HOME EQUITY (PRIMARY RESIDENCE)
RATES & TERMS
Program terms, rates and APRs are effective as of 4/19/2024 and are subject to change without notice.
PLEASE NOTE: Rates reflect the following loan assumptions but are not requirements to apply.
- A 720 credit score
- A loan-to-value ratio of 70% for Home Equity Line of Credit (HELOC)
- A loan-to-value ratio of 50% for a Home Equity Loan
The rate or margin you may qualify for is based on factors including your credit rating and the combined loan-to-value (CLTV) of your property. A minimum credit qualifying score is required. Programs, rates, APRs, points and terms listed below are effective as of 4/19/2024 and are subject to change without notice. All loans are subject to approval. APR = Annual Percentage Rate.
Payment examples do not include the cost of property taxes or insurance, so the actual payment obligation will be greater. See additional Important Definitions and Information below.
Typical Home Equity Loan and Home Equity Line of Credit processing time is 45 days from submission of an application to funding.
To apply, visit our website at schoolsfirstfcu.org, call the Real Estate Lending department at (800) 462-8328, ext. 8288, or email us at realestateinfo@schoolsfirstfcu.org.
Rate Advantage Home Equity Line of Credit (HELOC)
| Program | APR1 | Margin | Maximum Loan | Maximum CLTV2 | Estimated Payment Per $1,000 Borrowed |
|---|---|---|---|---|---|
| Rate Advantage HELOC Fixed rate for five years, variable thereafter | 8.500% - 12.000% | -0.500% - 3.000% | $250,000.00 | 80.00% | Interest only for first 10 years |
| Programs | |
|---|---|
| Rate Advantage HELOC Fixed rate for five years, variable thereafter | |
| APR1 | 8.500% - 12.000% |
| Margin | -0.500% - 3.000% |
| Maximum Loan | $250,000.00 |
| Maximum CLTV2 | 80.00% |
| Estimated Payment Per $1,000 Borrowed | Interest only for first 10 years |
Borrower is responsible for accommodation recording fees, title charges to clear or transfer liens, or indemnification due to construction on the subject property.
1APR = Annual Percentage Rate. Rate is fixed for five years, variable thereafter.
2CLTV = Combined Loan-To-Value
Standard Home Equity Line of Credit (HELOC)
Through Dec. 31, 2024, apply for a Standard HELOC and you may be eligible to enjoy a rate as low as 6.99% APR on advances and balances for six months after funding. After the six-month period, balances and future advances will be subject to the HELOC variable rate in effect at that time. Currently, it's as low as 8.00% APR. Not all applicants will qualify for the 6.99% APR. The 6.99% promotional rate is not available for rental properties or second homes and cannot be applied to the Rate Advantage HELOC. This promotion is available for Standard HELOC applications submitted no later than Dec. 31, 2024.
Upon expiration of the introductory rate, all HELOC balances will accrue interest at the variable APR in effect at that time.
| Program | APR1 | Margin | Maximum Loan | Maximum CLTV2 | Estimated Payment Per $1,000 Borrowed |
|---|---|---|---|---|---|
| Standard HELOC |
6.990% - 10.490% |
-0.500% - 3.000% |
$250,000.00 |
80.00% |
Interest only for first 10 years |
| Programs | |
|---|---|
| Standard HELOC | |
| APR1 |
6.990% - 10.490% |
| Margin |
-0.500% - 3.000% |
| Maximum Loan |
$250,000.00 |
| Maximum CLTV2 |
80.00% |
| Estimated Payment Per $1,000 Borrowed | Interest only for first 10 years |
For rental properties or second homes, we offer HELOCs and 15-Year Fixed Rate Home Equity products with a maximum credit line of $150,000 with 70% CLTV. Call (800) 462-8328, ext. 8288 for details.
1APR = Annual Percentage Rate. Rate is variable; rate and payment may increase after account opening.
