*Introductory Annual Percentage Rate (APR) of 2.99% on eligible new home equity lines of credit (HELOC). Loans of $100,000 or greater with a maximum loan to value (LTV) of 80%, a minimum credit score of 760 and a $20,000 or more advance at closing would have an APR of 5.40% at the end of the introductory period. Current HELOCs may qualify if credit line is increased by at least $20,000 (minimum credit limit must be $20,000), a minimum $20,000 new money advanced at close and the current line must be in place for 12 months or longer or current line may not have had a promo rate in the last 12 months. Introductory rate is fixed for six months following the account opening date, and is not based on index and margin used for later rate adjustments. After the introductory 6 month rate period, the rate is a variable rate based on prime plus a margin. The prime rate is based on the Wall Street Journal Prime Rate. Current prime rate is 5.50% as of December 20, 2018. The margin for a home equity line of credit, in the amount of $100,000 or more with a minimum 760 credit score and a maximum LTV of 80% is Prime - 0.10% (5.40%). The 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. If you close your Credit Line before the third anniversary you 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. Fees, if applicable, 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 $500,000. Your minimum payment during the Advance Period will not decrease the principal balance on your account. Other rates and terms are available, contact your local banking office for more details. Consult a tax advisor regarding the deductibility of interest. Loan subject to credit approval and owner occupancy guidelines. Equal Housing Lender. Offer valid through 6/30/2019.
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.