PREFERRED EQUITY LINE

BANK ON EQUITY TO LINE UP A NEW HOME

Whether you’re buying a home for the short or long term, finding a mortgage that fits in with your specific financial goals can sometimes be challenging. That’s why we designed our Preferred Equity Line with the flexibility to meet a wide range of needs. Available on primary, secondary and investment properties, it provides cash management benefits not typically found with a 30-year fixed-rate mortgage.

Note: Our Preferred Equity Line is only available in certain states.1

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primary mortgage

Looking to maximize cash flow? Our Preferred Equity Line could be a great way to keep payments low during the first 10 years.1

  • Access 90% of line at closing, $2 million line max with $225,000 minimum initial draw
  • Tap the line for other uses as payments are made
  • Interest-only payments during the 10-year draw period
  • Variable rate on initial draw and throughout 30-year life of the line3
  • Fixed rate advance options available in the draw period—upon qualification, secure a 5, 7 or 10-yr fixed rate for up to 3 draws, pay a variable rate when the fixed period ends3

Other fees could apply4

Spotlight Rate

Current variable rates as low as 2.74% APR

The lowest variable rate of 2.740% APR available to borrowers with FICO scores of 760 or higher, and loan to value ratios of 70% or less with a total line amount equal to or greater than $500,000. Line must be secured by 1-unit single family residence.

Our line of credit offers variable Annual Percentage Rates (APR) from 2.740% to 4.250% as of 04/25/2017. Variable APR changes monthly. Not all clients will qualify for the lowest rate. Rates may increase to a maximum of 15%. Upon qualification, fixed rate advance APRs on draws range from 3.125% to 5.500% as of 04/25/2017. The variable APR range of 2.740% to 4.250% is available to borrowers with FICO scores of 720-760 or higher, and loan to value ratios of 70.00% - 89.90% with a total line amount equal to or greater than $500,000. Line must be secured by 1-unit single family residence. The fixed APR range of 3.125% to 5.500% is available to borrowers with FICO scores of 700-760 or higher, and loan to value ratios of 70.00% - 89.90% with a total line amount equal to or greater than $500,000. Line must be secured by 1-unit single family residence. After the fixed rate advance period ends, a variable APR will apply. APRs may change monthly. During the 10-year draw period, there is a $50 annual fee.

Principal and Interest Payments

If the plan is to be in your home for the long haul, paying principal and interest over the life of the line may be a solution that aligns with your goals. 1

  • Access 100% of line at closing, $2 million line max with $250,000 minimum initial draw
  • Keep the line open for future draws as principal is paid back
  • Variable rate on initial draw and throughout 30-year life of the line3
  • Fixed rate advance options available in the draw period—secure a fixed rate on up to three draws including the initial draw, pay a variable rate when fixed period ends3

Other fees could apply4

Spotlight Rate

Current variable rates as low as 2.74% APR

The lowest variable rate of 2.740% APR available to borrowers with FICO scores of 760 or higher, and loan to value ratios of 70% or less with a total line amount equal to or greater than $500,000. Line must be secured by 1-unit single family residence.

Our line of credit offers variable Annual Percentage Rates (APR) from 2.740% to 4.125% as of 04/25/2017. Variable APR changes monthly. Not all clients will qualify for the lowest rate. Rates may increase to a maximum of 15%. Upon qualification, fixed rate advance APRs on draws range from 2.625% to 5.250% as of 04/25/2017. After the fixed rate advance period ends, a variable APR will apply. APRs may change monthly. During the 10-year draw period, there is a $50 annual fee. The variable APR range of 2.740% - 4.125% is available to borrowers with FICO scores of 720-760 or higher, and loan to value ratios of 70.00% - 89.90% with a total line amount equal to or greater than $500,000. Line must be secured by 1-unit single family residence. The fixed APR range of 2.625% - 5.250% is available to borrowers with FICO scores of 700-760 or higher, and loan to value ratios of 70.00% - 89.90% with a total line amount equal to or greater than $500,000. Line must be secured by 1-unit single family residence.


second mortgage

Pairing an EverBank mortgage with our Preferred Equity Line can be a great way to make a low down payment and not pay mortgage insurance on the first mortgage.1
Low down payment option >