1The Annual Percentage Rate (APR) will be a variable rate. Advertised rate applies only in the state of Florida for accounts opened at a Mercantil Bank Banking Center location. You may draw on the line for 10 years where your minimum monthly payment will be accrued interest only. Repayment period of principal and interest begins year 11 through 20. During the draw and repayment periods, the APR will be based on the Prime Rate published in the Wall Street Journal (4.50% as of 12/14/2017, subject to change). INTEREST RATE DISCOUNTS UP TO 0.50%. The following discounts are available on the Credit Line: (1) an "auto pay" discount of 0.25% for setting up automatic payment at or prior to closing on the new Credit Line, and maintaining such automatic payments from a Mercantil Bank checking account during the term of the plan; and (2) an "initial draw" discount of 0.25% when you take an initial draw at closing from the new Credit Line of at least $150,000.00. The maximum APR that will apply is 18.0%. The advertised 10/10 HELOC is only available for primary homes and cannot be used to purchase property. Only primary homes including one- to four-family dwellings, condominiums and attached and detached planned unit developments that are homesteaded properties are eligible. The 10/10 HELOC is secured by a lien on your primary residence. The promotional rate is not available for second homes. A $75 annual fee will be charged in Florida. Hazard, liability and windstorm insurance is required; flood insurance may be required. The maximum Loan to Value (LTV) or Combined Loan to Value (CLTV) accepted is 80%. Based on borrower’s credit score, maximum LTV or CLTV may be lower. LTV or CLTV for a home equity is determined by a third party appraisal. Bank absorbs closing costs for lines up to $250,000, except for prepaid interest and insurance premiums, if applicable. For lines over $250,000 up to $1,000,000, Bank gives the borrower a lender credit of $2,500; for these lines, closing costs may range from $1,000 to $15,000. Consult your tax advisor concerning interest deductibility. Other programs available. Offer only applies to new 10/10 HELOC credit requests made by United States citizens or resident aliens with a valid U.S. Taxpayer identification number. Offer not available for existing Mercantil Bank HELOC customers. To take advantage of this offer, the application must be submitted by 06/30/2018. Subject to credit approval and program requirements. For more information, refer to “What You Should Know About Home Equity Lines of Credit,” a consumer information booklet prepared by the Consumer Financial Protection Bureau.
*For lines over $1,000,000 Mercantil Bank must also hold the first mortgage on the property when the HELOC is in second position.