Disclosure 1 Special Advance Rate: The Special Advance Rate is a variable rate made up of a discounted margin plus the variable Prime rate, and is in effect for 9 months after the date of account opening (“the Promotional Period”), and is valid for approved applications received through09/30/24 and closed by 11/30/24 for a Truist Home Equity credit line amount of $15,000 up to $1,000,000. Any variable advances taken during the Promotional Period shall accrue interest at the Special Advance Rate up until the expiration of the Promotional Period. The Special Advance Rate ranges from Prime minus 1.01% (currently 7.49% APR) to Prime + 7.50% (currently 16.00% APR). Advances taken subsequent to the expiration of the Promotional Period, as well as any promotional balance remaining upon expiration of the Promotional Period, shall accrue interest at the standard rate(s) and margin(s) as described below and in your Truist Home Equity Line agreement. Offer not available on Fixed Rate advances. Offer subject to change without notice at any time and subject to credit approval.
Offer is only available for owner-occupied, single-family, primary and secondary residences and condominiums located in the Truist footprint and is not valid on manufactured homes or cooperatives. Credit criteria, exclusions and limitations apply. Property insurance is required, and, if applicable, flood insurance will be required. There is a $50 annual fee in AL, AR, CA,FL, GA, IN, KY, NJ, and OH.
Disclosure 2 Rates will vary with the market based on the Prime Rate + margin. The Prime Rate means the highest per annum “Prime Rate” of interest published from time to time by The Wall Street Journal in its “Money Rates” listings, which was 8.50% as of 6/12/24. Standard APRs are variable during the 10-year draw period and 20-year repayment period and apply only to the variable rate option; are based on your collateral property location, credit line amount, combined Loan-To-Value (CLTV) ratio and other factors; and can range from Prime +0.00% (currently 8.50% APR) to Prime + 7.50% (currently 16.00% APR). During the 20-year repayment period for this option, the APR will continue to be calculated at a variable rate and your minimum monthly payment will be 1/240th of the total balance at the end of the draw period, plus interest and any applicable fees/charges. The maximum APR is 16% for properties located in NC and 18% for properties located in AR, CA, FL, GA, TN, AL, SC, VA, MD, DC, WV, IN, KY, NJ, OH, PA, or TX.
Excellent credit is required to qualify for the lowest rates. At least 50% of approved applicants applying for the advertised rate qualified for the advertised rate based on data from 1/1/23 – 8/15/24.
Rates will vary if the client chooses for the bank to pay their closing costs, which is an option in some states if the requested loan amount is less than or equal to $500,000. Other fees may be charged at origination, closing or subsequent to closing, ranging from $0 to $10,000, and may vary by state. If you pay off your Truist Home Equity Line of Credit within 36 months from the date of loan origination, you may be required to remit any closing costs Truist paid on your behalf.
Disclosure 3 Variable-rate repayment is based on WSJ Prime Rate + margin. Minimum payment consists of accrued interest, fees, and other charges. A fixed-rate option may be available on all or portions of your line. Fixed-rate options are priced based on creditworthiness, amount and term selected, will vary from your home equity line variable rate or any promotional rate and can range from 6.79% APR to 16.00% APR. There is a $15 fixed option set up fee. Fixed-rate/fixed-repayments term for 5, 10, 15 or 20 years and 30 years taken at time of closing with initial draw. Max of 5 fixed-rate draws open at one time. Draw minimum $5,000.
Disclosure 4 Consult your tax advisor regarding interest deductibility. A 1098 will be issued as required by law.
Disclosure 5 Based on ICON (Informa) data as of 10/11/2020. Informa is a leading international events, intelligence, and scholarly research group who provide critical data, intelligence subscription services and consultancy to over 30,000 businesses worldwide who want to know more and do more in their markets.
Disclosure 6 Rates will vary if the client chooses for the bank to pay their closing costs, which is an option in some states if the requested loan amount is less than or equal to $500,000. Other fees may be charged at origination, closing or subsequent to closing, ranging from $0 to $10,000, and may vary by state. If you pay off your Truist Home Equity Line of Credit within 36 months from the date of loan origination, you may be required to remit any closing costs Truist paid on your behalf. There is a $50 annual fee in AL, AR, CA, FL, GA, IN, KY, NJ, and OH. This rate offer may change at any time.
