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Home Equity Line (Interest Only Option)
The Home Equity Line of Credit is a variable rate loan that has the flexibility of a revolving line of credit plus low payments. You are approved for a maximum credit line, but your payment is based only on what you borrow. As you repay your loan, you are able to borrow the money again, without the hassle of completing another loan application.
Home Equity Line Program Features
- Competitive Terms
Borrow up to $250,000.00 and up to 100% of the equity in your home. The interest rate is variable and is based on the Wall Street Journal Prime rate. The interest rate and minimum monthly payment may increase based on your loan balance. Your equity line is assessable via FlexTeller, Electronic Teller (E.T.) or by writing a check. Interest paid may be tax deductible (Please consult your tax advisor for more details).
- Flexible Repayment Options
Interest only payments keep your monthly payment low. Of course, you may always repay more and reduce your principal balance.
- Low, Low Fees
No loan origination fees. However, if you close your Equity Line within 24 months of the opening date, any third party fees (appraisal, title, flood certification and recording fees) paid by the Credit Union on your behalf will be added to your final pay-off balance. As long as the loan is open for more than 24 months you will not be responsible for any up-front fees.
Equal Credit Opportunity Act
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