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Lines of Credit

The concept is straightforward. Our SimpleLOCTM Home Equity Line of Credit ensures that you have quick and easy access to money when you need it. This revolving line of credit is secured by your home and gives you the flexibility to write a check whenever extra cash is required. Opt to attach overdraft protection and automatic payment from your checking account, if desired, and pay interest and principal only on the dollars you use. Best of all, as funds are repaid, they're available to use again!

Smart, easy and convenient.


2.49% APR*
 
12-month introductory rate



4.00% APR**
WSJ Prime + margin, Variable rate thereafter


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Line of Credit Rates


TERMS AND CONDITIONS:

This variable rate line of credit must be secured by an owner-occupied, 1-4 family residential property with a maximum 80% loan-to-value ratio, first or second lien. The rates, fees, and terms of credit stated are based on meeting the bank’s normal credit underwriting standards. Rates, fees, and terms may vary based on your credit qualifications, loan amount, and loan-to-value ratio. Property insurance and flood insurance (if applicable) is required. A National Penn checking account is required. Maximum line is $300,000. This offer and rates are subject to change without prior notice. Please ask about other programs and terms available.

COSTS AND FEES:

An early termination fee of 2% of the credit limit (maximum $350) will be charged if the line is permanently closed within 36 months of being established. Account opening fees may range from $53 to $700 depending on line amount, appraisal type, and property location.   Trust review fee of $200 for properties held in trust. Certain fees may apply if Maryland collateral.

RATES:

*The 2.49% annual percentage rate (APR) applies to new lines of credit of $50,000 or more and is good for the first 12 months of the loan. Increases to existing lines require a $50,000 minimum line and a $10,000 increase. The 2.49% promotional rate is not available to National Penn borrowers who have received a discounted line of credit rate within the last 36 months.

**For the $50,000 line of credit, after the expiration of the 12-month introductory 2.49% rate, the APR will be variable based on the Wall Street Journal Prime (WSJP) as published daily, plus a margin of 0.75%, or a minimum APR of 2.99%, whichever is greater.  Rate shown is based on the highest WSJP published prime rate. Rates are subject to change, increasing when the prime rate increases, decreasing when the prime rate decreases. Current WSJP is accurate as of 7/28/14, which was 3.25%, plus 0.75% = 4.00%. Maximum APR is 18.00%.

SimpleLOC FIXED RATE OPTION:

This account includes a fixed rate option. Current fixed rate APRs range from 3.44% to 6.24% depending on payment option, loan amount and loan term selected. This rate may vary, but once established as a new Fixed Rate Advance, will not vary thereafter. A $75.00 rate lock fee applies each time you establish a Fixed Rate Advance. The fee is waived if rate is locked at closing. You are limited to a maximum of 3 Fixed Rate Advances at any one time, with a minimum advance of $5,000.

MATURITY DATE & MINIMUM PAYMENT INFORMATION:

This line of credit has a 15 year draw period and 15 year repayment period. By making only the minimum periodic payments each billing cycle, for the maximum term, your line of credit will have a maturity balloon payment, where all principal, interest and fees will be due in 30 years from date established. Please refer to our credit agreement for complete details.

TAX DEDUCTIBILITY:

Consult a tax advisor for deductibility of interest. 

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