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Home Equity Options
Home Equity Lines and Home Equity Loans1
If you're a qualified existing CNB client, you can tap the equity in your home for convenient, all-purpose borrowing. Home equity loans and lines of credit can provide you with substantial financing, competitive interest rates and a possible tax deduction of interest (consult your tax advisor). You also benefit from a 1/4% interest rate discount when you choose to have payments automatically deducted from your City National Bank checking, savings or money market account.
Home Equity Lines of Credit — Total Line of Credit
Save interest with a Total Line of Credit by borrowing only when you need funds. Simply make yourself a loan by writing out a check or use your Equity Card2for the amount you need. Plus, because it is a revolving line of credit, as you repay the amount you've borrowed, it becomes available again. This is the ideal choice for ongoing projects or expenditures.
| Client-friendly |
- Credit lines available from $10,000
- 10-year Draw Period3 on the revolving line with variable-rate4, interest-only monthly payments5
- Fixed-rate “loans within a line" option during the Draw Period with 3- to 15-year terms6
- Replenished credit availability on the revolving line during the Draw Period when fully-amortizing payments are made to a “loan within a line"
- 15-year fully-amortizing revolving-line Repayment Period following the Draw Period
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| Accessing the Funds is Easy and Private |
- Total Line of Credit checks work just like your checking account – only you know it’s a loan.
- Additional convenient purchasing power provided with the Equity Card. Use it at millions of merchants worldwide.
- Use City National Bank’s Online Banking service to transfer funds from your Total Line of Credit to your checking, savings or money market account.
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| Reduced Rates with Auto-Debit |
- Enjoy a 1/4% interest rate discount when you choose to have payments automatically deducted from your City National Bank checking, savings or money market account.
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Home Equity Loans
We offer fixed-rate Home Equity Loans for our qualified existing client homeowners who want to borrow a specific amount with an affordable, predictable payment schedule. By locking in a desirable interest rate, you'll find that fixed monthly payments can make budgeting much easier. This is the best option when you have a simple financing need and want a predetermined repayment period.
Convenient for budgeting
- Borrow one lump sum and set up an affordable, predictable repayment schedule.
Reduced rates with auto-debit
- Enjoy a 1/4% interest rate discount when you choose to have payments automatically deducted from your City National Bank checking, savings or money market account (excluding credit cards and overdraft lines).
Getting Started
To speak with a Customer Service Representative for more details, call us at (800) 773-7100, contact us or visit one of our local City National locations.
1 Total Lines of Credit are available only as accommodations to established clients. Must be secured by a 1st or 2nd lien on owner-occupied 1-4 family residential properties (excluding mobile homes) in CA, CT, NJ, NV and NY. (Available for co-ops in the New York City boroughs of Manhattan and Brooklyn only.) Subject to credit review and approval
2Available only on lines secured by real property located in California or Nevada.
3 9 years and 10 months in Connecticut.
4 Except for the Annual Percentage Rate (APR) on the loan-within-a-line (“installment loan”) feature, Total Lines of Credit have variable Annual Percentage Rates (“APRs”) subject to change daily without notice. APR is based on highest Prime Rate published in The Wall Street Journal Money Rates Table (the "Index") each day, plus a margin. Index as of 09/19/08 was 5.00%. Current variable APRs range from 4.25% to 5.00%. These APRs include 0.25% discount for automatic payment from a CNB checking, savings or money market account; if automatic payment is not selected or cancelled after the line is opened, APR and monthly payments will increase. Your APR may change as often as the Prime Rate changes. Maximum APR is the greater of 8% over initial APR or 15%. Minimum APR is 3.50% Lines are subject to a $65 Annual Fee, waived the first year. Closing costs are $0 on all lines up to $1,000,000. On lines over $1,000,000, closing fees and costs vary and may range from $4,519.00 to $20,003.50 based on the line amount and the state where the residential property securing the line is located, and include any applicable state and local mortgage registration/recordation tax. $500 Early Closure Fee may apply (except in NY) if line is closed within 3 years from date of opening. Your APR will be based on the specific characteristics of your credit transaction, including combined loan-to-value, property type, amount of credit and term. Hazard insurance and flood insurance (if in flood plain) are required.
5 Interest-only payments allow you to pay interest only on money borrowed for a specific period of time. Interest only payments are available only during the Draw Period. At the end of the Draw Period, your monthly payments could increase significantly because you must repay principal and interest, and interest rates may have increased. Interest only payments will not repay the outstanding principal on the line. At end of Draw Period, you will no longer be able to obtain advances and your outstanding variable rate balance will be repayable in 180 monthly payments of principal plus interest.
6 APR on the installment loan feature is based on an Index (the U. S. Treasury securities adjusted to a constant maturity of 3, 5, 7 or 10 years rounded to the nearest 1/8th percent, depending on term of installment loan) plus margin. As of 09/19/08 this index ranged from 2.43% to3.66%. Current APRs for installment loans range from 6.125% to 7.375%. Maximum APR that can apply to an installment loan is 18.00%; minimum is 3.75%. Minimum installment loan is $10,000. Other restrictions and terms apply. Above APRs are subject to change without notice.
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Equal Housing Lender | Member FDIC
