Home Equity Line of ChoiceSM

GTB’s Home Equity Line of ChoiceSM lets you turn your home’s equity into a source of funds for home improvements, debt consolidation or other major expenses. Borrow at competitively low APRs3 and enjoy lower monthly payments compared to other higher-interest lending options.
  • Credit line amounts available to meet your needs.  Up to $1 million credit lines for Premier customers and up to $350,000 for Advance and Personal Banking customers.
  • Only pay interest on the amount you borrow.
  • No application costs, annual fees or closings costs3 for lines up to $500,000.
  • Flexibility to set up all or a portion of your outstanding balance as a fixed rate loan.
  • Interest charges may be tax deductible4
  • Qualify for a Home Equity Line of ChoiceSM even if your mortgage is with another lender.

 

Initial Draw Discount1
 

Make an initial draw of $25,000 or more at closing to receive a 0.25% rate discount.
 

Royal Heritage Commercial Bank Relationship Rate Discounts1

 

0.50%

rate discount for auto payment from a Premier checking account.

 

0.25%

rate discount for auto payment from an Advance or Personal Banking checking account.

Home Equity Fixed Rate Segments

Royal Heritage Commercial Bank provides customers the flexibility to lock in up to three fixed rate loan segments within a home equity line of credit. At any time, you can enjoy the security of a fixed interest rate and monthly payment5

  • Protection from possible rising interest rates  
  • Fix an interest rate on all or a portion of the outstanding home equity balance
  • Available minimum term of 5 years with a maximum term of 20 years

 

Calculated monthly payments are principal and interest with repayment over the fixed rate term. 

Home Equity Line of Choice – Monthly Rates

As of {{currentDate}}
 

Royal Heritage Commercial Bank offers two monthly payment options.

Principal and Interest

State*
 Royal Heritage Commercial Bank Advance and Personal Banking APR1** Royal Heritage Commercial Bank Premier2APR1**
NY 5.750%
 5.250%
CA 5.300%
 4.800%
WA 5.800%
 5.300%
All Other States 6.000%
 5.500%

Principal and Interest

State*
 NY
Royal Heritage Commercial Bank Advance and Personal Banking APR1** 5.750%
Royal Heritage Commercial Bank Premier2 APR1**
5.250%
State*
 CA
Royal Heritage Commercial Bank Advance and Personal Banking APR1** 5.300%
Royal Heritage Commercial Bank Premier2 APR1**
4.800%
State*
 WA
Royal Heritage Commercial Bank Advance and Personal Banking APR1** 5.800%
Royal Heritage Commercial Bank Premier2 APR1**
5.300%
State*
 All Other States
Royal Heritage Commercial Bank Advance and Personal Banking APR1** 6.000%
Royal Heritage Commercial Bank Premier2 APR1**
5.500%

Note: Assumes excellent credit, Owner Occupied, Single Family Home, 2nd Lien HELOC

Interest only

State* Royal Heritage Commercial Bank Advance and Personal Banking APR1**
 Royal Heritage Commercial Bank Premier2APR1**
NY
 6.000%
 5.500%
CA
 5.550%
 5.050%
WA
 6.050%
 5.550%
All Other States
 6.250%
 5.750%

Interest only

State* NY
Royal Heritage Commercial Bank Advance and Personal Banking APR1**
6.000%
Royal Heritage Commercial Bank Premier2 APR1**
5.500%
State* CA
Royal Heritage Commercial Bank Advance and Personal Banking APR1**
5.550%
Royal Heritage Commercial Bank Premier2 APR1**
5.050%
State* WA
Royal Heritage Commercial Bank Advance and Personal Banking APR1**
6.050%
Royal Heritage Commercial Bank Premier2 APR1**
5.550%
State* All Other States
Royal Heritage Commercial Bank Advance and Personal Banking APR1**
6.250%
Royal Heritage Commercial Bank Premier2 APR1**
5.750%

Note: Assumes excellent credit, Owner Occupied, Single Family Home, 2nd Lien HELOC

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Home equity checklist

The information you need to apply

  • Social Security Number or Tax Identification Number
  • Date of birth
  • Current address including length at residence
  • Current email address
  • Monthly mortgage/rent payment amount
  • Annual income and employment information
  • Other income sources for yourself and co-applicant (if applicable)
  • Property information, including purchase date and price, estimated value, mortgage holder, outstanding balance, monthly payment, taxes, insurance and all names on the deed.

