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A Prime Equity Line of Credit lets you establish a flexible line based on the equity in your home, and draw on it by simply writing an access check. You can use the cash whenever you need it, for almost any purpose. This might be appropriate when your borrowing needs vary over time, or if you want to be able to quickly access funds for emergency purposes. The interest expense is typically tax-deductible (consult your tax advisor concerning interest deductibility).
The interest rate for a Prime Equity Line of Credit adjusts monthly based on a rate index plus or minus a margin. The index is based on the Prime Rate, as published in The Wall Street Journal, Eastern Edition, in the following states: AK, AL, AZ, CA, CO, CT, DC, DE, FL, GA, IL, KS, MD, MS, NH, NC, NJ, NV, NY, OK, PA, SC, TN, TX, VT, VA, and WI.
For all other states, you may choose either the prime rate or the 1-month LIBOR rate as published in The Wall Street Journal, Eastern Edition as your index.
Wachovia's Prime Equity Line offers the following features:
The links below can also help you make a more informed decision and show you how the application process works.
Home Equity Comparison Chart
How to Use the Equity in Your Home
Understanding the Application Process
Apply Now
All Application Forms
Related Links
•Loan Amount Estimator
•Loan Payment Calculator
•Debt Consolidation Email Series
Personal Finance