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Second
Mortgage/Home Equity Loans
Use the equity in
your home to get cash for a variety of purposes. We offer flexible
terms and a low interest rate. Plus, you can often deduct the interest
from your taxes (ask your tax advisor).
Note: Rates illustrated below are the Annual Percentage Rates (APR)
Home Equity
Rates Current as of |
| Term |
Credit Score |
|
To 80% |
To 90% |
To 100% |
To 125% |
| 0 to 5 years |
730+ |
Platinum |
Prime - 0.00% |
5.00% |
|
|
|
| 680-729 |
A |
Prime + 0.50% |
5.50% |
|
|
|
| 640-679 |
B |
Prime + 1.00% |
6.00% |
|
|
|
| 600-639 |
C |
Prime + 1.50% |
6.50% |
|
|
|
| 550-599 |
D |
Prime + 2.00% |
7.00% |
|
|
|
| 549 or less |
E |
Prime + 2.50% |
7.50% |
|
|
|
| 6 to 10 years |
730+ |
Platinum |
Prime + 1.00% |
6.00% |
|
|
|
| 680-729 |
A |
Prime + 1.50% |
6.50% |
|
|
|
| 640-679 |
B |
Prime + 2.00% |
7.00% |
|
|
|
| 600-639 |
C |
Prime + 2.50% |
7.50% |
|
|
|
| 550-599 |
D |
Prime + 3.00% |
8.00% |
|
|
|
| 549 or less |
E |
Prime + 3.50% |
8.50% |
|
|
|
| 11 to 15 years |
730+ |
Platinum |
Prime + 2.00% |
7.00% |
|
|
|
| 680-729 |
A |
Prime + 2.50% |
7.50% |
|
|
|
| 640-679 |
B |
Prime + 3.00% |
8.00% |
|
|
|
| 600-639 |
C |
Prime + 3.50% |
8.50% |
|
|
|
| 550-599 |
D |
Prime + 4.00% |
9.00% |
|
|
|
| 549 or less |
E |
Prime + 4.50% |
9.50% |
|
|
|
NOTICE! NO LOAN RATE COMMITMENT WILL BE HELD FOR A PERIOD LONGER
THAN NINETY (90) DAYS.
FOOTNOTES
a. Members should retain a copy of all home equity and lines of credit (HELOC) disclosures.
b. The credit union will acquire a security interest in the property.
c. Maximum life of the HELOC is 180 months. Advances may be made during the first 60 months of the line. This period will also be known as the draw period. The repayment period will not exceed 120 months.
d. The mimimum payment will not be less than $25 or the balance of $100 whichever is greater. The minimum credit advance is $100 for each transaction. Payments are calculated on a fifteen (15) year amortization schedule. A new payment will result from advances to the line.
e. HELOC are variable rates loans. The annual percentage rate (APR) is based on the Wall Street Journal Insterest Rate (Prime). If two prime rates should be published the credit union will choose the higher rate. Rate changes will occur on the first business day of the month following a change to prime.
f. An annual fee of $50 will apply after the first year to all HELOC loans. An early closure fee of $500 will apply if the HELOC is closed within the first year. Members have the option to lock a HELOC into a fixed term three (3) times during the life of the loan. A $35 lock fee will be applied each time the feature is used.
g. The rate has no monthly or annual caps and the maximum annual percentage rate (APR) cannot go below the floor rate established of 4%, unless associated with a promotional rate.
LOAN CALCULATOR
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