Rates & Calculators

Home Equity

Type of Loan	Term	% over Index	APR* (as low as)
Home Equity Fixed	10 years		6.25%
Home Equity Variable*	15 years	Prime (-1%)
Home Equity Fixed	7 years		5.75%
Home Equity Fixed-Variable**	15 years		6.75%

For loan amounts between $10,000.00 and $24,999.00 member pays closing cost.
For loan amounts between $25,000.00 and $100,000.00 credit union pays closing cost.
However, if the loan is satisfied within TWO years of acquisition, the member shall be charged a Pre-Payment Penalty totaling the amount of the closing cost.
For the Fixed-Variable Rate Program if the loan is satisfied within THREE years if acquisition the member shall be charged a Pre-Payment Penalty totaling the amount of the closing cost.

FIXED RATE & ADJUSTABLE RATE COMBINED LOAN-TO-VALUE

80% of appraised value when added to existing 1st mortgage balance on Single Family Homes
75% of appraised value when added to existing 1st mortgage balance on Fixed Variable rate.
75% of appraised value when added to existing 1st mortgage balance on Townhouses.
75% of appraised value when added to existing 1st mortgage balance on Condos & Duplexes.

HOME EQUITY FIXED: The maximum maturity shall not exceed ten years, and the minimum loan amount shall be $10,000.00 and the maximum loan amount shall not exceed $100,000.00 providing there is sufficient equity on the property. Rates are subject to change at any time without notice.

*HOME EQUITY VARIABLE: The ANNUAL PERCENTAGE RATE is based on the Prime rate as of the day of closing, as set forth in the WALL STREET JOURNAL, minus (-)1%. The rate may be adjusted either up or down quarterly. However, the floor is 4.00% and the yearly cap on the loan is 4.00% per year. The interest rate shall have a ceiling of not more than 18% over the life of the loan. The minimum loan amount shall be $10,000.00 and the maximum $100,000.00. The initial advance shall be in the amount of $5,000.00; with a minimum of $1,000 for each subsequent advance.

**HOME EQUITY FIXED-VARIABLE: The ANNUAL PERCENTAGE RATE shall be fixed for the first three years of the loan. After the three years the loan becomes variable and it is adjusted quarterly the same as "THE HOME EQUITY VARIABLE PROGRAM". The total loan term shall not exceed 15 year and the minimum loan amount shall be $25,000.00. The pre-payment penalty applies for loans satisfied within the first three years of acquisition. Maximum Combined Loan to Value shall be not more than 75%.

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