*All products and services are subject to approval, including credit approval.
1 Introductory rate will be fixed at 3.79% APR for the first twelve 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 when combined with an IBERIABANK personal deposit account of $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 12-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, loan to value (LTV), creditworthiness and other credit criteria. Advertised rate and APR is based on the state of Louisiana and assumes a HELOC in a second lien position with a minimum credit limit of $40,000, at an LTV less than 80%, and a FICO 09 credit score of 791 or greater; your actual rate may vary. As of 04/01/2018, the Wall Street Journal Prime rate was 4.75% and the variable rate for HELOCs range from Prime - 0.25 (currently 4.50% APR) to Prime + 3.46% (currently 8.21% 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 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, whichever is less, will be assessed provided the line of credit is greater than $25,000.
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, whichever is less, will be assessed.
Florida: Clients in the 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. Total encumbrances on a Texas Homestead cannot exceed 80% loan-to-value. Overdraft protection, credit card and/or debit card access are not available. 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 Offers end 07/31/2018. Offers are only available to the mail recipient who submits a completed application for an IBERIABANK Home Equity Line, and are not available to clients or households who have previously had a checking account at IBERIABANK. Offer may not be used in conjunction with any other personal deposit offer. When applying for these offers online, the promo codes must be used to qualify for the cash bonus. Cash bonuses will be credited to the new checking account within 90 days from account opening if all checking requirements have been completed. Limit one cash bonus per household. New accounts must have a positive balance up to and including the day of the cash bonus payout. If your new checking account is closed within the first six months, the earned bonus will be deducted at account closing. Direct deposit is defined as an electronic deposit of a paycheck, pension, or government benefits (such as Social Security) from an employer or the government. Monthly service charges may apply; review account terms for details. Trust or Fiduciary relationship checking accounts are not eligible for this offer.
To Qualify for $200 Cash Bonus: Primary signer must be a new checking client to IBERIABANK who 1) Opens a new Freedom Checking account with a minimum $50 deposit balance with new money not currently held by IBERIABANK; AND 2) Has $500 or more of combined direct deposit per statement cycle made to this account within 60 days of account opening.
To Qualify for $350 Cash Bonus: Primary signer must be a new checking client to IBERIABANK who 1) Opens a new High Interest Checking account with a minimum $100 deposit balance with new money not currently held by IBERIABANK; 2) Maintains a daily minimum balance of $5,000 or more; AND 3) Has $500 or more of combined direct deposit per statement cycle made to this account within 60 days of account opening. Annual Percentage Yield (APY) is 0.05% on balances $5,000–$9,999.99; 0.10% on balances $10,000–$24,999.99; 0.13% on balances $25,000–$49,999.99; 0.15% on balances $50,000–$99,999.99; 0.25% on balances $100,000–$249,999.99; 0.30% on balances $250,000+. A minimum balance of $5,000 is required to obtain the APY disclosed. APY is variable, accurate as of 04/01/2018, and is subject to change after account opening.