HOME EQUITY LINE OF CREDIT
With a Home Equity Line of Credit Loan from OURCU… almost anything is possible!
Using the equity you’ve already built in your home can be a low cost option to tackle a home improvement project, college education, an awesome vacation, debt consolidation, medical expenses, etc.
Fixed rates as low as 7.25% APR*
Variable rate as low as 7.00% APR**
Credit lines up to $200,000.00***
Convenient and easy access to funds
Borrow purchase-by-purchase up to your credit limit
Available on your primary home in Washington
Access your equity line for 5 years on a fixed rate
Access your equity line for 12 years on a variable rate
One-time Document Preparation Fee of $800.00 and Government Fee of $80.00 built into your Home Equity Line of Credit
No annual fee or prepayment penalties
Possible tax deduction on interest paid – consult your tax adviser
*APR = Annual Percentage Rate. Fixed rate HELOC - 5 year draw period-10 year pay back. Variable Rate HELOC - 12 Year Draw Period-15 Year Pay Back.
**The index is the Prime Rate (7.00) as published in the Money Rates section of the Wall Street Journal on the last Friday of the month effective on the 1st day of the following month and subject to change. Interest Rate can vary in rate not to exceed 18.00% and not to be less than 4.50% on a 1st position HELOC and 5.50% on a second position.
**Adjustable period: Semi-Annual (Floor of 4.50% & 5.50%)Rate adjustments on the variable rate Home Equity programs may occur on the first day of January and July each year of the loan. 1st position liens have a margin of 0.00% /floor of 4.50%; 2nd position liens Have a margin of 1.00%/floor of 5.50%.
***Maximum loan amount for Fixed rate is $200,000-First Mortgage/$150,000-Second Mortgage – maximum term of 120 Months. Maximum loan amount for Variable rate is $200,000-First Mortgage/$150,000-Second Mortgage – maximum term of 180 Months. Fixed Rate Home Equity Line of Credit does not include costs other than interest. Example of First Mortgage Position Payment for a Fixed rate HELOC: $100,000 borrowed on a maximum 120 month term with 7.25% fixed APR = approximately $1,174.01/month if to limit. Example of First Mortgage Position Payment for a Variable rate HELOC: $100,000 borrowed on a maximum 180 month term with 7.00% Variable APR = approximately $899/month if to limit. This is an estimated payment, specific to the draw period. Payment is based on principle balance. Terms and conditions apply and are dependent qualifications. Other restrictions apply. Subject to approval and must be a member in good standing. Programs, rates, terms and conditions are subject to change without notice. Call for details. Rates are established by the Board of Directors.
