A Home Equity Line of Credit, or HELOC, uses the equity in your home to free up cash for home improvements, big purchases and other miscellaneous expenses. A HELOC provides more flexibility than a home equity loan by allowing homeowners to withdraw cash on an as-needed basis.
No closing costs.
| 3.60% APR* |
Home Equity Line of Credit $25,000 or more
3.60% APR for 6 months |
After introductory period, Wall Street Journal Prime minus 0.75%
for the
life of the line.
Rate will not go below 4.00% APR.
Apply today by clicking below or by calling the Cardinal Loan Center at
703.246.7347. You may also stop by one of our conveniently
located offices.
Home Equity Line of Credit
* Terms and Conditions: Limited time offer. Annual Percentage
Rate (APR) effective as of 10-12-09 on Home Equity Lines
$25,000 and above and is subject to change. The 3.60% APR
is valid for six months. After six months, the interest
rate adjusts to a variable rate equal to the Wall Street
Journal Prime Rate minus 0.75% (current APR 4.00%). The
minimum APR will not go below 4% and the maximum APR will
not exceed 24%. After the initial six months, the rate is
subject to change monthly based upon changes in the Wall
Street Journal Prime Rate. Direct debit of minimum monthly
payments from a Cardinal Bank account is required to obtain
this product at this rate. Available for principal residences
only located in Northern Virginia, Washington, D.C., and
Montgomery and Prince George’s counties in Maryland. Cooperatives
and purchase money loans are not eligible. Rates apply to
loan-to-value ratios of up to 80% when the appraised value
is $750,000 or less and 75% when the appraised value is
$750,001 to $1,250,000. Property insurance is required.
No closing costs offer is for lines up to $250,000. If you
close your account within 36 months, closing costs must
be reimbursed. The minimum line amount is $25,000, with
a minimum initial advance of $10,000. Offers subject to
credit approval and are for new accounts only. Other products
and terms may exist for applications which do not qualify
under above conditions. Interest paid on home equity account
may be tax deductible. Consult your tax advisor regarding
tax advantages. Existing HELOC Customers may convert to
the new lower APR for a fee of $500.00 (requires completion
of a new credit application).
