Choosing a loan or line of credit
Using the equity in your home can be a smart way to borrow because the interest rates are generally lower than many credit cards or personal loans. A flexible line of credit lets you borrow over and over again as you pay off your balance. A loan with a fixed rate and term is handy for borrowing for a specific amount and time frame.
The credit union will pay for your closing costs if you keep your line open for at least three years, or your fixed-rate loan is greater than $50,000.*
Home Equity Lending RatesEffective September 1, 2018
Loan Amount $10,000 – $150,000
|Term||Amount||APR* as low as|
|* APR = Annual Percentage Rate. Minimum APR 2.27%; Maximum APR 18.00%. Credit union will pay closing costs; however, if the line of credit is paid off within 3 years, reimbursement is due to the credit union. Appraisal Fee: $350. Processing time: 3 to 4 weeks. New lines only; required min. advance of $15,000.
** Prime rate as published at www.fedprimerate.com. The equity loan rate is subject to change on the first day of the quarter (January, April, July & October) following a change in the prime rate. Draw Period: 15 years (access with home equity checks); First Advance: $2,500 minimum; $500 increments thereafter.
|Revolving Line of Credit||80% Appraised Value less First Mortgage||2.27% (9 months) then Prime** + .25% (after 9 months)|
|Revolving Line of Credit||90% Appraised Value less First Mortgage||2.27% (9 months) then Prime** + 1.00% (after 9 months)|
|5-Year Closed End||90% Appraised Value less First Mortgage||4.24%|
|10-Year Closed End||90% Appraised Value less First Mortgage||4.74%|
|15-Year Closed End||90% Appraised Value less First Mortgage||5.24%|
Apply at our branches
Loans and lines of credit are available to members in good standing; approval is based on credit history and debt-to-income ratio. Bring your two most recent paystubs when you apply at a branch.
Visit our Saint Agnes Hospital branch to speak to our Loan Officer or call 443-844-3616 during banking hours for more information.
Using home equity is a low-rate, smart way to borrow!