Rates effective as of October 5, 2020
Somerset Trust Company
HOME EQUITY RATES
Interest Rates and loan terms subject to change. See important disclosures below.
Interest Rate as Low As
Annual Percentage Rate
Variable Rate Line of Credit
Closed End Home Equity
Fixed Rate Line of Credit
*introductory rate for the first 6 months is 2.79% (interest rate) & 2.79% (APR)
**interest rate and annual percentage rate (APR) may vary
VARIABLE LINE OF CREDIT: Offer is based on a credit review and automatic payment from a Somerset Trust Company account. The Annual Percentage Rate (APR) of 2.790% will be in effect for six months from the date of your agreement. After six months, the rate will revert to the current variable rate which is based on the Wall Street Journal Prime Rate (currently 3.250%). The lowest variable rate currently available (without automatic payment) is 3.750% as of 3/17/2020, with a maximum of 18.000% and a minimum of 3.750%. With automatic payment from a Somerset Trust Company account, the lowest possible rate is 3.250% with an Annual Percentage Rate of 3.250%. Monthly minimum payment on $10,000 at 3.250% is 1% of the outstanding balance or $100 whichever is greater for 120 months, based on the current variable rate with auto payment. If only the minimum payment is made each month, a balloon payment may result. If you made 119 monthly payments of $97.72, one final payment of $97.62 and took no other credit advances, it would take 10 years to pay off a credit advance of $10,000 at an Annual Percentage Rate of 3.250%. The term is 10 years. This product has a $25.00 annual fee. Your rate may be higher based on a credit review, loan amount, equity of your home and automatic payment. Maximum allowable loan to equity value ratio (LTV) is 89.990%. At least $10,000 of amount borrowed must be new to qualify for this rate. Offer applies to single-family primary residence; owner occupied homes and is not for home purchase. Property, title and/or flood insurance, if applicable may be required. An appraisal may be required. Other rates and terms are available. Offer of credit is subject to credit approval. This product has a $99 document preparation fee, which may be waived with an automatic payment from a Somerset Trust Company account. Additional fees may apply for lien recording and release as designated by county. Offers are subject to change without notice.