HOME EQUITY (PRIMARY RESIDENCE)

RATES & TERMS

Program terms, rates and APRs are effective as of EFFECTIVE_DATE and are subject to change without notice.

PLEASE BE ADVISED: Today's rates assume the following:

  • A minimum credit score of 720
  • A loan-to-value ratio of 80% for Home Equity Line of Credit (HELOC)
  • A loan-to-value ratio of 70% 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. Not all applicants will qualify for the lowest rate/APR and margin. A minimum credit qualifying score is required. 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, please 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)
ProgramRange of APRsRange of MarginsMaximum LoanMaximum CLTV1Estimated Payment Per $1,000 Borrowed
Rate Advantage HELOC

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 HELOC

Fixed rate for five years, variable thereafter

Range of APRs

HECODE0080HYBHELOC48|HEMinAPR - HECODE0080HYBHELOC48|HEMaxAPR

Range of Margins

HECODE0080HYBHELOC48|MinMargin - HECODE0080HYBHELOC48|MaxMargin

Maximum Loan

HECODE0080HYBHELOC48|MaxLoan

Maximum CLTV1

HECODE0080HYBHELOC48|MaxCLTV

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

Rate Advantage HELOC requires a minimum initial draw of $25,000. Borrower is responsible for accommodation recording fees, title charges to clear or transfer liens, or indemnification due to construction on the subject property.

1CLTV = Combined Loan-To-Value

Standard Home Equity Line of Credit (HELOC)

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Through December 31, 2022, apply for a Standard HELOC and you may be eligible to enjoy a rate as low as 1.99% 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 is as low as 5.50% APR. Not all applicants will qualify for the 1.99% APR. The 1.99% 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 December 31, 2022.

Upon expiration of the introductory rate, all HELOC balances will accrue interest at the variable APR in effect at that time.

Standard Home Equity Line of Credit (HELOC)
ProgramRange of APRs1Range of MarginsMaximum LoanMaximum CLTV2Estimated Payment Per $1,000 Borrowed
Standard HELOC

HECODE0080PROHELOC66|HEMinAPR - HECODE0080PROHELOC66|HEMaxAPR

HECODE0080PROHELOC66|MinMargin - HECODE0080PROHELOC66|MaxMargin

HECODE0080PROHELOC66|MaxLoan

HECODE0080PROHELOC66|MaxCLTV

Interest only for first 10 years

Standard Home Equity Line of Credit (HELOC)
Programs
Standard HELOC
Range of APRs1

HECODE0080PROHELOC66|HEMinAPR - HECODE0080PROHELOC66|HEMaxAPR

Range of Margins

HECODE0080PROHELOC66|MinMargin - HECODE0080PROHELOC66|MaxMargin

Maximum Loan

HECODE0080PROHELOC66|MaxLoan

Maximum CLTV2

HECODE0080PROHELOC66|MaxCLTV

Estimated Payment Per $1,000 BorrowedInterest 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.

1Rate is variable; rate and payment may increase after account opening.
2CLTV = Combined Loan-To-Value

Home Equity Loan

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Home Equity Loan
ProgramRange of Rates (%)Range of APRsMaximum LoanMaximum CLTV1Estimated Payment Per $1,000 Borrowed1
10-Year Fixed Home Equity LoanHECODE1080PRIHEB|HEMinRate - HECODE1080PRIHEB|HEMaxRateHECODE1080PRIHEB|HEMinAPR - HECODE1080PRIHEB|HEMaxAPRHECODE1080PRIHEB|MaxLoan

HECODE1080PRIHEB|MaxCLTV

HECODE1080PRIHEB|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
Range of Rates (%)

HECODE1080PRIHEB|HEMinRate - HECODE1080PRIHEB|HEMaxRate

Range of APRs

HECODE1080PRIHEB|HEMinAPR - HECODE1080PRIHEB|HEMaxAPR

Maximum Loan

HECODE1080PRIHEB|MaxLoan

Maximum CLTV1

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 CLTV1

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 $1,000 with an interest rate of 6.250%, estimated payoff after 20 years is $554.53

Rate (%)

HECODE3080PRI3020B|HEMinRate - HECODE3080PRI3020B|HEMaxRate

APR

HECODE3080PRI3020B|HEMinAPR - HECODE3080PRI3020B|HEMaxAPR

Maximum Loan

HECODE3080PRI3020B|MaxLoan

Maximum CLTV1

HECODE3080PRI3020B|MaxCLTV

Estimated Payment Per $1,000 Borrowed1

HECODE3080PRI3020B|MinRate|Payment - HECODE3080PRI3020B|MaxRate|Payment

1CLTV = Combined Loan-To-Value

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.

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.