PRIME EQUITY LINE OF CREDIT

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).

Based on your status as a Wachovia At Work^® customer, you will receive a 0.05% reduction to the margin on a new Prime Equity Line of Credit. If you have a qualifying Wachovia deposit account, you will receive an additional 0.15% reduction, and if you have auto draft on the new loan, you will receive an additional 0.10% reduction. This reduction will terminate if auto draft is cancelled.¹

Email This Page

Printer Friendly Version

¹The Annual Percentage Rate (APR) is based on the Prime Rate as published in The Wall Street Journal , Eastern Edition, plus or minus a margin. As of April 1, 2008, the Prime Rate was 5.25%. The margin is determined by your credit score, line options, line amount, property state location and available equity. The APR contained in your Prime Equity Line Agreement ("your APR") will be based on your individual circumstances and changes to the Prime Rate as of the date of loan origination. Based on your status as a Wachovia At Work customer, on a new line, you will receive a 0.05% reduction to the margin. If you have a qualifying Wachovia deposit account, on a new line, you will receive a 0.15% reduction to the margin. If you have auto draft on the new line, you will receive a .10% reduction to the margin. This discount will terminate if auto draft is cancelled. Your APR may increase or decrease after consummation, based on changes to the Prime Rate, in accordance with the terms of the Prime Equity Agreement. Your APR will not exceed 18%. You may have to pay closing costs which may range from $100 to $1100. Adequate homeowner's insurance is required and flood hazard insurance may be required.

All loans and lines of credit are subject to credit approval, verification and collateral evaluation. Loans originated by Wachovia Mortgage, FSB, Wachovia Bank, N.A. or Wachovia Bank of Delaware, N.A. Products not available in all states and are subject to change without notice. You cannot combine these offers with other Wachovia offers.

Wachovia Bank N.A. and Wachovia Bank of Delaware, N.A. are Members FDIC.

Equal Housing logo