1 HELOCs through Prosper have a variable interest rate. The APR may change and will be based on an index plus a margin. The “Index Rate” will based on The Wall Street Journal Prime Rate (“Prime”) published on the last business day of the month, (8.000% APR as of 10/01/2024). No annual fee for the first year, then $50 per year thereafter during the Draw Period. During the term of the HELOC, the APR will not go below 2.50% and will not exceed 21% or the maximum APR allowed by applicable law, whichever is less. Property insurance required. Flood insurance may be required. Obtaining the best rate requires the following criteria to be met: 1) a new home equity line of credit application, 2) a line amount between $200,000 and $400,000, 3) line must be in first lien position, 4) having a consumer checking account with the lender, set up with automatic monthly payment deduction at the time of origination, 5) a loan-to-value (LTV) of 80% or less, and 6) strong creditworthiness.