HELOC Terms & Conditions
Annual Percentage Rate (APR) is based on The Wall Street Journal Prime Rate (the "Index", currently 7.50%) plus a margin (spread). The APR is variable and may increase after consummation; however, in no event will the APR be less than 3.75%. Maximum APR is 18.00%. The margin is based on the approved loan amount, the terms of the loan, and our evaluation of your credit history. Advertised APR includes a 0.50% automatic payment discount from an Umpqua Bank account.
Minimum monthly payment:
Interest-only monthly payments for 10-year draw period followed by fully amortized principal and interest payments for the 20-year repayment period. Payment amount will vary as rates change.
smartLock feature:
You can convert or "lock in" all or a portion of your outstanding balance to a fixed rate with a fixed minimum monthly loan payment that will pay off the locked in balance by the end of the loan term. As you pay down your "locked-in" principal balance, your available balance is replenished for additional use at the variable interest rate.
You may lock in balances from $5,000 up to the available credit line limit. You can have as many as three individual "Lock Ins" on your line at any time; however, the total of all locked-in amounts plus the balance of the HELOC will not exceed the maximum credit line limit.
Each "lock in" is subject to a fee of $50.00. Each time you "lock in", your minimum monthly payment will include principal and interest in an amount sufficient to pay back that new locked loan balance at a locked rate.
Insurance requirement:
Property insurance is required. Flood insurance is also required if the property is in a special flood hazard area.
All product features and terms and conditions disclosed refer to an Owner-Occupied HELOC. Contact us for additional information on our other available HELOC Products.
All accounts are subject to credit approval and program guidelines.
