Home Equity Line of Credit, Home Equity Loan, Home Refinance Loan, Home Purchase Loan
Interest rate, loan-to-value, and other terms are based on credit qualification and real estate used as collateral. Maximum loan-to-value (LTV) and other terms are based on applicant's credit history. Not valid with other special offers or premiums. Loans subject to final credit approval. Interest may be tax deductible. Consult your tax advisor regarding the deductibility of interest and charges. Rates subject to change.
Home Equity Line of Credit
2010 TCF National Bank. Member FDIC. *The Annual Percentage Rate (APR) is equal to the highest U.S. prime rate published in the Wall Street Journal each month under "Money Rates" ("Index") plus a margin ranging from .74% to 1.74%. The Index is 3.25% as of 11/5/2011, resulting in an Annual Percentage Rate (APR) ranging from 3.99% to 4.99%. An addition of .25% to the margin applies for loans that are not set up for automatic payment from a TCF checking or savings account, resulting in an APR ranging from 4.24% to 5.24% as of 11/5/2011. The interest rate is variable and can change monthly based on changes in the index. The maximum APR is 18%. The minimum APR is the lesser of the initial interest rate or 4.99%. The advertised rate applies to applicants with the best credit for lines of credit secured by owner-occupied 1-2 family residential real estate (1st mortgage only in AZ and MI) with an initial loan-to-value ratio of 80% or less (60% or less in Arizona), and that otherwise meets our standard underwriting requirements. Otherwise, higher rates apply based on the loan-to-value ratio, property type, line amount, geographic location, and other specific characteristics of the credit transaction and the borrower's credit profile. An annual maintenance fee of $50 applies. Closing costs generally range from $492 to $3,381 for lines of $7,500 to $500,000. For Minnesota residents, mortgage registration taxes range from $12 to $1,200. Property insurance and, where applicable, flood insurance are required and the borrower is responsible for payment of all applicable real estate taxes. An early termination fee of $475 applies if the line is terminated within the first 3 years. The maximum combined 1st and 2nd mortgage exposure may not exceed $750M ($700M for condos and townhome non-purchase transactions). Lines of credit have an initial draw period of 10 years followed by a 20 year repayment period. Minimum payments may not be enough to pay the loan in full by the final payment due date, and a balloon payment may therefore be required on that date. Interest may be tax deductible. Consult your tax advisor on the deductibility of interest and charges. All rates, fees, and closing costs are subject to change without notice. This is not a commitment to extend credit. All loans are subject to TCF's standard underwriting requirements. Advertised terms not valid with other special offers or premiums. www.tcfbank.com