All products and services are subject to approval, including credit approval.
1 Introductory rate will be fixed at 1.99% APR (Annual Percentage Rate) 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 second liens on a secondary residence) when combined with an IBERIABANK personal deposit accountof $1,000 or greater at the time of closing. Introductory rate applies to new lines of credit of at least $10,000 or $20,000 additional credit for refinances of existing IBERIABANK mortgage term loans or lines of credit.
After the 6-month introductory period ends, your APR is a variable rate based on the Wall Street Journal Prime Rate(the index) plus a margin that is determined based on your state, credit limit, lien position, creditworthiness and other credit criteria. As of 10/4/2017, the Wall Street Journal Prime Rate was 4.25% and the variable rate for first lien HELOCs range from Prime + 0% (currently 4.25% APR) to Prime + 3.00% (currently 7.25% APR). Your variable APR will never be more than 21% (18% in TX, GA and FL) or less than the 3% floor rate.
Subject to an Annual Fee of $50 and an Origination Fee based on eligibility criteria:
• $299 - $750 for approved credit limits up to $500,000 (Excludes Private Banking Clients, please see an IBERIABANK Representative for additional details.)
Home equity lines of credit are also subject to satisfactory appraisal, title search and proof of ownership. Lender may require property insurance. Valid for owner-occupied primary and secondary residences including single family, duplex (both sides must be owned by client), townhouse, condominium and permanently affixed mobile homes. Some third party closing fees, typically ranging between $0 and $1,300, are waived on lines of credit less than $350,000 not requiring the use of outside counsel to close. 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. Proof of income required for all lines of credit. The IBERIABANK home equity line of credit allows you to make multiple advances for any amount 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.
LA and AR Property: You may prepay all or any amount owing under the home equity line of credit at any time; however, if you prepay and close the line of credit within the first 24 months after the date of your credit agreement,a prepayment penalty of 2% of the outstanding balance or $400.00, whichever is less, will be assessed provided the line of credit is greater than $25,000.00.
AL, FL, GA, and TN Property: You may prepay all or any amount owing under the home equity line of credit at any time; however, if you prepay and close the line of credit within the first 24 months after the date of your credit agreement, a prepayment penalty of 2% of the line of credit or $400.00, whichever is less, will be assessed.
Florida: Broward, Miami Dade, Palm Beach and Monroe counties have the following additional restrictions. Maximum loan to value of up to 80% for single family, duplex and townhomes. Condominiums allowed in 1st lien position only with a maximum loan to value of 60%.
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. No prepayment penalties as per Texas state law.
Normal credit qualifications and other terms and conditions apply. Maximum debt to income, payment to income and loan to value ratios apply. Product, rates and terms are subject to change based on market conditions and borrower eligibility. Please see an IBERIABANK representative for additional details or ask about our standard HELOC product.
2 Please consult your tax advisor for details regarding deductibility of interest and charges.
3 How to qualify for $150 Cash Bonus: Primary signer must be a new checking client to IBERIABANK who 1) Opens any new personal checking account that meets the minimum opening deposit balance (varies from $50 to $100 based on selected account) with new money not currently held by IBERIABANK; 2) Has $500 or more of direct deposit per statement cycle made to this account within 60 days of account opening; AND 3) Offer only available to clients who submit a completed application for an IBERIABANK Home Equity Line of Credit and have not received any cash or cash equivalent bonus from IBERIABANK in the past for the same product type. Direct deposit must be an electronic deposit of a paycheck, pension or government benefits (such as Social Security) from an employer or the government. $150 bonus will be credited to the new checking account within 90 days from account opening if the above checking requirements have been completed. Limit of one $150 bonus per household in a 12-month period. Offer is not available to clients whose accounts have been closed within 90 days or closed with a negative balance. Trust or Fiduciary relationship checking accounts are not eligible for this offer. If your new checking account is closed within the first six months, the earned bonus will be deducted at account closing. When applying for this offer online, the promo code must be used to qualify for the cash bonus. Offer ends January 31, 2018, but is subject to change without notice and may not be used in conjunction with any other personal deposit offer. To the extent required by law, IBERIABANK may report the value of the offer to the IRS on a Form 1099.