NOW is the right time
for a Home Equity loan!
Home Equity loans are secured by a second deed of trust; the amount you can borrow is based on the amount of equity you have in your home. We have two equity programs to choose from -- Fixed Equity, or a Prime Equity Line of Credit.
Fixed Equity
The traditional fixed equity loan offers:
- A fixed rate throughout the life of your loan,
- Choice of 7, 10 or 15 year terms,
- No points or closing fees*, and
- Possible tax savings. Consult your tax advisor regarding the deductibility of interest.
Prime Equity Line of Credit
An adjustable rate credit line secured by your home that offers:
- No points, annual fees, or closing costs*,
- Unique, Designed For Members™ rate-change program**, and
- Possible tax savings. Consult your tax advisor regarding the deductibility of interest.
**Loan must remain open for 12 months; if terminated prior, the establishment costs of $175 - $400 would be recovered. Property insurance is required.
**Prime Equity rate requires a minimum $10,000 draw. The annual percentage rate may vary. The maximum annual percentage rate is 12.0% There are no membership or participation fees. Your rate can be adjusted as follows: when rates are increasing, your rate will only be adjusted two times per year, once in February, and again in August. When rates are declining, your rate will be adjusted monthly.
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Sample Amounts for 5.25% apr**
Prime Equity.
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Estimated Payment
on a 180-month Loan:
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Amount
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Monthly Payment
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| $10,000 |
$81.00
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| $20,000 |
$161.00
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| $30,000 |
$242.00
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| $50,000 |
$402.00
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| $75,000 |
$603.00
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| $100,000 |
$804.00
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| **APR = Annual Percentage Rate. Rate is adjustable and subject to change if Prime Rate as published in the Wall Street Journal changes. An increase in payments can result if rate is adjusted upward. Floor is 5.25% APR, ceiling is 12%. Annual rate cap increase is 1%; rate subject to change semi-annually. Your rate depends on your overall credit score and could be higher than 5.25%. |
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