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Equity Glossary

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Annual membership or participation fee
An amount that is charged annually for having the line of credit available. It may be charged whether or not you use the line. It may be waived if you maintain a certain balance on the line or accrue a certain amount of interest during the year.

Annual Percentage Rate (APR)
The cost of credit on a yearly basis, expressed as a percentage.

Application fee
Fees that are paid upon application. An application fee may include charges for property appraisal and a credit report. Note: SunTrust Bank does not charge this fee for home equity products.
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Balloon payment
A lump-sum payment that you may be required to make under a plan when the plan ends. This payment will be substantially larger than the other scheduled payments.
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A limit on how much the variable-interest rate can increase or decrease during the life of the plan.

Closing costs
Fees paid at closing, including attorneys' fees, fees for preparing and filing a mortgage, for taxes, title search, and insurance.

Credit limit
The maximum amount that you can borrow under the home equity plan.
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The difference between the fair market value (appraised value) of your home and your outstanding mortgage balances.
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The basis for rate changes that the lender uses to decide how much the Annual Percentage Rate will change over time.

Interest rate
The periodic charge for use of credit, expressed as a percentage.
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The number of percentage points the lender adds to the index rate to determine the Annual Percentage Rate to be charged.

Minimum payment
The minimum amount that you must pay (usually monthly) on your account. The minimum payment on the revolving portion of your line may be interest only, or it may include principal and interest.
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A rescission period is required by the Federal Government to allow the property owner time to "think over" the loan transaction. This period is three business days (including Saturdays but excluding Sundays and holidays) between the loan closing and funds disbursement. A rescission period is in effect when a security interest is taken in a consumer's principal dwelling. During this rescission period, the property owner has the right to cancel the loan transaction.
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Back security interest
An interest that a lender takes in the borrower's property to ensure repayment of a debt.
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Transaction fee
A fee charged each time you draw on your credit line.
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Variable rate
An interest rate that changes periodically in relation to an index. Payments might increase or decrease accordingly.
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For additional information on how an equity product can benefit you, call us at 800.279.4824, visit your local SunTrust branch, or apply online for a SunTrust Home Equity Line or Loan today.

Mortgage products are provided by SunTrust Mortgage, Inc. View our licensing agreement.

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