JACKSONVILLE, Fla. First Union Corp. has introduced a new prime equity line that offers customers lower interest rates and other features, the bank said Tuesday.
The new product allows customers to use their home equity to consolidate other higher-cost debts at significantly reduced interest rates and lower monthly payments or pay for expenses such as home improvements, auto purchases, or college tuition.
Other features include use of the line's outstanding balance to qualify for a package of other banking services with no monthly service charges. Customers also receive a one-year introductory interest rate at The Wall Street Journal prime for all pricing options. Customers need only draw $5,000 or more on the line to activate it.