Benefit from our low rate home equity line of credit

Schwab Bank Home Equity Lines have a 10-year draw period followed by a 20-year repayment period.  During the draw period, you will be required to make monthly payments of accrued interest. Payments will increase if rates increase. At the end of the draw period your required monthly payments will increase because you will be paying both principal and interest.

1. As of August 13, 2010, the APR for a primary residence is 3.99%. Rates vary for second or vacation homes. The annual percentage rate (APR) on your home equity line of credit (HELOC) is variable based upon The Wall Street Journal prime rate. The maximum annual percentage rate that can be charged on your line of credit is the greater of (a) 15% or (b) 8% over the initial rate. You may not use this home equity line as a bridge loan, for commercial purposes, to invest in securities or to repay a margin loan. The minimum credit line amount is $50,000, and the maximum is $3,000,000.

Charles Schwab Bank will pay customary bank closing costs, including lender fees, except in Texas, on lines of credit in second lien position. You are responsible for paying any state, county or local taxes imposed on a home mortgage transaction. For locations where these taxes are imposed, the tax may vary from a flat fee of $325 to a charge of $1.00 to $10.00 (up to $21.75 in New York) for every $1,000 of the total line amount, based on the location of the property. Borrower may also be required to pay a notary fee varying from $.50 to $10, to execute the loan documents. Home equity line of credit (HELOC) closing costs in Texas vary between $0 and approximately $1,150 based on the size of the line.
 
2. Prepayment penalty must be separately identified on the payoff statement provided by the current lender. The credit will be the lesser of the amount of prepayment penalty appearing on the payoff statement or $500.

Rates and terms shown are accurate as of August 13, 2010 and apply to a HELOC in second lien position. Rates, terms, conditions, and availability are subject to change or withdrawal at any time and without notice. Nothing herein is or should be interpreted as an offer or commitment to lend. Loans are subject to credit and property approval. Other conditions and restrictions may apply. Hazard insurance may be required.

Charles Schwab Bank and Charles Schwab & Co., Inc. are separate but affiliated companies and subsidiaries of The Charles Schwab Corporation. Brokerage products offered by Charles Schwab & Co., Inc. are not insured by the FDIC, are not deposits or obligations of Charles Schwab Bank, and are subject to investment risk, including the possible loss of principal invested. Charles Schwab & Co., Inc., a registered broker-dealer and SIPC member, does not solicit, offer, endorse, negotiate or originate any mortgage loan products and is neither a licensed mortgage broker nor a licensed mortgage lender. All mortgage loans are offered and provided by Charles Schwab Bank, member FDIC and an Equal Housing Lender. Charles Schwab Bank is not acting or registered as a securities broker-dealer or investment advisor.