Effective Date:
Mortgage Rates
Personal Checking Rates
Current Personal Savings Rates
Current CD & IRA Rates
*Equilock is a variable rate line of credit with a fixed-rate lock option. An introductory 3.25% Annual Percentage Rate (APR) will be in effect the for first six billing cycles after opening date, even if there is no activity or borrowing on the line. Following the introductory period, the APR will become the greater of the following: our floor rate of 3.25% or the highest Prime Rate (7.50% as of 1/23/2023) quoted in the Wall Street Journal on the first day of the month Prime + .50% for loans under or equal to $24,999, Prime + .25% for loans between $25,000 and $49,999, and Prime plus .0% for loans over $50,000. A discount of .25% will be applied with an automatic payment from a Tompkins Bank checking or savings account. The lowest rate will be 3.25% APR and the highest will be 14.99% APR. The variable rate line is subject to credit approval and appraisal, with draw and repayment periods of 10 years with no annual fee. If a fixed rate option is selected, the maximum fixed rate term is 180 months, but cannot exceed maturity date of the line of credit. Minimum fixed rate term is 12 months. Minimum fixed rate amount is $5,000. Maximum fixed loan amount is the full balance of the line of credit. There is a $150 fee to lock or unlock any portion of the line of credit. Maximum number of fixed rate loan locks is six. If opted, the fixed APR will be based on the lesser of either the bank’s current fixed home equity loan rate (6.49% APR for up to 60 months as of 1/23/2023) or the current fixed Equilock rate (prime rate + 6% for 60 months; prime + 8% for 120 months; prime + 10% for 180 months.) Property insurance required. Flood insurance may be required. If you close the line within 36 months, you must reimburse us for third-party fees paid in connection with opening the line. These fees are estimated at $1530 for a $100,000 loan. Mortgage tax must be paid by the borrower for loans over $250,000. Consult your tax advisor about deductibility of interest. Terms and conditions subject to change without notice.