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Best use:
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Use the equity in your home to benefit from a variable interest rate line of credit with flexible payment options, plus choose the security of a fixed rate with fixed monthly payments with our optional Lock-in feature.
Loan amounts from $5,000 to $150,000 available for up to 80% loan to value, "LTV", (maximum is 75% for condominiums) or up to $250,000 for 75% LTV. Maximum "LTV" for purchase transactions or refinancing is 80%.
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Term:
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10-year draw period followed by 15-year repayment period
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Collateral:
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Primary residences only. No second homes, vacation homes, manufactured homes or rental properties
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Extras:
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- 0.25% rate discount with auto pay from an Umpqua Bank deposit account
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Minimum monthly payment:
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Interest-only during draw period followed by principal and interest payment amortized for the 15-year Repayment Period, with $50 minimum amount due.
Lock-in requests have a fixed monthly payment amount of principal and interest, fully amortized for the term of each lock-in portion.
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Closing costs:
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We pay standard closing costs on loans less than $250,000. Appraisals requested by homeowners are not included.
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One-time origination fee:
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$0 for all loan amounts.
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Fixed interest rate:
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See Lock in Fixed Rate below.
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Optional Lock in Feature
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Convert all or a portion of variable rate line-of-credit balance to a fixed-rate term loan. Lock-in balances any time during the draw period. Limited to 3 lock-in options active at any time.
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Lock in fee:
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$50 per request
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Early closure penalty:
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$500 if loan closed within first 3 years
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Lock in term:
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1 to 15 years based on lock-in amount
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Late payment fee:
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CA: Greater of $5 or 5% of any minimum payment not paid within 10 days after due date.
NV, OR & WA: 5% of any minimum payment not paid within 15 days after due date.
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Annual fee:
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$75 (waived first year)
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Lock in fixed rate:
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Rate determined at time of Lock-in request based on current rate of your line of credit and the lock-in margin in effect on the date of your request to Lock-in.
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Amount you may lock in:
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$5,000 up to available credit line limit
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Advance options:
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Visa® point-of-sale access card or checks (minimum $100); in-store advance, transfer via online banking, and telephone transfer.
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Other possible fees:
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- Stop payment: $28 per item
- Returned check for non-sufficient funds: $35 per item
- Advance less than minimum amount: $20 per item
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The fine print:
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All accounts subject to credit approval.
1 Click "Rate details" for rate information. Rates shown are effective as of 05/20/2013. The variable Interest Rate and corresponding Annual Percentage Rate (APR) are based on the Wall Street Journal Prime Rate (the "Index") plus a margin. The margin is determined based on the amount of the approved credit line and Bank evaluation of the borrower's credit score and credit history. Minimum APR: 4.00%. Maximum APR: 18%. Rates are subject to change monthly based on changes in the value of the Index. Property insurance required; flood insurance is also required if the property is in a special flood hazard area. A $10,000 home equity line of credit, at a 80% LTV and a APR of 5.75% would be repayable in 120 monthly interest-only payments of $47.92 each during the ten-year Draw Period, and 180 monthly principal and interest payments of $83.04 each during the fifteen-year Repayment Period.
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Rate details:
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