Fixed Rate Advances. You can obtain credit advances for 120 months (the draw period). During the draw period, payments will be due on a monthly basis. During the draw period, your minimum periodic payment for fixed rate advances will be established at the time of each such advance to the amount necessary to fully amortize your then outstanding fixed rate balance over the time designated by you (the length of which may be restricted in part by the amount of such advance or the method in which it was obtained). Your specific minimum periodic payment, estimated repayment term, daily periodic rate and corresponding annual percentage rate for fixed rate advances will be disclosed to you at the time of each such advance on a separate page titled "Home Equity Line of Credit Fixed Rate Advance Voucher." The daily periodic rate and corresponding Annual Percentage Rate will depend on financial factors such as your credit qualifications and property value in relationship to the amount you owe, and will not exceed a maximum, which will be the lesser of: (A) the sum of the highest Prime Rate published in The Wall Street Journal in effect on the date of your fixed rate advance, plus a margin; or (B) 18.00%. After the draw period ends, you will no longer be able to obtain credit advances and must pay your outstanding balance. The length of the repayment period will depend on the date of your advance along with the period of time that such advance is amortized, but in no event will exceed 180 months. During the repayment period your minimum periodic payment will be calculated in the same manner as during the draw period.
Fixed Rate Advances. If you made only the minimum payments and took no other credit advances, it would take 120 months to pay off a fixed rate credit advance of $10,000.00 at an ANNUAL PERCENTAGE RATE of 3.99%*. During that period, you would make 119 monthly payments of $101.19, and a final payment of $102.19. *This is an interest rate we have recently used and this rate does not include costs other than interest. Fees And Charges In normal circumstances, you will not have to pay any BECU fees in order to open the HELOC, but you will be required to pay for insurance to protect the property against hazards (including flood insurance, if applicable). In certain circumstances, however, a borrower may also incur costs to clear title issues (including liens, judgements, deceased owners, or subordinations). These third-party charges may range from an average of $150.00 on the low-end, to an average of $775.00 on the high-end, depending on the specific circumstance. The range of third-party charges will not include an estimate for the cost of home repairs, since they vary greatly. Borrowers will also be required to pay for optional services (e.g. retaining an attorney when it is not required to open a HELOC). In South Carolina, where the law requires use of an attorney, BECU will be solely responsible for paying all attorneys fees and costs necessary to open the HELOC, and will perform this responsibility fully by paying all reasonable attorneys fees and costs related specifically to the closing based on rates typically charged by attorneys in the local market for the closing of similar HELOC transactions. To open and maintain a line of credit, you may have to pay the following fees to third parties: Third-Party Charges Cost Range Subordination Fee $75.00 - $500.00 HUD Certificate Fee $50.00 - $175.00 Title Elimination $25.00 - $100.00
Fixed Rate Advances. The minimum fixed rate credit advance you can receive is $5,000.00. The maximum number of fixed rate advance account balances that may be outstanding at any given time is three. Tax Deductibility You should consult a tax advisor regarding the deductibility of interest and charges for the line of credit. The information provided below applies only to any Variable Rate Advances you may obtain under this plan. Variable Rate Feature This plan has a Variable Rate feature. The Annual Percentage Rate (corresponding to the periodic rate) and the minimum payment during the draw and the repayment periods for Variable Rate Advances can change as a result. The Annual Percentage Rate includes only interest and no other costs. The Annual Percentage Rate is based on the value of an index. The index is the highest Prime Rate as published in The Wall Street Journal in effect on the last day of each month. To determine the Annual Percentage Rate that will apply to your line of credit, we add a margin to the value of the index. Ask us for the current index value, margin and Annual Percentage Rate. After you open a line of credit, rate information will be provided in periodic statements that we send you. Rate Changes Your Annual Percentage Rate can change on the first day of each calendar month immediately following any change in the index. There is no limit on the amount by which your rate can change on any given change date other than the maximum and minimum Annual Percentage Rates that can apply at any time to this account. The maximum ANNUAL PERCENTAGE RATE at any time is 18.00%. The minimum ANNUAL PERCENTAGE RATE at any time is 3.25%.
Fixed Rate Advances. If such Advance is a Fixed Rate Advance, a rate per annum equal at all times during the Interest Period for such Advance to the Fixed Rate for such Interest Period quoted by such Lender in accordance with Section 2.13, payable in arrears on the last day of such Interest Period and, if such Interest Period has a duration of more than three months, on each day which occurs during such Interest Period every three months from the first day of such Interest Period; and
Fixed Rate Advances. During such periods as such Revolving Credit Advance is a Fixed Rate Advance, a rate per annum equal at all times to the Fixed Rate in effect from time to time, payable in arrears semi-annually on each Facility Fee Period End Date during such periods and on the date such Fixed Rate Advance shall be paid in full.
