Our standard HELOC Important Terms document (Cx21651) has a table that shows how the Annual Percentage Rate and the minimum monthly payments for a single $10,000 credit advance would have changed based on changes in the index over the past 15 years. The index values are Prime Rate values in use at the beginning of each year, as posted by the Wall Street Journal. While only one payment amount per year is shown, payments would have varied during each year.
The Historical Table on Cx21651 has been modified to add a row for the upcoming year (2023). The rest of the table and the repayment figures have been modified accordingly.
These changes will be in effect immediately. If you have any questions or concerns about these, please contact Client Support at 1.800.497.3584.