2CLTV = Combined Loan-To-Value
Home Equity Loan
| Program | Rate (%) | APR1 | Maximum Loan | Maximum CLTV2 | Estimated Payment Per $1,000 Borrowed1 |
|---|---|---|---|---|---|
| 10-Year Fixed Home Equity Loan | 6.750% - 10.000% | 6.750% - 10.000% | $250,000.00 | 80.00% | $11.48 - $13.22 |
| 15-Year Fixed Home Equity Loan | 7.000% - 10.250% | 7.000% - 10.250% | $250,000.00 | 80.00% | $8.99 - $10.90 |
| 30 Due in 20 Fixed Home Equity Loan Based on a loan size of $1,000 with an interest rate of 6.625%, estimated payoff after 20 years is $567.17 | 7.625% - 10.875% | 7.625% - 10.875% | $250,000.00 | 80.00% | $7.08 - $9.43 |
| Programs | |
|---|---|
| 10-Year Fixed Home Equity Loan | |
| Rate (%) | 6.750% - 10.000% |
| APR | 6.750% - 10.000% |
| Maximum Loan | $250,000.00 |
| Maximum CLTV2 | 80.00% |
| Estimated Payment Per $1,000 Borrowed1 | $11.48 - $13.22 |
| 15-Year Fixed Home Equity Loan | |
| Rate (%) | 7.000% - 10.250% |
| APR | 7.000% - 10.250% |
| Maximum Loan | $250,000.00 |
| Maximum CLTV2 | 80.00% |
| Estimated Payment Per $1,000 Borrowed1 | $8.99 - $10.90 |
| 30 Due in 20 Fixed Home Equity Loan Based on a loan size of $1,000 with an interest rate of 6.625%, estimated payoff after 20 years is $567.17 | |
| Rate (%) | 7.625% - 10.875% |
| APR | 7.625% - 10.875% |
| Maximum Loan | $250,000.00 |
| Maximum CLTV2 | 80.00% |
| Estimated Payment Per $1,000 Borrowed1 | $7.08 - $9.43 |
1APR = Annual Percentage Rate. Payments do not include amounts for taxes and insurance premiums, if applicable, the actual payment obligation will be greater.
2CLTV range is 0% to 80%
Important Definitions and Information
Home Equity Loan: A second mortgage you take against the equity you've built in your home.
Home Equity Line of Credit (HELOC): An open line of credit you borrow against the equity in your home and draw funds from as you need.
HELOC Payments: Interest-only payments are made for the first 10 years. The remaining 15-year term is fully amortized.
HELOC Lifetime Maximum Cap: 18.000% APR. The highest rate that can be charged.
Index Rate is the current highest "prime rate" as reported in The Wall Street Journal on the last business day of the month preceding the start date of each billing cycle.
Fully Indexed Rate: The index rate plus margin that results in the APR.
Annual Maintenance Fee for HELOCs: $50. Fee will be waived if payments are automatically transferred from a SchoolsFirst FCU Share Savings or Checking account.
Home Equity Loan and HELOC Origination Fees: No lender origination fees are required unless accommodation recording fees, title charges to clear or transfer liens, or indemnification due to construction on the subject property are required. The borrower is responsible for these costs.
Eligible Property Types: Single family residence, condominium, and Planned Unit Development (PUD). Restrictions apply to multi-unit and income properties. Property must be located in California.
Property Construction/Sale: The borrower is required to wait until loan funds are received to begin work on the property. A property with construction already in progress may not be eligible. If approved, additional fees will be required. Properties currently listed for sale are not eligible.
Maximum Combined-Loan-To-Value (CLTV): The principal balance of all mortgages on the property (including the balance of the first mortgage) divided by the value of the property. The maximum CLTV for a condominium or attached PUD is 80%.
Property Insurance: A required insurance policy that provides protection to the borrower against loss or damage and to the lender’s interest in the property.