North Island Home Equity Line Of Credit
Enjoy the things that really matter with the equity that you’ve built into your home.
- Low interest-only payments during the 10 year draw period. After that, the minimum monthly payment will be 1% of the outstanding principal balance during the 20 year repayment period. (A balloon payment will result if paying the minimum payment does not fully pay off the unpaid balance by the maturity date; the full outstanding balance is due at that time.)1
- 24 month fixed introductory rate as low as 2.99% APR2 After the introductory period, the rate may adjust quarterly by no more than 1 percentage point based on the WSJ Prime Rate plus a margin. The current APR that would apply ranges between 4.50% and 6.00% depending on the combined loan-to-value.
- No upfront fees and no annual fees3
- Borrow up to 100% combined loan-to-value
- 24 hour access: in person, online, by check or over the phone
- The interest you pay may be tax deductible4
Meet our mortgage loan originators.
Download this PDF guide to learn more about What You Should Know About Home Equity Lines of Credit.
1 Your minimum monthly payment will equal the current monthly interest expense on the loan during the 10-year draw period, after which the minimum monthly payment will equal 1.0% of the outstanding principal balance (no less than $50 unless the balance owed is less) for the life of the loan.
2 APR = Annual Percentage Rate
3 An early closure fee between $500 and $1,500 applies, depending on the HELOC limit, if the line is closed within 3 years of origination.
4 Please consult a tax advisor
Terms & Conditions
Must be owner-occupied home located in San Diego, Orange, or Riverside counties. After the initial fixed 24-month introductory period, your HELOC rate may adjust quarterly up to 1.0% based on WSJ Prime Rate + a margin. The maximum Annual Percentage Rate that can apply is 12.0% and the minimum Annual Percentage Rate is 4.0%. If payment is made more than 15 days after due date, a late charge will be assessed equal to 20% of the interest due ($5 minimum). Property insurance is required. All loans are subject to credit approval, income verification, and satisfactory appraisal and collateral. Maximum credit limit subject to combined loan-to-value guidelines. Rates, terms, and fees are subject to change without notice. Minimum credit line of $25,000 required. A $5 new membership fee may be required.
View the full Home Equity Line of Credit Terms & Conditions