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An interest only loan may be appropriate if you want a low payment and the flexibility to pay principal at your convenience.
There is no minimum amount required for your first advance.
No. You can make any additional payment to the principal payments or pay the loan off at any time.
The draw period is 10 years followed by a 10 year repayment period. The total loan term is 20 years maximum.
You will use the loan balance, times interest rate, divided by 365 days, times number of days in the month (28, 30 or 31).
Ex: $100,000 x 6%* / 365 x 30 days + $493.15 *Interest rate applicable for given month
If the interest rate increases, you will be required to make more payments until the end of the repayment period. The minimum payment may not repay the outstanding balance by the end of the repayment period. You will then be required to make a single balloon payment at the maturity.
The minimum payment is the greater of $100.00 or the accrued interest.
The due date will always be on the 16th of each month.
Contact a member of our Home Loan Team to discuss interest rates for an Interest Only Home Equity Line of Credit.
An existing HELOC cannot be converted to an Interest Only HELOC. To discuss other options, please contact Residential Lending Services within Online Banking from Contact Us under Additional Services.
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