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Use where you live to live your dream. Get a home equity line of credit that is ready any time you need it. H&R Block Bank offers simple, flexible access to the cash you need with these important advantages:
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* No closing cost program — H&R Block Bank will pay customary bank closing costs; you are responsible for paying any local or state taxes. The property securing your line of credit must be your primary residence. H&R Block Bank must have an acceptable lien position behind no more than an existing first mortgage that is not an open line of credit. The minimum credit line is $15,000. The actual amount of the credit line will be determined based upon the amount of equity that you have available in your home and your demonstrated ability to repay the line of credit. Nothing herein is or should be interpreted as an obligation to lend. Loans are subject to credit and property approval. Some restrictions may apply. Rates and terms are subject to change without notice.
** The annual percentage rate (APR) on your line of credit is variable based upon an index. This index is tied to The Wall Street Journal prime rate. The Wall Street Journal prime rate is the highest "prime rate" published in the Money Rates section of the Wall Street Journal. Your actual rate can be the index plus (+) or minus (-) a margin based upon transaction and credit characteristics. Your APR may change as often as the prime rate changes. As of August 10, 2006, the APR for a $100,000 line of credit to a borrower with excellent credit and a combined loan-to-value (CLTV) ratio of no more than 97.5 percent is 7.75 percent (WSJ Prime 8.25 percent - 0.50 percent). An initial minimum advance of at least $15,000 for the first three months of the account is required. The rate on the plan will not exceed 18 percent APR. Property hazard insurance is required, and if applicable, flood insurance will be required. An appraisal may be required. If line is closed within the first two years, a $350 closing fee will be assessed.
*** With a variable rate based on the Prime Rate, interest accrues only on the amount you actually use. During the draw period (10 years), your minimum monthly payment consists of the accrued interest on the outstanding balance, but does not reduce your outstanding principal balance on this option.