*Introductory Annual Percentage Rate (APR) of 3.49% on eligible new home equity lines of credit (HELOC) with a credit score of 680 or higher. Borrower may not have an open line of credit with Macatawa Bank within the past 12 months. Introductory rate is fixed for 12 months following account opening date, and is not based on index and margin used for later rate adjustments. After the introductory 12-month rate period, the rate is a variable rate based on prime plus a margin. Prime rate is based on the Wall Street Journal Prime Rate. Current prime rate is 3.25% as of March 16, 2020. Loans of $100,000 or greater with a maximum loan to value (LTV) of 80% and a minimum credit score of 760 would have an APR of 4.00% and a margin of prime - .10% (3.15% with a floor of 4.00%) at the end of the introductory period. APR is variable and can change at any time without notice, but will never be greater than 25.00%. Annual fee of $75 is waived for first year. Credit lines closed before the third anniversary may be charged 1% or 2% of the principal balance depending on lien position, up to $250. For loans under $249,999, there are no origination fees. Applicable fees may range from $350 - $1,000. The term of the line is 25 years, consisting of a 10 year draw period with interest only payments followed by a 15 year repayment period with amortizing payments of principal and interest which may increase your monthly payments, for loan amounts $249,999 or less. Maximum loan amount of $249,999 for the 12-month introductory rate. Your minimum payment during the Advance Period will not decrease the principal balance on your account. Other rates and terms are available. Loan subject to normal credit approval and owner occupancy guidelines. Equal Housing Lender. Offer valid through 06/30/2020.
Disclosures and borrower information
Macatawa Bank's primary lending area is West Michigan. Online applications will be considered received on today’s business day if submitted during the course of the bank’s normal business hours;
9am EST – 5pm EST Monday – Friday, excluding Federal Holidays
9am EST – 12pm EST on Saturdays
Applications received outside of this timeframe, including Federal Holidays and Sundays will be considered received the next business day.