The number of percentage points the lender adds to or subtracts from the index rate to determine the interest rate adjustments. The margin is constant throughout the life of the mortgage and is specified in the promissory note.
The Variable Annual Percentage Rate (APR) for home equity lines of credit is based on The Wall Street Journal Prime Rate (the "Index") plus a margin popup and will vary with changes in the Prime Rate. Your APR will not exceed 24% or go below 1.99% at any time during the term of your account. Please refer to the terms of your home equity line of credit agreement for information regarding your Index and margin, and the method used to calculate your APR.
Fixed-Rate Loan Option at account opening: The minimum line of credit amount withdrawn at account opening that can be converted to a fixed rate is $5,000 and the maximum that can be converted is 90% of the maximum line amount. The minimum term is one year, and the maximum loan term will not exceed the account maturity date.
Fixed-Rate Loan Option during loan term: You may convert all or a portion of your outstanding variable-rate balance into a Fixed-Rate Loan Option resulting in a fixed rate and fixed payment. The minimum withdrawal from an existing HELOC that can be converted is $5,000. The minimum term is one year, and the maximum loan term will not exceed the account maturity date.
At account opening or during the loan term:
The number of percentage points the lender adds to or subtracts from the index rate to determine the interest rate adjustments. The margin is constant throughout the life of the mortgage and is specified in the promissory note.