Home Equity Line
Renovating or making repairs to your home? Trying to find the extra cash to take that dream vacation? Purchasing a new car? Paying for your child’s or grandchild’s education? NewBridge Bank has the perfect solution – a Signature Home Equity Line of Credit. With NewBridge Bank’s Signature Home Equity Line of Credit you can achieve your financial and personal aspirations.
NewBridge Bank’s Signature Home Equity Line of Credit* offers:
- A preferred, lower Annual Percentage Rate (APR) exclusively for our Private Banking clients
- The ability to borrow up to 90% of the value of your home
- Repayment flexibility
- Simple interest
- Reduction of the principal and amount of interest owed when you make early payments
|Line of Credit||$5,000 -$14,999||$15,000 -$49,900||$50,000 -$99,999||$100,000 & >|
|Index** = Prime +||2.00%||Prime||Prime - .75%||Prime – 1.00%|
|Interest Rate Floor||4.00%||3.25%|
|Interest Rate Cap||16.00%|
|Standard Payment||Interest Only***|
|Available Payment Option||1.50% (if requested)****|
When you're ready to begin your financial partnership with NewBridge Bank, please contact your local private banking professional who will be happy to serve you.* Pending credit approval and eligibility. Eligibility Requirements: (1) Annual Household Income of $250,000 or more; OR (2) Investable Assets of $500,000 or more; OR (3) Medical, legal, or accounting professional. Interest may be tax deductible, please consult your tax advisor. Minimum line amount $5,000.00.
** The index is based on the Wall Street Journal rate and is subject to change.
*** Monthly interest only payment with interest rate based on Wall Street Journal Prime rate. This rate will fluctuate based upon any change in the Prime Rate, and any rate change will be effective the first day of the month following a change in the Prime Rate, and will be reflected on the customer billing statements.
**** Optional Payment Example: If you made only the minimum payment and took no other credit advances, it would take 14 years and 3 months to pay off a credit advance of $10,000.00 at an ANNUAL PERCENTAGE RATE of 4.250%. During that period, you would make 171 monthly payments ranging from $50.00 to $150.00.