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Jan 14 2020

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Home Equity Line of Credit

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The Chase Home Equity Line of Credit features variable rates based on the Prime Rate (as published in The Wall Street Journal), which as of 1/25/2019, range from 5.75% APR to 8.14% APR for line amounts of $50,000 to $99,999, from 5.75% APR to 7.64% APR for line amounts of $100,000 to $149,999, from 5.75% APR to 7.64% APR for line amounts of $150,000 to $249,999, and from 5.75% APR to 7.64% APR for line amounts of $250,000 to $500,000. Rates vary depending upon credit line amount, lien position, and collateral location; please inquire about available rates in your area, and about rates for line amounts less than $50,000.

Advertised rates are tied to the Prime Rate published in The Wall Street Journal, effective as of 1/25/2019. The Prime Rate has a direct relationship to the Federal Funds Rate established by the Federal Reserve Board’s Federal Open Markets Committee. Any change in the Federal Funds Rate effective on or after 1/25/2019, will directly affect the Prime Rate published in The Wall Street Journal, as well as the rates advertised here. Therefore, depending on the date that you apply, the advertised rates can’t be available.

Lifetime APR won’t exceed 21%. All stated rate ranges apply to lines secured by owner-occupied, single-family residences (includes townhomes, row homes and condominiums), co-ops, 2-unit residences and group homes. Ask us about our collateral and combined loan-to-value (CLTV) ratio requirements to be eligible for these rates.

The Chase Home Equity Line of Credit can’t be used to purchase the property being used as collateral.

Property insurance is required; if the collateral is determined to be in an area having special flood hazards, flood insurance will be required as well.

The product requires an origination fee of $50, which may be financed (for TX homestead properties, the origination fee can’t be financed). The origination fee is waived if you are already a Chase home equity customer. The customer is responsible for a $50 annual fee after the first year, except for TX homestead properties. The annual fee is waived for customers who secure a new Chase Home Equity Line of Credit and open a new or have an existing Chase Premier, Chase Premier Plus or Chase Sapphire checking account.

If your property is located in AL, FL, GA, MD, MN, NY, OK, TN or VA, you’ll pay a mortgage recording tax between 0.115% and 2.175% of your credit limit amount. This tax is due at closing but may also be financed. In the Orleans Parish of LA, you’ll pay a flat fee of $325.

Chase Home Equity Lines of Credit aren’t available in AK, HI, and SC.

The minimum allowable line amount is $25,000 ($10,000 in MI).

Home Equity Line of Credit Lock Feature: You can switch outstanding variable interest rate balances to a fixed rate during the draw period using the Chase Fixed Rate Lock Option. You may have up to five separate locks on a single HELOC account at one time. There is no fee to switch to a fixed rate, but there is a fee of 1% of the original lock amount if the lock is cancelled after 45 days of the lock date. Minimum lock amount is $1,000 and maximum lock amount is up to 95% of the credit limit at closing or 100% after closing. The minimum lock term is 12 months and the maximum term depends on the remaining term of your HELOC. All locks must be paid in full not later than 2 months before the final HELOC account maturity date.

Tax Deductibility: JPMorgan Chase doesn’t offer tax advice. Please consult your tax advisor regarding the deductibility of interest for home improvements.

Debt Consolidation Information: The amount you save on debt consolidation may vary by loan. Since a home equity line may have a longer term than some of the bills you may be consolidating, you can’t realize a savings over the entire term of your new line. In addition, your line may require you to incur premiums for hazard and, if applicable, flood insurance, which would affect your monthly payment reduction. Federally Guaranteed Student Loans shouldn’t be consolidated because you’ll lose important federal benefits.

Tools and Calculators: Tools and calculators are provided as a courtesy to help you estimate your financial needs. The results yielded by these tools and calculators are merely estimates and they don’t guarantee available credit amount, potential savings or the like. Chase makes no warranty regarding the tools or calculators, nor regarding the results they produce. Should you have any questions about your financial situation, Chase strongly recommends that you consult with your own financial advisor.


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SOURCE: http://www.chase.com/personal/home-equity

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