APR = Annual Percentage Rate
|ACCOUNT Type||Term||Interest Only / Draw Period||APR||Payment Example ($25,000 Loan)|
|HELOC||30 Years||10 years||7.50%* until the first rate change. Rate will adjust quarterly and is subject to increases based on Prime.||$156.251|
APR (Annual Percentage Rate)
*Rate quoted assumes a minimum credit score of 750 and a maximum combined loan-to-value (CLTV) of 70%. APR is based on an evaluation of creditworthiness, so your rate may vary. Credit approval required.
Home Equity Line of Credit refers to an owner-occupied residence and Fair Market Value minus other loans. The maximum CLTV on home equity lines of credit is 90%. For loans with a CLTV greater than 70%, higher rates will apply. The Annual Percentage Rate (APR) for variable rate loan products may increase in accordance with the Wall Street Journal Prime Rate (“Index”, currently 8.500%). The maximum APR at any time is 18%.
HELOC is a variable rate product. The annual percentage rate may change monthly. The rate will not exceed the maximum legal limit for Federal Credit Unions (currently 18%). The annual percentage rate will never go below 4% at any time during the term of the plan. Interest only loan has a 10 year draw period followed by a 20 year repayment period.
Lien recordation is required. Appraisal, recordation taxes and other closing costs apply and will be at the member's expense. These closing costs vary based on the property location, the loan amount requested, the fair market value and the combined loan-to-value (CLTV) ratio. Property insurance is required. HELOC products are not available for investment properties. Please consult with a tax adviser on the deductibility of interest. Other terms and conditions apply, please call 202-212-6400 for details.
1Example is for interest only payment.