Then as low as 3.75% variable APR*
We want to help you imagine the possibilities this year with an IBERIABANK Home Equity Line of Credit. To receive a low introductory 1.49% Annual Percentage Rate (APR) for your first six months, and then as low as 3.75% Variable APR thereafter, you must have an IBERIABANK personal checking account with a minimum daily balance of $500 or greater prior to, or at the time of, the loan closing. Rates and terms of this offer are subject to change without notice.*
How you use your line of credit is up to you. You can use your IBERIABANK home equity line of credit any way you want! As you make payments to reduce the balance you owe, more credit becomes available to you. It’s a smart and flexible way to consolidate higher-rate loans and credit cards, make home improvements or make any major purchase.
Four great ways to save money.
- SAVE with your low introductory rate of 1.49% APR for the first six months.
- SAVE after six months with a rate as low as Prime + 0.50% – currently, that’s only 3.75% Variable APR.
- SAVE at tax time – up to 100% of the interest may be tax deductible.*
- SAVE when you use your IBERIABANK Home Equity Line to consolidate high-interest credit cards.
If you prefer to lock in a low interest rate with fixed monthly payments, we also offer term loans and home equity loans. We can help you decide which option is best for you.
Offer through March 31, 2015.
Apply today! Call us or drop by your nearest branch.
Normal credit qualifications and other terms and conditions apply. Offer ends March 31, 2015, applications must be received on or before this date to be eligible.
*Introductory rate of 1.49% APR for the first six months of the contract for home equity lines of credit equal to or less than $500,000 in first lien position or $250,000 in second lien position (excludes 1st or 2nd lien purchase money HELOCs) when combined with an IBERIABANK checking account of $500 or greater. Thereafter, your APR is a variable rate based on The Wall Street Journal Prime Rate plus a margin that is determined based on your creditworthiness and other credit criteria. An example of a recent first lien position margin used is 0.50% and as of 01/01/2015, The Wall Street Journal Prime Rate is 3.25%. Using this example, the effective APR after the introductory rate period ends would be 3.75%. The maximum possible APR on the variable rate line of credit is 21% (18% in TX and FL). Please consult your tax advisor for details regarding deductibility of interest and charges. Rates and terms of this offer are subject to change without notice.
To qualify to receive the introductory rate, any new or existing personal checking account must have a minimum daily balance of $500 or greater prior to, or at the time of, closing.
For new lines of credit only. The minimum line amount is $10,000. Refinances with less than $20,000 additional credit are excluded from this offer. Subject to a $299 origination fee and a $50 annual fee (excludes TX). FL Residents – origination fee is $50 for lines $10,000 to $50,000; $299 for lines $50,001 to $500,000.
Home equity lines of credit are subject to satisfactory appraisal, title search and proof of ownership. Lender may require property insurance. Valid for owner-occupied primary and secondary residences (includes single family, duplex (excludes TX and FL, both sides must be owned by customer), townhouse, condominium (FL-condominium Fannie Mae eligibility requirements will apply) and permanently affixed mobile homes). The $0 third party closing cost feature is not available on lines of credit with a principal balance of $350,000 or more or on lines of credit requiring the use of outside counsel to close, pursuant to current IBERIABANK lending policy. Some third party closing fees, typically ranging between $0 and $1,300, are waived. Other fees, for example, attorney fees and title insurance (if applicable), will not be waived. These fees typically range between $0 and $12,000, depending upon the circumstances of your line of credit. Local county/parish tax fees may also apply and are not waived. For Orleans Parish, the $325 Documentary Transfer Tax is not waived. Proof of income required for all lines of credit. The IBERIABANK home equity line of credit allows you to make multiple advances for any amounts and will be available for a 10-year draw. After the draw period has expired, any outstanding balance will be amortized over a 20-year period and will be payable in 240 monthly installments, depending upon the repayment terms and conditions of your line of credit agreement. You have the option of paying more toward principal whenever you choose with no prepayment penalties. Please see an IBERIABANK representative for additional details or ask about our non-promotional HELOC product.
TX Residents: Offer valid for owner-occupied primary residences only, located in the state of Texas. The amount of the home equity line of credit for which you may qualify depends upon your annual gross income and available equity in your home. Total encumbrances on a Texas Homestead cannot exceed 80% loan-to-value, and total line of credit commitment cannot exceed 50% of the fair market value of the home. Overdraft protection, credit card and/or debit card access are not available. Please see an IBERIABANK representative for more details on Loan to Value requirements. Texas home equity lines of credit have a draw period of 10 years. The minimum advance amount during the draw period is $4,000. After the draw period has expired, any outstanding balance will be amortized over a 20-year period and will be payable in 240 monthly installments, depending upon the repayment terms and conditions of your line of credit agreement. You have the option of paying more toward principal whenever you choose with no prepayment penalties. Please see an IBERIABANK representative for additional details or ask about our non-promotional HELOC Product.