During the Draw Period, this Plan contains an option to convert an amount up to the entire principal balance outstanding at any time from the variable rate to a fixed interest rate (“LOCK”). The plan could have different balances at different fixed interest rates as well as have a balance under the original variable rate terms. APR on fixed rate portions may be higher than variable rate.

You can exercise the option to convert to a LOCK only during the Draw Period. You may not exercise the option to LOCK if the credit limit will be exceeded.
There is a $100 fee for each LOCK established. The fee is waived if establishing a LOCK at the time of account opening.

The fixed interest rate for each LOCK will be based on the Bank’s prevailing fixed home equity installment loan interest rates at the time of your request, excluding any promotional rates that may be in effect at the time of the LOCK.

For each LOCK, you will be required to sign a Sub-Loan Conversion Agreement, the original principal amount must be at least $5,000, and the term cannot exceed fifteen years. You may have a maximum of three LOCKs outstanding at any time.

***Current APR is based on the Wall Street Journal Prime (WSJP) rate plus a margin and is subject to change monthly after the introductory period ends. The maximum APR is 18.00%. As of 12/20/2024, current APR information is as follows:
For line amounts of $50,000 or more the APR is currently 7.75% (WSJP + 0.25%). For line amounts under $50,000 the APR is currently 8.25% (WSJP + .75%).

For qualified borrowers only. Other rates and terms available.

*Stated Annual Percentage Rate (APR) is for borrowers with credit score of 740 and above, loans secured by a 2nd lien on the borrower’s principal dwelling, the maximum combined loan to value is 80%, and the payment is automatically deducted from a Traditions Bank deposit account.

**Payment amount is for $1,000 borrowed. Minimum Loan amount is $5,000.