HELOC Terms & Conditions
Annual Percentage Rate (APR) shown is effective as of 11/08/2024 and is subject to change without notice. Higher rates will apply based on the terms of the loan and applicant's credit score. APR is variable and subject to increase after consummation. Advertised APR includes a 0.50% automatic payment discount from an Umpqua Bank account. The disclosed APR is based on The Wall Street Journal Prime Rate (the "Index", currently 7.75%) plus a margin (spread). The margin is based on the approved loan amount and our evaluation of your credit history. In no event will the Annual Percentage Rate be less than 3.75%. Maximum APR: 18%
All accounts subject to credit approval.
Insurance requirement:
Property insurance required; flood insurance is also required if the property is in a special flood hazard area.
smartLock feature:
You can convert or "lock in" all or a portion of your outstanding balance to a fixed rate with a fixed minimum monthly loan payment that will pay off the locked in balance by the end of the loan term. As you pay down your "locked-in" principal balance, your available balance is replenished for additional use at the variable interest rate. You can have as many as three individual "Lock Ins" on your line at any time. Each "lock in" is subject to a fee of $50.00. Each time you "lock in", your minimum monthly payment will include principal and interest in an amount sufficient to pay back that new locked loan balance at the new locked rate.
Amount that you may lock in:
$5,000 up to available credit line limit.
Minimum monthly payment:
Interest-only monthly payments for 10-year draw period followed by fully amortized principal and interest payments for the 20-year repayment period. Payment amount will vary as rates change. The monthly payment obligation will be greater if taxes and insurance are included, and an initial customer deposit may be required if an escrow account for these items is established. Lock-in requests have a fixed monthly payment amount of principal and interest, fully amortized for the term of each lock-in portion.
All product features and terms and conditions disclosed refer to an Owner-Occupied HELOC. Contact us for additional information on our other available HELOC Products.
All accounts are subject to credit approval and program guidelines.
