Quoted Closed End Home Equity Loan rates are the lowest available. Your final loan rate is based upon credit worthiness, original loan amount, and loan-to-value and may be higher than the quoted rates. Retain a copy of the preliminary disclosures. The credit union will receive a security interest in the dwelling.

 

Quoted Home Equity Line-of-Credit rates are the lowest available. Your final loan rate is based upon the Prime rate, original credit limit, and loan-to-value and may be higher than the quoted rates. The credit union rates have a floor of 4.00% and a maximum of 16.00%. Rates are subject to review and change quarterly. The minimum credit advance that you can receive is $10,000.00 for the first advance. You can obtain credit advances for 10 years during the draw period. The length of the repayment period will be 10 years. You will be required to make monthly payments during the draw and repayment periods. Retain a copy of the preliminary disclosures. The credit union will receive a security interest in the dwelling.

FEES AND CHARGES: In order to open, use and maintain a line of credit plan, you may have to pay a $325.00 Loan Processing Fee due at closing. You may have to pay certain fees to third parties to open the Plan. These fees generally total between $0.00 and $600.00. If you ask, we will provide you with an itemization of the fees you will have to pay third parties. These fees which are normally paid at closing may be waived. However, you will be required to reimburse us for fees paid on your behalf if your balance becomes zero or you close your plan during the first 36 months of the Plan. You may receive a refund of any fees if the rates change and you decide not to complete the process.