HOME EQUITY (PRIMARY RESIDENCE)

RATES & TERMS

PLEASE BE ADVISED: Today's rates assume the following

  • A minimum credit score of 720
  • A loan-to-value ratio of 80%

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 and rates listed below are effective as of EFFECTIVE_DATE and are subject to change without notice. All loans are subject to approval.

Payment examples do not include the cost of property taxes or insurance, so the actual payment obligation will be greater. The APR shown includes an estimate of 30 days of prepaid interest. All programs, loan rates, APR, points, and terms listed are subject to change without notice. All loans are subject to approval. APR = Annual Percentage Rate.

Main Factors That Impact Your Mortgage Loan Price

Credit Score: Your credit score is a number based on information from your credit report including payment history, length of credit history, outstanding balances, and types of credit. Higher scores indicate a more sound credit profile based on maintaining timely payments, low balances, and only opening new credit accounts as needed. FICO is the most commonly used scoring system with a range from 300-850.

Typical loan/line of credit processing time: 45 days (completed 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)

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Rate Advantage Home Equity Line of Credit (HELOC)
ProgramAPR1MarginMaximum LoanMaximum CLTV2Estimated Payment Per $1,000 Borrowed
Rate Advantage Home Equity Line of Credit

Fixed rate for five years, variable thereafter

HECODE0080HYBHELOC48|HEMinAPR - HECODE0080HYBHELOC48|HEMaxAPR

HECODE0080HYBHELOC48|MinMargin - HECODE0080HYBHELOC48|MaxMargin

HECODE0080HYBHELOC48|MaxLoan

HECODE0080HYBHELOC48|MaxCLTV

Interest only for first 10 years

Rate Advantage Home Equity Line of Credit (HELOC)
Programs
Rate Advantage Home Equity Line of Credit

Fixed rate for five years, variable thereafter

APR1

HECODE0080HYBHELOC48|HEMinAPR - HECODE0080HYBHELOC48|HEMaxAPR

Margin

HECODE0080HYBHELOC48|MinMargin - HECODE0080HYBHELOC48|MaxMargin

Maximum Loan

HECODE0080HYBHELOC48|MaxLoan

Maximum CLTV2

HECODE0080HYBHELOC48|MaxCLTV

Estimated Payment Per $1,000 BorrowedInterest only for first 10 years

Rate Advantage HELOC requires a minimum initial draw of $25,000. $500 origination fee will be collected at closing. 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)

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Standard Home Equity Line of Credit (HELOC)
ProgramAPR1MarginMaximum LoanMaximum CLTV2Estimated Payment Per $1,000 Borrowed
Standard Home Equity Line of Credit

HECODE0080PRIHELOC66|HEMinAPR - HECODE0080PRIHELOC66|HEMaxAPR

HECODE0080PRIHELOC66|MinMargin - HECODE0080PRIHELOC66|MaxMargin

HECODE0080PRIHELOC66|MaxLoan

HECODE0080PRIHELOC66|MaxCLTV

Interest only for first 10 years

Standard Home Equity Line of Credit (HELOC)
Programs
Standard Home Equity Line of Credit
APR1

HECODE0080PRIHELOC66|HEMinAPR - HECODE0080PRIHELOC66|HEMaxAPR

Margin

HECODE0080PRIHELOC66|MinMargin - HECODE0080PRIHELOC66|MaxMargin

Maximum Loan

HECODE0080PRIHELOC66|MaxLoan

Maximum CLTV2

HECODE0080PRIHELOC66|MaxCLTV

Estimated Payment Per $1,000 BorrowedInterest only for first 10 years

For rental properties or second homes, we offer Home Equity Lines of Credit and 15-Year Fixed Rate Home Equity products with a maximum credit line of $150,000 with 70% Combined Loan-to-Value. Call 800.462.8328, ext. 8288 for details.

