Newspapers / West Craven Highlights (Vanceboro, … / June 14, 1984, edition 1 / Page 3
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i * I 1 West Craven Highlights, June 14, 1984, Page 3 ^^kiiovia Home Equity Loans Borrow from the equity inyour home, at affordable rates and payments. Ritthemmeyinyourhometowork. Anewoption: Equity BankLine. If you have a financial need or an opportunity that you cannot conveniently meet with a short-term loan or savings, consider this. It’s likely that your home is worth more than you paid for it, and that you have reduced the amount of the original loan. Wachovia offers ways that you can borrow from the equity you’ve built up. How I^chovia can make the equity inyour home available to you. Appraised Value of Your Home Maximum Loan Amount Basis Amount Balance Available on First for a Home Mortgage Equity Loan $150,000 X 75%* = $112,500 - $75,000 = $37,500 $100,000 X 75% = $ 75,000 - $50,000 = $25,000 $ 50,000 X 75% = $ 37,500 - $25,000 = $12,500 •Typical percentage of appraised home value that can be used to secure a loan with approved credit. Amounts shown are for illustrative purposes only. For specific details on how a Home Equity Loan can fit your situation, see a Personal Banker. Rff major borrowing needs. A Wachovia Home Equity Loan is an excellent way to borrow for major expenditures such as home improvements, education, or retirement property. In addition to the traditional Home Equity installment loans, Wachovia now offers Equity BankLine, which gives you a line of credit of $10,000 or more based on the equity you have in your home. It’s pre-arranged, so you can access it any time simply by writing a special check. Your interest rate is based on Wachovia’s Prime Rate** plus 2% and may vary monthly. For example, during the month of June, 1984 the Annual Percentage Rate (APR) for Equity BankLine is 14.5%. And under current North Carolina law your rate cannot exceed 15% APR. While there are no loan origination fees (or “points”) charged for Equity BankLine, the borrower pays mortgage loan closing expenses at the time the line is established and at every 10-year anniversaiy. Equity BankLine is a convenient and economical way of turning the equity you have in your home into cash you can use wherever and whenever you want, without having to reapply for a loan. See a ftrsonal Banker. To find out more about Wachovia Home Equity Loans, stop by any Wachovia office and talk to a Personal Banker this week. Wachovia An Equal Opportunity Lender Bank&Trast Mchovia is creating better ways to borrow. ** “Prime Rate” refers to that interest rate set by the Bank from time to time as an interest rate basis for commercial and consumer borrowings. The Prime Rate is one of several interest rate bases used by the Bank. The Bank lends at interest rates above and below the Prime Rate.
West Craven Highlights (Vanceboro, N.C.)
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June 14, 1984, edition 1
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