A Home Equity Line That Flexes
A 'flexible' home equity line has been created by US Bank which says the line is unique in that it stretches and flexes with consumer needs and length of time. The line increases in value over time and is portable so that customers don't lose value if they move or refinance their mortgages. The rates also lower as the bank/customer relationship lengthens - starting at prime but then decreasing a quarter of one percent every six months, up to one full percent below prime. If a customer needs to close the line, whatever reward has been earned can be applied to a new home equity line at the bank.
Copyright © 2005 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 14, No. 12, 1/05
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