1APR = Annual Percentage Rate. Rate is variable; rate and payment may increase after loan consummation
2CLTV = Combined Loan-To-Value

Home Equity Loan

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Home Equity Loan
ProgramRate (%)APRMaximum LoanMaximum CLTV2Estimated Payment Per $1,000 Borrowed1
10-Year Fixed Home Equity LoanHECODE1080PRIHEB|HEMinRate - HECODE1080PRIHEB|HEMaxRateHECODE1080PRIHEB|HEMinAPR - HECODE1080PRIHEB|HEMaxAPRHECODE1080PRIHEB|MaxLoanHECODE1080PRIHEB|MaxCLTVHECODE1080PRIHEB|MinRate|Payment - HECODE1080PRIHEB|MaxRate|Payment
15-Year Fixed Home Equity LoanHECODE1580PRIHEB|HEMinRate - HECODE1580PRIHEB|HEMaxRateHECODE1580PRIHEB|HEMinAPR - HECODE1580PRIHEB|HEMaxAPRHECODE1580PRIHEB|MaxLoanHECODE1580PRIHEB|MaxCLTVHECODE1580PRIHEB|MinRate|Payment - HECODE1580PRIHEB|MaxRate|Payment
30 Due in 20 Fixed Home Equity Loan

Based on a loan size of $1,000 with an interest rate of 6.250%, estimated payoff after 20 years is $554.53

HECODE3080PRI3020B|HEMinRate - HECODE3080PRI3020B|HEMaxRateHECODE3080PRI3020B|HEMinAPR - HECODE3080PRI3020B|HEMaxAPRHECODE3080PRI3020B|MaxLoanHECODE3080PRI3020B|MaxCLTVHECODE3080PRI3020B|MinRate|Payment - HECODE3080PRI3020B|MaxRate|Payment
Home Equity Loan
Programs
10-Year Fixed Home Equity Loan
Rate (%)

HECODE1080PRIHEB|HEMinRate - HECODE1080PRIHEB|HEMaxRate

APR

HECODE1080PRIHEB|HEMinAPR - HECODE1080PRIHEB|HEMaxAPR

Maximum Loan

HECODE1080PRIHEB|MaxLoan

Maximum CLTV2

HECODE1080PRIHEB|MaxCLTV

Estimated Payment Per $1,000 Borrowed1

HECODE1080PRIHEB|MinRate|Payment - HECODE1080PRIHEB|MaxRate|Payment

15-Year Fixed Home Equity Loan
Rate (%)

HECODE1580PRIHEB|HEMinRate - HECODE1580PRIHEB|HEMaxRate

APR

HECODE1580PRIHEB|HEMinAPR - HECODE1580PRIHEB|HEMaxAPR

Maximum Loan

HECODE1580PRIHEB|MaxLoan

Maximum CLTV2

HECODE1580PRIHEB|MaxCLTV

Estimated Payment Per $1,000 Borrowed1

HECODE1580PRIHEB|MinRate|Payment - HECODE1580PRIHEB|MaxRate|Payment

30 Due in 20 Fixed Home Equity Loan

Based on a loan size of $1,000with an interest rate of6.250%, estimated payoff after 20 years is$554.53

Rate (%)

HECODE3080PRI3020B|HEMinRate - HECODE3080PRI3020B|HEMaxRate

APR

HECODE3080PRI3020B|HEMinAPR - HECODE3080PRI3020B|HEMaxAPR

Maximum Loan

HECODE3080PRI3020B|MaxLoan

Maximum CLTV2

HECODE3080PRI3020B|MaxCLTV

Estimated Payment Per $1,000 Borrowed1

HECODE3080PRI3020B|MinRate|Payment - HECODE3080PRI3020B|MaxRate|Payment

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 Fee for HELOCs: $50. Fee will be waived if payments are automatically transferred from a SchoolsFirst FCU Share Savings or Checking account.

Standard 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.

Rate Advantage HELOC Origination Fees: $500 will be collected at closing. No other 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.

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 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.

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.