*APR – Annual Percentage Rate
Promotional HELOC Rate & Payment Changes:
The initial rate of 1.99% indicated for the HELOC will remain constant for one year and is subject to increase after. This initial rate is not connected to an index. The rate change thereafter may occur quarterly based on the index plus margin.
Home Equity Line of Credit
- Maximum CLTV (Combined Loan-to-Value) is 90%. Certain terms apply, contact the credit union for details.
- Must be in 1st or 2nd lien. Property must be a 1-4 unit owner occupied property.
- Manufactured/Mobile homes with land are accepted with maximum CLTV of 80% . Certain terms apply, contact the credit union for details.
- Index is Prime Rate as published in the Wall Street Journal on the 20th of the month prior to the change.
- Rate is variable and may change quarterly based on the applicable index and margin. Quarterly changes occur on the 1st of January, April, July and October if a change we to occur.
- There is no floor rate.
- Maximum rate is 15.00%
- HELOC loans are based on a 10 year amortization.
- Payments are principal and interest with a minimum monthly payment of $100.
- ** Closing costs can be waived with an add-on of 0.50%. The loan must remain open for a minimum of 36 months to avoid reimbursing waived fees.
- Title Insurance may be required and would be paid by the borrower (even if a promotion to waive closing costs is in effect)
Consult a tax advisor for further information regarding the deductibility of interest and charges.