Home Equity

Variable Home Equity Line of Credit (HELOC)

With a variable Home Equity Line of Credit you borrow only what you need, only when you need it and pay interest on only what you borrow! Variable rate as low as 4.00% APR with approved credit.** Apply online now.

  • This is a revolving line of credit secured by improved real property.
  • Borrow up to 100% of current appraised value with approved credit
  • For example: Appraisal of home $100,000
    • 90% of appraised value = $90,000
    • Less mortgage debt – $50,000
    • Potential line of credit $40,000
  • Minimum loan amount is $5,000 with $100 minimum monthly payment
  • Usually the estimated costs to obtain a Home Equity Line of Credit is $200.
  • Maturity is up to 20 years depending on loan amount
  • The Draw Period is 5 years from the funding date of the loan. After that time, further draws are not allowed
  • The Repayment Period is up to 20 years including the 5-year Draw Period
  • Interest Rate Cap: The annual percentage rate shall not be increased or decreased by more than two percentage points annually

For a better understanding of Home Equity Lines of Credit, please read:

When Your Home Is On The Line: What You Should Know About Home Equity Lines of Credit

Shopping For Your Home Loan (HUD Settlement Cost Booklet)

Consumer Handbook on Adjustable-Rate Mortgages (CHARM Booklet)

 

 

 

**APR = Annual Percentage Rate. The prime rate is the highest prime rate published in the Money Rates Table of the Wall Street Journal on the last business day of each quarter. Prime is a variable rate; as it changes, the APR on your account will also change. The APR will be based on the prime rate plus a margin of up to 4.5%. The maximum APR that can apply is 18.00%. Credit is subject to approval. A home equity line of credit is secured by a first or second mortgage lien on your home, which must be one-to-four family residential real estate. This type of credit is not available for modular homes, manufactured homes or cooperatives. The minimum line of credit amount is $5,000, and the minimum loan amount is $5,000 for the first advance and $1,000 thereafter. Flood and/or property hazard insurance may be required. Other restrictions may apply. The present APR of 4.00% is current as of Feb. 18, 2014. All Credit Union loan programs, rates, terms and conditions are subject to change at any time without notice.

Fixed-Rate Home Equity Loan

Choose from a variety of terms and save money with fixed rates as low as 4.25% APR. With the fixed-rate home equity loan, you get the entire amount of the loan at closing and the rate never changes over the life of the loan. Apply online now.

  • Offers a low, fixed rate
  • Repayment terms up to 15 years
  • Borrow up to 100% of current appraised value with approved credit
  • Interest rates on home equity loans will increase 1% on loans with 90% or greater loan-to-value (LTV) ratio based on the appraisal of the property
  • Minimum loan amount is $5,000 with $100 minimum monthly payment
  • Usually the estimated costs to obtain a Home Equity Loan is $200
  • For example, a payment for a $20,000 Home Equity loan at 4.25% for 60 months would be approximately $371 per month
Term  APR as low as*
 up to 60 months 4.25
 61 to 120 months 5.25
 121 to 180 months 5.75

*APR = Annual Percentage Rate. The rate may vary depending on each individual’s credit history and underwriting factors. Programs, rates, terms and conditions are subject to change without notice. Repayment terms up to 15 years. The rate will not increase.