Home Equity Line of Credit Product Guide

We’ve created this outline of services, fees and policies to help you understand how your Home Equity Line of Credit works. For additional details about your Home Equity Line of Credit (HELOC), please read the Home Equity Credit Line Disclosure included with your Home Equity Line of Credit Application. For questions, you can search bannerbank.com, call us at 866-641-5335 (8 a.m. to 5 p.m. PT weekdays), send an email to DigitalLenders@bannerbank.com, sign into Banner Bank Online Banking to chat with us or visit any Banner Bank branch.

Our Home Equity Line of Credit allows you to use the equity in your home for certain financial activities and includes the following:

• In-house decisions and application processing^»
• Accessible through Banner Bank Online Banking and Banner Bank Mobile Banking^~
• Funds can be advanced through a Banner Bank Home Equity Rewards Mastercard^®, via online transfer, by visiting a branch or by a telephone request
• Receive a 0.25% rate reduction with a Banner’s Best Checking account, in addition to 0.25% rate reduction for automatic payments from a Banner Bank account
• Interest may be tax deductible^∫

How Your HELOC Works

QUALIFY FOR YOUR LINE OF CREDIT – The minimum standards to qualify for Banner Bank’s HELOC include that 1) you must have a minimum credit score (FICO) of 650, and 2) your HELOC must be secured by an owner occupied or non-owner occupied, single family residential property with 60%-89% loan-to-value, depending on HELOC guidelines. Qualification is subject to credit approval. Not all applicants will qualify.

ADVANCE MONEY FROM YOUR LINE OF CREDIT – When your line of credit is open for spending, you are in the borrowing period, also called the “draw period”. Funds can be advanced using Banner Bank Online Banking, by visiting a branch, be telephone or by using a credit card associated with the account.

MAKE REPAYMENTS DURING THE “DRAW PERIOD” – Your draw period is up to 10 years. Depending on the HELOC product type chosen during the application process, the minimum monthly payment during the draw period is the greater of $50, accrued interest or 1.5% of the outstanding balance as of each monthly statement.

THE “REPAYMENT PERIOD” – At the end of the draw period, you can choose to apply to renew the draw period, begin repayment of the balance or pay off the balance. When the draw period ends, you may enter a repayment period which is 15 years. The final remaining balance at the end of the repayment period is due in full. At the end of the repayment period, the loan will be paid off and closed.

Rate Options

• Standard rate is based on Prime + a margin⁺

• Option to convert entire HELOC amount to a fixed rate for either 1, 2, 5 or 10 years during the draw period

Overdraft Information

Your HELOC can provide overdraft protection for your Banner Bank checking accounts. No transfer fee will be charged. Transfers are for the amount needed to cover the overdraft. If a full increment is not available, we will transfer the amount that is available to the protected account.

Fees and Charges>

No fees for NSF handling, over limit, advance less than minimum, photocopying, payoff letter or paper statements. You can elect to receive electronic statements (eStatements) at no cost through Banner Online Banking or Banner Bank Mobile Banking and access approximately 18 months of statements^~.