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A HELOC is a great choice for homeowners looking to finance major needs. Talk to us about using your equity to secure flexible credit.

Key Features

Competitive Rates

Flexible Terms

Revolving Credit

  • Competitive rates for several ongoing or seasonal needs:
    • Education expenses
    • Major life events
    • Major home improvements
    • Emergency reserve
    • And much more
  • The existing equity in your home is used as collateral backing
  • Flexible repayment terms that work uniquely for you
  • Funds available anytime without reapplying; apply once, then use repeatedly thereafter
  • Revolving credit – as principal is repaid, more becomes available for use
  • Funds easily available via check, in-branch withdrawal, or online banking transfer
  • The interest paid might be tax deductible1
  • Set up automatic payments to be deducted from your account monthly
  • Local decision-making and processing
  • Friendly, professional service from start to finish

HOME EQUITY APPLICATION DISCLOSURE

IMPORTANT TERMS OF OUR
HOME EQUITY APPLICATION DISCLOSURE

This disclosure contains important information about our HELOC Decision Pro (the "Plan" or the "Credit line"). You should read it carefully and keep 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 ANNUAL PERCENTAGE 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 anyone else 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: We can terminate your account, require you to pay us the entire outstanding balance in one payment, and charge you certain fees if:

  • (a) You engage in fraud or material misrepresentation in connection with the Plan.
  • (b) You do not meet the repayment terms of the Plan.
  • (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 the dwelling securing the Plan declines significantly below its appraised value for purposes of the Plan.
  • (b) We reasonably believe you will not be able to meet the repayment requirements due to a material change in your financial circumstances.
  • (c) You are in default of a 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 such that the value of the interest is less than 120 percent of the credit line.
  • (e) A government authority has notified us that continued advances would constitute an unsafe business practice.
  • (f) The maximum annual percentage rate is reached. The initial agreement permits us to make changes to the terms of the Plan at specified times or upon the occurrence of specified events.

Fees and Charges. In order to open and maintain an account, you must pay certain fees and charges.

Lender Fees. The following fees must be paid to us:

Description
Amount
When Charged
Application Fee:
50.00
At Account Opening
Flood Certification:
$10.50
At Account Opening
Modification Fee:
$300.00
Upon Each Occurrence

 

Late  Charge. Your  payment will be late if it is not received by us within 10 days after the "Payment Due Date"shown on your periodic statement. If your payment is late  we may charge you 5.000% of  the unpaid amount of the payment or  $7.20, whichever is greater.  If  you  already  have  a mortgage on your  home, the  late  charge  will  not  be less than  $7.20 and it will  not  be greater  than  the maximum late charge  dollar  amount  allowed under  the  South  Carolina  Consumer  Protection Code, currently $18.00.

Third Party Fees.  You must  pay certain fees to third  parties  such  as appraisers, credit reporting firms, and government agencies. These third  party  fees generally total  between $700.00 and  $3,000.00.  
We estimate the breakdown of these as follows:

Description Amount When Charged
Appraisal: $350.00- $500.00 At Account Opening
Recording: $25.00-$45.00 At Account Opening
Title Insurance Lender and Owner $2.50-$3.50 per $1,000 borrowed At Account Opening
Georgia  Intangible Tax: $2.50-$3.50 per $1,000 borrowed At Account Opening
Georgia Residential Mortgage Fee: $10.00 At Account Opening
Attorney Fee : $250.00-$550.00 At Account Opening


PROPERTY INSURANCE.  You must  carry  insurance on the property that  secures the Plan.

MINIMUM PAYMENT REQUIREMENTS.   You can obtain advances of  credit during  the  following period:    240  months (the  "Draw Period").  Your Regular  Payment  will  equal the  amount  of  your  accrued FINANCE CHARGES.   You  will  make  239  of  these  payments.  You will  then  be required to pay  the  entire  balance  owing in a single  balloon payment.   If  you make  only  the  minimum payments, you may  not  repay  any of  the  principal balance  by the  end of  this  payment stream.  Your  payments will  be due monthly.   Your  "Minimum Payment" will  be the  Regular  Payment, plus any  amount  past  due  and  all  other   charges.    An  increase in  the  ANNUAL PERCENTAGE  RATE  may  increase the  amount of  your  Regular Payment.

MINIMUM PAYMENT EXAMPLE.  If you made only  the minimum payment and took  no other  credit advances, it would take  20 years  to pay off  a credit advance  of  $10,000.00 at  an ANNUAL PERCENTAGE RATE  of  5.250%.  During  that  period, you  would make  239  monthly payments ranging from  $40.27 to  $44.59 and one final payment of  $10,044.59.

TRANSACTION REQUIREMENTS.   The following transaction limitations will  apply  to the use of your  Credit  Line:

Credit  Line  HELOC Check, Telephone Request, Overdraft, In  Person  Request  and  Request  By  Mail  Limitations. There  are no  transaction limitations for  the writing of  HELOC  Checks, requesting an  advance by  telephone, writing a check  in  excess  of  your  checking account balance, requesting an advance  in person or requesting an advance  by mail.

