Home Equity Line of Credit Disclosure

A variable Annual Percentage Rate (APR) applies to this loan. It can adjust quarterly based on the Prime Rate as published in The Wall Street Journal 45 days prior to the rate change date. Qualified properties include owner-occupied single-family homes, condominiums, town homes, and one to four unit owner-occupied dwellings in Arizona, California, Florida, Georgia, Illinois, Massachusetts, New Hampshire, New York, Pennsylvania, Texas and Wisconsin. Qualified members can borrow up to 90% of the current market value of their home (less any outstanding liens). Texas residents: You may borrow up to 80% of your home’s property value, less any outstanding first mortgage balance, not to exceed 50% of your home’s value. State laws may affect final terms. Minimum initial advance is $5,000 and subsequent advances must be $500 or more, except for TX, which is $4,000 for both the initial and subsequent advances. The costs for originating your loan, excluding any intangible/mortgage tax, are waived at closing. If residing in FL, GA or NY, the intangible/mortgage tax (ranging from $10 to $5,000, depending on state and amount of HELOC limit) must be paid by borrower at closing or can be included in your initial advance. If the HELOC is closed within 12 months of opening, the closing costs waived must be reimbursed, typically $350 to $2,000. Maximum APR is 18%. The credit union makes loans without regard to race, color, religion, national origin, sex, handicap, or familial status.

Interest Only Home Equity Lines of Credit

ALL TERMS AND CONDITIONS FOR HOME EQUITY LINE OF CREDIT (SEE ABOVE) APPLY. Additionally, interest only home equity lines of credit loan provides for “interest only” payments during a portion of the term of the loan. These payments only cover the interest accrued on the loan during the month. Interest only payments do not reduce the principal balance even though you are making the minimum payment due.