- Available on primary residence & second homes
- Available for WV, VA, PA & DC properties
- Available for single family, townhouse, duplex, condominiums
- Maximum loan amount of $500,000
- Maximum CLTV on properties valued greater than $1,250,000, or on properties with a first lien balance of $1,000,000 or greater is 85%.
- Lender & Third Party Fees paid by MVB, Lender & Third Party Fees to be reimbursed by customer if the Line of Credit is closed in the first 36 months
- Introductory rate for the first 6 months
- MVB will use another institution's appraisal for up to one year
- Automated real estate values used for loan requests up to $100,000
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After the 2.95% Annual Percentage Rate (APR) introductory period, the APR will be a variable rate, based on Wall Street Journal Prime Rate (5.25% current as of August 7, 2019) plus a margin up to 1.00%, based on the customer’s CLTV (Cumulative Loan To Value) tier, with a minimum rate of 4.00% and a maximum rate of 18%. Introductory rate and bank paid closing costs/fees are for new loan requests only. Offer is based upon loans from $10,000 up to $500,000, a CLTV up to 89.99% on an owner-occupied primary or secondary residence for credit secured by a first or second lien on a dwelling, and subject to credit approval. The Maximum CLTV for properties valued greater than $1,250,000 is 85%. The Maximum CLTV for a second lien on a dwelling that has a first lien balance of $1,000,000 or greater is 85% and subject to credit approval. Manufactured homes do not qualify. HELOC’s over 85% CLTV must provide proof of six (6) months verified reserves. Lender and Third Party Closing Fees typically would range from $650.00 to $5,000.00, but for this promotional offer, most closing costs are paid by MVB, including appraisal and title fees. If your credit line is paid off and closes within the first 36 months of date of credit agreement for any reason, including the sale of your home or if you refinance you will be required to repay the Bank paid Lender and Third Party closing costs up to $2,500.00. Homeowner insurance is a requirement of lines of credit secured by home equity. Flood Insurance may be required. Other rates and terms are available. Consult your tax advisor about deductibility of interest. Offer subject to change or withdrawal at any time and may not be used with any other offer from MVB Bank.