TAX  DEDUCTIBILITY.  You should  consult a tax  advisor  regarding the deductibility of interest and charges  for the Plan.

VARIABLE RATE FEATURE.   The  Plan has  a variable  rate  feature. The  ANNUAL PERCENTAGE RATE  (corresponding to  the  periodic rate),  and the minimum payment amount  can change  as a result.  The ANNUAL PERCENTAGE RATE does not  include  costs  other  than  interest.

THE INDEX.  The annual percentage rate is based on the  value  of  an index  (referred to in this  disclosure as the  "Index").  The Index  is the based on the  value of the Index  described as The base rate on corporate loans  posted by at least  70% of the  10  largest  U.S.  banks  known as the Wall Street  Journal U.S.  Prime  Rate.    Information about  the  Index  is available  or published in the  Wall  Street  Journal.  We  will  use  the  most  recent Index  value  available  to  us as of  the  date  of  any  annual  percentage rate  adjustment.  If  the  Index  is no longer  available, we  will  choose  a new Index  and margin.  The new  Index  will  have  an historical movement substantially similar  to the original  Index,  and the  new  Index  and margin will result  in an annual percentage rate that  is substantially similar  to the rate in effect at the time  the original Index  becomes unavailable.

ANNUAL PERCENTAGE RATE.   To determine the  Periodic  Rate  that  will  apply  to your  account, we  add a margin to the  value  of  the  Index,  then divide  the value  by  12  (monthly) . To obtain  the  ANNUAL PERCENTAGE RATE  we multiply the  Periodic  Rate by 12  (monthly) . This  result  is the ANNUAL PERCENTAGE RATE.   A change  in the Index  rate  generally will  result  in a change  in the  ANNUAL PERCENTAGE RATE.   The  amount that  your  ANNUAL PERCENTAGE RATE may  change  also may  be affected by the lifetime annual percentage rate  limits, as discussed below.

Please ask us for  the  current Index  value, margin and annual  percentage rate.    After you open  a credit  line, rate  information will  be provided on periodic statements that  we send you.

FREQUENCY OF ANNUAL PERCENTAGE RATE  ADJUSTMENTS.   Your  ANNUAL PERCENTAGE RATE  can  change  The  annual  percentage rate can increase or decrease  monthly, after  remaining fixed  for  30  days.    There  is no limit on the  amount  by  which the  annual  percentage rate  can change  during  any one year period.  However, under  no circumstances will  your  ANNUAL PERCENTAGE RATE exceed  18.000% per annum  or, go below 3.250% per annum·at any time  during  the term  of the Plan.

MAXIMUM RATE  AND  PAYMENT  EXAMPLE.   If  you  had  an  outstanding balance   of  $1 0,000.00, the  minimum payment at  the  maximum
ANNUAL PERCENTAGE RATE of 18.000% would be  $152.88.  This  ANNUAL PERCENTAGE RATE could  be reached  immediately or prior  to the
1st  payment.

PREPAYMENT.  You may  prepay  all or any amount  owing under  the Plan at any time  without penalty.

HISTORICAL EXAMPLE.  The example below shows how  the  ANNUAL PERCENTAGE RATE and the minimum payments for  a single  $10,000.00 credit advance would have  changed based  on  changes in  the  Index  from  2003 to  2017.  The  Index  values  are  from  the  following reference period:  as of  November 1st.  While  only  one payment per  year  is shown, payments may  have  varied  during  each  year.    Different outstanding principal balances  could  result  in different payment amounts.

The  table  assumes that  no  additional credit  advances were  taken,  that  only  the  minimum payments were  made,  and  that  the  rate  remained constant during  the year.   It does not  necessarily indicate how  the Index  or your  payments would change  in the  future.

INDEX TABLE

Year (as of November 1st)

Index
(Percent)

Margin (1)
(Percent)

Annual Percentage Rate Monthly Payment (Dollars)
2003 4.000 1.000 5.000 42.47
2004 4.750 1.000 5.750 48.84
2005 7.000 1.000 8.000 67.95
2006 8.250 1.000 9.250 78.56
2007 7.500 1.000 8.500 72.19
2008 4.000 1.000 5.000 42.47
2009 3.250 1.000 4.250 36.10
2010 3.250 1.000 4.250 36.10
2011 3.250 1.000 4.250 36.10
2012 3.250 1.000 4.250 36.10
2013 3.250 1.000 4.250 36.10
2014 3.250 1.000 4.250 36.10
2015 3.250 1.000 4.250 36.10
2016 3.500 1.000 4.500 38.22
2017 4.250 1.000 5.250 44.59

(1) This is a margin we have used recently; your margin may be different.

 APPLY BELOW

1Consult a tax advisor.