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home equity credit line application disclosure - Vectra Bank

home equity credit line application disclosure - Vectra Bank

home equity credit line application disclosure - Vectra

HOME EQUITY CREDIT LINE EARLY DISCLOSUREIMPORTANT TERMS OF OUR HOME EQUITY LINE OF CREDITThis disclosure contains important information about our Home Equity Credit Line (the “Plan” or the "Credit Line" ). You should read it carefully andkeep a copy for your records.AVAILABILITY OF TERMS: All of the terms of the Plan described herein are subject to change. If any of these terms change (other than the ANNUALPERCENTAGE RATE) and you decide, as a result, not to enter into an agreement with us, you are entitled to a refund of any fees that you paid to us or anyoneelse in connection with your application.SECURITY INTEREST: We will take a security interest in your home. You could lose your home if you do not meet the obligations in your agreement with us.POSSIBLE ACTIONS: Under this Plan we have the following rights:Termination and Acceleration. We can terminate the Plan and require you to pay us the entire outstanding balance in one payment, and charge youcertain fees, if any of the following happens:a) You engage in fraud or make a material misrepresentation in connection with the Plan.b) You do not meet the repayment terms.c) Your action or inaction adversely affects the collateral for the Plan or our rights in the collateral.We can refuse to make additional extensions of credit or reduce your credit limit if:a) The value of your dwelling securing the line declines significantly below the dwelling's appraised value for purposes of the Plan.b) We reasonably believe that you will be unable to fulfill your repayment obligations under the Plan due to a material change in your financialcircumstances.c) You are in default under any material obligation of the Plan.d) Government action prevents us from imposing the ANNUAL PERCENTAGE RATE provided for under the Plan or impairs our security interest suchthat the value of the security interest is less than 120 percent of the credit limit.e) We have been notified by our regulatory agency that continued advances may constitute an unsafe and unsound business practice.The initial agreement permits us to make certain changes to the terms of the agreement at specified times or upon the occurrence of specified events.MINIMUM PAYMENT REQUIREMENTS:You can obtain advances of credit during the first TEN (10) YEARS (the “Draw Period”). During the Draw Period, you will make 120 payments which will be duemonthly and the “Minimum Payment” will equal the amount of accrued FINANCE CHARGES on the outstanding balance or $50, whichever is greater, plus anyamount past due and other charges. If the outstanding balance of your Credit Line, including accrued but unpaid FINANCE CHARGES, is less than $50, youagree to pay the balance in full. Any increase in the ANNUAL PERCENTAGE RATE may increase the amount of your Minimum Payment. Paying only theMinimum Payment during the Draw Period might not reduce the principal balance that is outstanding.After the Draw Period ends, you will no longer be able to obtain credit advances and you must repay the outstanding balance (the “Repayment Period”) overTWENTY (20) YEARS (240 months). During the Repayment Period, the Minimum Payment will be due monthly and will equal 1/240th of the outstandingbalance (including accrued finance charges) at the end of the Draw Period, or $50.00, whichever is greater.MINIMUM PAYMENT EXAMPLES:If you took a single $10,000 advance and the ANNUAL PERCENTAGE RATE was 4.24%, it would take 28 years and 9 months to pay off the advance if youmade only the minimum payments. During the Draw and Repayment periods, you would make a total of 347 monthly payments of $50.00.FEES AND CHARGES: In order to open and maintain an account, you may pay certain fees and charges as listed below:Origination Fee: An origination fee of $75 will be assessed on Credit Lines up to $500,000, $150 on Credit Lines from 500,001 to $1,000,000 and $300 onCredit Lines greater than $1,000,000.Annual Maintenance Fee: $75.00 (charged to your Plan in the month of the anniversary date of your Agreement).Third Party Fees: You may have to pay certain fees to third parties, such as appraisers, credit reporting firms, and government agencies, to open anaccount. These third party fees generally range between $400.00 and $2,400.00. Upon request, we will provide you with an itemization of the fees you willhave to pay to third parties.Prepayment Fee: None.Conversion Fee: If you elect to exercise the "Conversion Option" described below, you will be required to pay $50 for each "Sub-Loan" you request us toestablish.PROPERTY INSURANCE: You must carry insurance on the property that secures the Plan.TRANSACTION REQUIREMENTS: The minimum amount of any credit advance that can be made on your Credit Line is $250.00.TAX DEDUCTIBILITY: You should consult a tax advisor regarding the deductibility of interest and charges for the Plan.The ANNUAL PERCENTAGE RATE does not include costs other than interest.VARIABLE RATE INFORMATION: The Plan has a variable rate feature. The ANNUAL PERCENTAGE RATE (corresponding to the periodic rate) and theMinimum Payment amount can change as a result.The ANNUAL PERCENTAGE RATE is based on the value of an “Index”. The Index is the PRIME RATE AS PUBLISHED IN THE WALL STREETJOURNAL. To determine The ANNUAL PERCENTAGE RATE that will apply to your account, we add a margin to the value of the Index. Ask us forcurrent Index value, margin and APR. After you open a credit line rate information will be provided on periodic statements that we will send you.RATE CHANGES: The ANNUAL PERCENTAGE RATE can change monthly. The minimum ANNUAL PERCENTAGE RATE that can apply to your Plan is3.75% (the "floor rate"). The maximum ANNUAL PERCENTAGE RATE that can apply is 21%. Apart from this rate “cap,” there is no limit on the amountby which the ANNUAL PERCENTAGE RATE can change during any one-year period unless you choose one of the rate cap options listed below.878-0401 - VBC HECL Standard Rev 2/15Pg 1 of 2 Member FDIC Equal Housing Lender

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