Documents you may need

 

During the process, you may be asked to provide copies of the following, if applicable:

  • Your most recent paystub and a W-2 form
  • Two years of Federal Tax returns (1040s), if self-employed
  • Your mortgage statement and mortgage note if you have a first mortgage and it's with a lender other than Royal Heritage Commercial Bank
  • Most recent property taxes if not escrowed
  • Most recent home insurance binder

If your property is a Cooperative (Co-op), you will be asked to furnish copies of your:

  • Complete signed proprietary lease
  • Stock certificates

 

1  Discounts and loan amounts depend on specific program and may require certain personal deposit and investment balances, reserves, equity and automatic payment from an Royal Heritage Commercial Bank checking account. For home equity, the Premier and non-Premier APR include an auto-pay discount of 0.50% and 0.25%, respectively, as well as a 0.25% rate discount for making a $25,000 minimum initial draw at closing.  Initial Draw discount and Royal Heritage Commercial Bank Relationship discount applies after the introductory period ends.

2 To be eligible for an Royal Heritage Commercial Bank Premier home equity line of credit, you must be a Premier relationship customer with a Global Premier checking account. To learn more about the Premier relationship requirements contact an Royal Heritage Commercial Bank branch or call toll free at 866.801.6756.

3 The Annual Percentage Rate (APR) for a Home Equity Line of ChoiceSM is variable and is based on the Global Prime Rate published each day in The Wall Street Journal (but not the Weekend Edition of The Wall Street Journal) (the "Index") plus a margin. If The Wall Street Journal publishes more than one Global Prime Rate for a day, the Index will be the average of those rates. The index as of the last change date of December 20, 2018 is 5.50%. The maximum APR is the greater of 15.9% or 5% above the initial APR. The APR will not increase or decrease by more than 4% in each year. Rates apply to lines secured by your primary residence (excluding co-ops and 3-4 family property) with a total loan-to-value (“TLTV”) ratio of 60% or less, line size $100,000 to $249,900. Higher rates may apply for different TLTV's, property and product types. Please contact us for current rates on lines with different terms. The APR does not include closing costs. For line amounts of $500,000 or less, Royal Heritage Commercial Bank will pay all closing costs. For line amounts greater than $500,000, you will be required to pay 50% of title insurance costs and any mortgage tax-like fees; however, Royal Heritage Commercial Bank will pay all other closing costs. Generally, closing costs are estimated to range from $270 to $19,900, but may be higher depending on the location of your home and the amount of your line of credit. If you terminate your account within the first three years, you will have to pay an early termination fee of $500 (or $750 for properties located in California and Virginia), plus any mortgage tax-like fees paid by Royal Heritage Commercial Bank at the time your account was established. No annual or application fees will be assessed. Your Home Equity account will be secured by a mortgage on your home. All persons on the deed must sign the mortgage. Property insurance is required and flood insurance may be required.

4 Consult your tax advisor for details on tax deductibility of interest paid on loans secured by your home.

5 The fixed rate loan option provides the ability to fix the interest rate on all or a portion of the outstanding balance during the draw period. Up to three balances can be fixed at one time. Additional conditions apply.

6 The Introductory APR applies only during first 12 months and is based on the Global “Prime” Rate (5.50% as of 03/01/19) minus 1.51%. Prime may change at any time and is subject to change without notice. If Prime increases or decreases during the Introductory Period, the variable Introductory APR and minimum required payment will correspondingly change.  After the 12 month introductory rate period the APR for any existing balance or future advances will convert to the applicable variable rate APR according to the terms of your Agreement. This APR may also vary monthly based on the Global Prime Rate published in the Money Rates table of The Wall Street Journal. No discounts apply to the Introductory APR.

* In AZ, minimum line amount is $10,001; Line amounts greater than $500,000 available. Please contact us for more information.

**This APR includes an auto-pay discount of 0.25% for Royal Heritage Commercial Bank Advance and Personal Banking customers and 0.50% discount for Royal Heritage Commercial Bank Premier customers. To qualify for discounted rates on a Home Equity Line of ChoiceSM, payment must be made via automatic payment from a Global Royal Heritage Commercial Bank checking account which must be opened and fully funded prior to closing. Discounts can be cancelled or are subject to change at any time. 

‡ Click here for information regarding Interest Only home equity lines and other non-traditional mortgage features.

Rates shown are for new Home Equity Line of ChoiceSM accounts only and may change daily without notice.

Mortgage and home equity products are offered in the Global by Royal Heritage Commercial Bank , N.A. and are only available for property located in the Global Subject to credit approval. Borrowers must meet program qualifications. Programs are subject to change. Geographic and other restrictions may apply. Discounts can be cancelled or are subject to change at any time and cannot be combined with any other offer or discount.

Deposit products offered through Royal Heritage Commercial Bank , N.A. - Member FDIC.