Our Lowest APR Rate Yet
Leverage the equity you've built with an Equity Credit Line from BancorpSouth. Right now we're offering our lowest introductory rate yet. And, with no closing costs, our Equity Credit Line can be a more affordable option than a conventional loan.
Get access to the funds you need when you need them. Plus, the interest on an Equity Line of Credit may be tax deductible, making it a great way to assist with big purchases such as:
Renovating Your Home
A line of credit gives you the flexibility you need for long-term projects like remodeling your home.
Buying a Car
With such a low introductory rate, our Equity Credit Line can be a more affordable option than a conventional loan.
Talk to a lender to determine if an Equity Credit Line can help you consolidate your debt.
- 1.75% introductory rate
- No closing costs
- Potentially tax deductible
*To qualify for the fixed introductory 1.75% annual percentage rate (APR) with no closing costs credit line, the following conditions must be met:
1) Must be a new credit line with a credit limit between $10,000 and $250,000.
2) Must make a draw of at least $5,000 at account opening.
3) Total of all liens against your Home, including the credit line, must not exceed 80% of the current value of your Home. AND,
4) Your Home must be insured (property insurance will be required - including flood insurance, when applicable). “Home” refers to your primary residence or second home that serves as collateral for your credit line.
The fixed introductory 1.75% APR is good for the first six billing cycles after account opening. The APR will not increase during this time period. After the introductory period, the APR will convert to a variable rate APR which may periodically increase. At that time the variable APR will be applied on the existing outstanding balance. The number of days in your billing cycle may vary based on your account opening date.
** The variable APR is the Prime Rate plus a margin. The amount of the margin will depend upon certain factors, including but not limited to: personal credit history, ability to repay, and the amount of equity available in your Home. The amount of the margin will be determined after the credit line application is approved. The margin can be reduced by 0.50% as long as your credit line payment is automatically debited from your BancorpSouth checking account. The variable APR will never be less than 4.00%, no matter how low the Prime Rate and margin might be, including any available discounts. The variable APR will not exceed 18.00%. “Prime Rate” refers to the Prime Rate published in the “Money Rates” section of the Wall Street Journal on the 25th of the month, effective the first day of the next billing cycle. Prime Rate is merely a reference rate. As of 3/25/2014 the Prime Rate was 3.25%.
Offer subject to credit approval. This is not a commitment to lend. Offer not available in Texas and may not be available in all states. Offer may vary state to state. Contact the local branch to discuss the various payment options. This product is subject to the terms and conditions of BancorpSouth Equity Credit Line Agreement and Disclosure. For credit lines secured by a borrower’s principal dwelling, if the outstanding balance exceeds the current value of the dwelling then the interest on the portion of the loan that exceeds the value is not tax deductible. Consult your tax adviser for further information about the deductibility of interest, charges or fees.
Offer good for credit line applications received by August 31, 2014, and is subject to be changed or canceled at any time. Equal Housing Lender. Member FDIC.