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– Amy C.
Member Since 2010

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Home Equity Line of Credit (HELOC)
Home Equity Line of Credit (HELOC)

A Home Equity Line of Credit (HELOC) is a second mortgage you take against the equity you have built in your home. It can be used for almost any reason, from home improvement projects to helping pay for college or unexpected expenses.

A HELOC is a form of revolving credit, typically with a variable rate, where the funds are available for you to draw from as needed and you only pay interest on what you use. Conversely, a Home Equity Loan is for a set amount and fixed rate; you receive the lump sum at funding and pay interest on that full amount.

 

SchoolsFirst FCU offers two HELOC options: a standard HELOC and the Rate Advantage HELOC.

Features of all HELOCs

  • Available on single-family residences and condominiums (manufactured and mobile home properties are not eligible)
  • Advances can be made during the first 10 years
  • Interest-only payments for first 10 years; remaining 15-year term is fully amortized
  • $50 annual fee waived if payments are automatically transferred from a SchoolsFirst FCU Share Savings or Checking account

Rate Advantage HELOC Features

  • Fixed rate for the first five years, variable thereafter
  • Loan origination fee: $5001
  • A minimum initial draw of $25,000 is required at origination

Standard HELOC Features

  • Variable rate
  • No loan origination fees2

Get Started

Online

Submit a Home Equity Loan Application

 

Call

Call 

 

800.462.8328, ext. 8288

Monday through Friday, 8 a.m. - 7 p.m.

Saturday, 9 a.m. - 3 p.m.

 

Rate Advantage Home Equity Line of Credit

Annual Percentage Rate (APR)
Fixed for five years
Margin Maximum Loan Maximum CLTV Estimated Payment Per $1,000 Borrowed
6.000% -7.250% 0.000%1.250% Up to $500,0003 80%4 Interest only for the first 10 years
6.500% - 9.000% 0.500% - 3.000% Up to $100,000 90%5 Interest only for the first 10 years

APR = Annual Percentage Rate
CLTV = Combined Loan-To-Value

Standard Home Equity Line of Credit

Annual Percentage Rate (APR) Margin Maximum Loan Maximum CLTV Estimated Payment Per $1,000 Borrowed
5.500% - 6.750% 0.000% - 1.250% Up to $500,0003 80%4 Interest only for the first 10 years
6.000% - 8.500% 0.500% - 3.000% Up to $100,000 90%5 Interest only for the first 10 years

APR = Annual Percentage Rate
CLTV = Combined Loan-To-Value

 

Disclosures

1$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.

 

2Lender origination fees may be incurred if 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.

 

3Eligibility for loan amounts exceeding $250,000 is limited to detached single family or detached Planned Unit Development (PUD) properties.

 

4CLTV range is 0% to 80%

 

5CLTV range is 80.01% to 90%

 

The pricing 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. Pricing effective as of date and subject to change without notice. An approved application is required for pricing to be determined. Variable rate; rate and payment subject to change after loan consummation.

 

APR: Variable; may increase after loan consummation.

Payments: Interest-only payments are made for the first 10 years. The remaining 15-year term is fully amortized.

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.

 

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