment will be late if it is not received by us within 10 days after the "Payment Due Date" shown on your periodic statement. If your payment is late we may charge you 5.000% of the unpaid amount of the payment or $25.00, whichever is less.
PROPERTY INSURANCE. You must carry insurance on the property that secures the Plan.
MINIMUM PAYMENT REQUIREMENTS. You can obtain advances of credit during the following period: The Draw Period will continue until the Credit Line is closed, (the "Draw Period"). The term of your credit line account is indefinite. Your Regular Payment will equal the amount of your accrued FINANCE CHARGES. Your payments will be due monthly. Your "Minimum Payment" will be the Regular Payment, plus any amount past due and all other charges. An increase in the ANNUAL PERCENTAGE RATE may increase the amount of your Regular Payment.
MINIMUM PAYMENT EXAMPLE. If you made only the minimum payment and took no other credit advances, it would take an indefinite amount of time to pay off a credit advance of $10,000.00 at an ANNUAL PERCENTAGE RATE of 4.250%, since there is no stated maximum term under the Plan. You would continue to make payments ranging from $32.60 to $36.10 until termination of the Plan.
TRANSACTION REQUIREMENTS. The following transaction limitations will apply to the use of your Credit Line:
• Overdraft Limitations. The following transaction limitations will apply to your Credit Line and overdrawing a designated deposit account. • Minimum Advance Amount. The minimum amount of any credit advance that can be made on your Credit Line is $100.00. • Other Transaction Requirements. All Draws are to be made in $100.00 increments.
Telephone Request, Request By Mail. In Person Request and Internet Banking Limitations. There are no transaction limitations for requesting an advance by telephone, requesting an advance by mail, requesting an advance in person or accessing by other methods.
TAX DEDUCTIBILITY. You should consult a tax advisor regarding the deductibility of interest and charges for the Plan.
ADDITIONAL HOME EQUITY PROGRAMS. Please ask us about our other available Home Equity Line of Credit plans.
VARIABLE RATE FEATURE. The Plan has a variable rate feature. The ANNUAL PERCENTAGE RATE (corresponding to the periodic rate), and the minimum payment amount can change as a result. The ANNUAL PERCENTAGE RATE does not include costs other than interest.
THE INDEX. The annual percentage rate is based on the value of an index (referred to in this disclosure as the "Index"). The Index is the Wall Street Journal Prime Rate. Information about the Index is available or published in the Wall Street Journal. We will use the most recent Index value available to us as of 25 days prior to the rate change date of any annual percentage rate adjustment.
ANNUAL PERCENTAGE RATE. To determine the Periodic Rate that will apply to your account, we add a margin to the value of the Index, then divide the value by 365 days. To obtain the ANNUAL PERCENTAGE RATE we multiply the Periodic Rate by the number of days in a year (366 during leap years). This result is the ANNUAL PERCENTAGE RATE. A change in the Index rate generally will result in a change in the ANNUAL PERCENTAGE RATE. The amount that your ANNUAL PERCENTAGE RATE may change also may be affected by the lifetime annual percentage rate limits, as discussed below.
Please ask us for the current Index value, margin, discount and annual percentage rate. After you open a credit line, rate information will be provided on periodic statements that we send you.
FREQUENCY OF ANNUAL PERCENTAGE RATE ADJUSTMENTS. Your ANNUAL PERCENTAGE RATE can change the first business day of each month. There is no limit on the amount by which the annual percentage rate can change during any one year period. However, under no circumstances will your ANNUAL PERCENTAGE RATE exceed 18.000% per annum or, go below 3.000% per annum at any time during the term of the Plan.
MAXIMUM RATE AND PAYMENT EXAMPLE. If you had an outstanding balance of $10,000.00, the minimum payment at the maximum ANNUAL PERCENTAGE RATE of 18.000% would be $152.88. This ANNUAL PERCENTAGE RATE could be reached at the time of the 1st payment.
PREPAYMENT. You may prepay all or any amount owing under the Plan at any time without penalty.
HISTORICAL EXAMPLE. The example below shows how the ANNUAL PERCENTAGE RATE and the minimum payments for a single $10,000.00
credit advance would have changed based on changes in the Index from 2008 to 2022. The Index values are from the following reference period: as of the 1st business day in January. While only one payment per year is shown, payments may have varied during each year. Different outstanding principal balances could result in different payment amounts.
|Year (as of the 1st business day in January)||Index (Percent)||Margin(1)(Percent)||Annual Percentage Rate||Monthly payment (Dollars)|
(1) This is a margin we have used recently, you margin may be different.