The flexibility to lock in your dreams
Everybody likes options – we do! That's why we developed a Fixed Rate Option with our Home Equity Line of Credit. The program offers the flexibility of having an open credit line while locking your balance into a fixed rate.
Plus, we will give you a closing cost credit of up to $1,500****!
Three offers available - for a limited time only!
Option 1* - Introductory Offer for New Home Equity Lines
As low as 4.75% APR for the first 12 months on a new draw of at least $20,000.
(Fixed APR* as low as 8.50% after the 12 month introductory period and for the remainder of the balance.)
Option 2** - Promotional Offer for New Home Equity Lines
Fixed rate as low as 6.75% APR on a new draw of $20,000.
Option 3*** - Existing Home Equity Lines
Lock in your existing balance at anytime, at the current APR.
If you are concerned about a changing rate environment, want fixed monthly payments, and desire a strategy to help repay your balance over a set timeline, this product is right for you!
The HELOC Fixed Rate Option offers many benefits:
Convenient access to funds to accomplish your projects.
Convert an existing HELOC balance, whether at Nymeo or at another financial institution, to a fixed-rate and fixed payment.
Pay down the principal balance of the loan, the funds become available again to borrow in your line of credit!
*Option 1: New HELOCs: *For newly originated home equity lines of credit, members can elect to lock their balance at an introductory APR as low as 4.75% fixed for 12 months, conditioned on taking an initial draw of at least $20,000 at the time of loan closing. To elect the introductory APR, additional disclosures will be required after the loan is funded and the recission period ends. Balances remaining from the initial draw will be changed to a fixed rate APR as low as 8.50% after the introductory period. Payments on the draw amount will be calculated based on a 15-year amortization. Any draws advanced after the initial draw will be charged a variable APR as low as 8.50%. Not all will qualify. Rates are determined by credit history and loan to value ratio. Rates are subject to change at any time. Rate based on your creditworthiness at time of account opening. This APR will vary with the market based on the Prime Rate. APR = Annual Percentage Rate.
**Option 2: New HELOCs: **For newly originated home equity lines of credit, members can elect to lock their balance at a promotional APR as low as 6.75%, conditioned on taking an initial draw of at least $20,000 at the time of the loan closing. To elect the introductory APR, additional disclosures will be required after the loan is funded and the recission period ends. Payments on the draw amount will be calculated based on a 15-year amortization. Not all will qualify. Rates are determined by loan to value ratio. Rates are subject to change at any time. Any draw advanced after the initial draw will be charged a variable APR as deemed by the loan agreement. Rate based on your creditworthiness at time of account opening. This APR will vary with the market based on the Prime Rate. APR = Annual Percentage Rate.
***Option 3: Existing HELOCs: For members with an existing Nymeo home equity line of credit, members can elect to lock in an existing balance at anytime at the current APR of their existing home equity line of credit. Existing balances are not eligible for the promotional terms listed above.
****Closing cost credit of up to $1,500 when borrowers take an initial draw of $20,000. Credit line must remain open for three years or a prorated amount of the closing cost credit must be repaid to Nymeo based on the date the line is closed.