Home Equity Line of Credit

Use the equity in your home to finance large purchases, home improvements, education expenses, and more. Should you wish to apply or learn more about the features and conditions discussed below please contact your Private Client Group Director directly or call us toll-free, 1.866.sigline (option 3).

Features

• 10-year access period
• 15-year repayment period
• No application fee
• No annual fees
• No closing costs for loans up to $500,000 ⁽¹⁾

Rates

• The standard rate is the Prime Rate⁽²⁾ plus 1% (minimum APR is 4%, maximum APR is 16%). As of 10/09/08 the Prime Rate is 4.50%, which translates to an APR of 5.50%.
• Save with auto-pay: Elect to have your monthly payment automatically deducted from your Signature Bank account and the rate is reduced to the Prime Rate⁽²⁾ minus 1/4 of 1% (minimum APR is 4%, maximum APR is 16%). As of 10/09/08 the Prime Rate is 4.50%, which translates to an APR of 4.25%.
• Re-payments manageable through Signature Bank’s online banking system

Conditions

• Minimum of $25,000 must be drawn at closing
• Must have title insurance⁽¹⁾
• Keep line for a minimum of 2 years⁽³⁾
• Minimum Line: $50,000
• Maximum Line: $2,000,000
• For lines of credit in excess of $2,000,000 please speak to a Signature Bank Representative for terms and conditions
• Must be secured by primary or secondary residence which can be a 1-4 family house, condo, PUD or co-op⁽⁴⁾
• Combined loan-to-value ratio cannot exceed 80% for lines of $150,000 or less, and 75% for lines over $150,000
• Applicant must meet Signature’s credit guidelines
• Adequate homeowner’s insurance coverage is a requirement of this loan.

(1) If line is over $500,000.00 you must pay all closing costs, including lender’s title insurance if there is no institutional 1st mortgage on the property.
(2) Prime Rate as published in The Wall Street Journal.
(3) If the line is closed before two years have elapsed, you must reimburse the bank for all closing costs paid on your behalf.
(4) Signature Bank HELOCs must be in first lien position on co-op properties.

Consult your tax advisor about deductibility

The interest rates and annual percentage rates (APR) shown above are subject to change without notice.