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Telephone: 855-597-5766

 

Home Equity Lines of Credit and Loans

If you own your home, chances are you've built up a lot of equity. Using the equity in your home can be a smart way to borrow because the interest on the loan may be tax deductible.* Rates are very competitive and there are options for no closing costs. Apply now!

Home Equity Line of Credit: new lines only

Loan Amount a) 80% of appraised value less first mortgage OR
b) 90% of appraised value less first mortgage
For either: maximum = $150,000; minimum = $15,000
Rate a) 2.27% APR** first 9 months, then Prime rate PLUS .25% APR** after 9 months (80% LTV), OR
b) 2.27% APR** first 9 months, then Prime rate PLUS 1% APR** after 9 months (90% LTV)
For either: minimum = 3%; maximum = 18%
Draw Period 15 years (access with home equity checks)
First Advance - $2,500 minimum / $500 increments thereafter
Closing Costs Credit union will pay closing costs. Minimum loan term is three years or reimbursement of closing costs is due to credit union.
Appraisal Fee $350
Processing Time 3 - 4 weeks


Home Equity Loan (Closed End)

Loan Amount 80% of appraised value less first mortgage
Maximum = $150,000; minimum = $10,000
Rate 5 year term -- as low as ***3.99% APR
10 year term -- as low as ***4.49% APR
15 year term -- as low as ***4.99% APR
Closing Costs Credit union will pay closing costs. Minimum loan term is three years or reimbursement of closing costs is due to the credit union.
Appraisal Fee $350
Processing Time 3 - 4 weeks

*Please consult your tax advisor for the deductibility of interest in your particular situation.
**APR = Annual Percentage Rate. Rates are effective 5/1/18 and are subject to change without prior notification. Five Star FCU (FSFCU) will advance the closing costs for a new home equity line of credit on any primary home with a loan amount of $15,000 or more; however, if line of credit is paid off within 36 months of original note date, closing costs must be reimbursed to FSFCU by borrower. Closing costs generally range from $850 to $1,000 on a $20,000 line of credit. $350 appraisal fee due with application. Introductory rate is a variable rate of Prime minus 2.48% for 9 months, subject to a minimum of 2.27%. This results in the APR stated above, but it can change based on prime. Offer is valid on qualified new home equity line of credit applications received during the promotional period starting May 1, 2018 with a minimum initial draw of $15,000 and a maximum 80% of appraised value less first mortgage. After the intro rate or for lines not subject to the intro rate, your monthly APR will be a fully indexed, variable rate based on Prime plus or minus a margin and based on your credit line amount, Loan to Value (LTV) and other factors. Prime rate is obtained from the Wall Street Journal. The minimum APR that can apply is 2.27% and the maximum APR that can apply is 18.00%. After the first 9 months, the rate is variable and can adjust on a monthly basis.
*** APR = Annual Percentage Rate. Rates quoted are the lowest available ("as low as"), are effective 5/1/18 and are subject to change. Actual rate may differ and depends on the applicant's and/or credit applicant's credit history.

 

How to Apply

Loans and lines of credit are available to members in good standing with the credit union; approval is based on credit history and debt-to-income ratio. Submit an application with your two most recent paystubs. Stop by our Saint Agnes Hospital branch to speak to our Loan Officer, call 443-844-3616 during banking hours or apply online.