Prime Lines and Home Equity Loans
Confused about the difference between a Home Equity Credit Line (Prime Line Plus) and a Home Equity Credit Loan? You’re not alone. The two products are similar in more than just name. For example, both options use equity in your home to finance things like home repairs and remodeling. Below are a few important differences:
Features | Prime Line Plus | Home Equity Loan |
|---|---|---|
Perfect if you want… | A revolving credit line that’s available when you need it | Credit for a one-time purchase or project |
Underwriting | Locally underwritten for faster and more accurate decisions | Locally underwritten for faster and more accurate decisions |
Interest Rate | Variable, based on prime interest rate | Fixed Rate with option of flex payments (several amortization terms available) |
Closing Costs | Lender paid closing costs | Low closing costs |
Access to Funds | FCB Online Banking transfer to | One lump sum disbursement |
Payments | Payments vary depending on the current balance and prime interest rate | Payment stays the same for the duration of the fixed term |
Automatic Payments through FCB | Not Available | Available |
Available Services | Online, Mobile, Tablet, and Telephone Banking | Online, Mobile, Tablet, and Telephone Banking |
Important Information About Procedures for Opening a New Account or a Loan
The USA Patriot Act requires financial institutions to help prevent the funding of terrorism, money laundering activities, and identity theft. Federal law requires FCB Banks and all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
What this means for you: When you open an account or a loan, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identification documents. Your cooperation with this process is greatly appreciated. By providing the requested forms of identification and answering these questions, you allow us to better protect you from identity theft while also meeting the requirements of the USA Patriot Act.
Contact your loan officer for more information and current rates!