Fixed Rate Advances. Notwithstanding anything to the contrary in the Agreement, no prepayment shall be made on any Fixed Rate Advance except on a day which is the last day of the Interest Period pertaining thereto. If the whole of any part of any Fixed Rate Advance is prepaid by reason of acceleration or otherwise, the Borrower shall, upon the Bank's request, promptly pay to and indemnify the Bank for all costs and ny loss (including interest) actually incurred by the Bank and any loss (including loss of profit resulting from the re-employment of funds) sustained by the Bank as a consequence of such prepayment.
Fixed Rate Advances. If, due to either (i) the introduction of or any change in or in the interpretation of any law or regulation or (ii) the compliance with any guideline or request from any central bank or other Governmental Authority (whether or not having the force of law), there shall be any increase in the cost to any Bank of agreeing to make or making, funding or maintaining Eurodollar Rate Advances or Eurocurrency Rate Advances (including, without limitation, (A) additional interest to compensate such Bank for reserve costs actually incurred by such Bank associated with Eurocurrency Liabilities, such additional interest to be calculated by subtracting (1) the Eurodollar Rate or Eurocurrency Rate, as applicable, for the relevant Advance from (2) the rate obtained by dividing such applicable interest rate for such Advance (excluding the Applicable Margin) by a percentage equal to one minus the applicable Fixed Rate Reserve Percentage of such Bank for such Interest Period and (B) any Applicable Mandatory Costs), then the applicable Borrowers shall from time-to-time, upon demand by such Bank (with a copy of such demand to the Agent), immediately pay to the Agent for the account of such Bank additional amounts (without duplication of other amounts payable in respect of increased costs) sufficient to compensate such Bank for such increased cost; provided, however, that, before making any such demand, each Bank agrees to use commercially reasonable efforts (consistent with its internal policy and subject to legal and regulatory restrictions) to designate a different Applicable Lending Office if the making of such a designation would avoid the need for, or reduce the amount of, such increased cost and would not, in the reasonable judgment of such Bank, be otherwise economically disadvantageous to such Bank (except that no Bank shall be required to redesignate its Applicable Lending Office to avoid the incurrence of increased costs associated with additional interest required to be paid by the Borrowers to any Bank in connection with reserve costs attributable to Eurocurrency Liabilities). A certificate shall be submitted to the Borrowers and the Agent by such Bank (a) indicating the amount of such increased cost and detailing the calculation of such cost, (b) stating that such Bank is generally charging such amounts to other customers similarly situated with the Borrowers, and (c) that all such costs are being charged within 90 days of the date the Bank learned of such costs, ...
Fixed Rate Advances. No conversion of any Borrowing of Fixed Rate Advances shall be permitted except on the last day of the Interest Period in respect thereof.
Fixed Rate Advances. (1) Fixed Rate Advances with a Funding Date prior to February ___, 2006 accrue interest on the outstanding principal balance at a rate per annum equal to the 60-month Treasury Rate in effect on the Funding Date plus two and one-half percent (2.50%) and (2) Term B Advances accrue interest on the outstanding principal balance at a rate per annum equal to the 60-month Treasury Rate in effect on the Funding Date plus two and six-tenth of one percent (2.60%) ((1) and (2), each referred to as a “Fixed Rate”). Interest on each Fixed Rate Advance is payable monthly by debit to the Designated Deposit Account on each Term Advance Payment Date applicable to such Fixed Rate Advance.
Fixed Rate Advances. A fixed rate per annum quoted by the Bank for 30, 60, 90 or 180 days or for such other period of time that the Bank may quote and offer (provided that any such period of time does not extend beyond the Expiration Date) (the "Interest Period") for Advances in the minimum amount of $250,000.00. Such interest rate shall be a percentage equal to .95% in excess of the rate which the Bank determines in its sole and absolute discretion to be equal to the Bank's cost of acquiring funds (adjusted for any and all assessments, surcharges and reserve requirements pertaining to the borrowing or purchase by the Bank of such funds) in an amount approximately equal to the amount of the relevant Advance and for a period of time approximately equal to the relevant Interest Period (the "Fixed Rate"). Advances based upon the Fixed Rate are hereinafter referred to as "Fixed Rate Advances".
