Home Equity Line of Credit (HELOC)
(PRIME - 1.25%) FOR THE LIFE OF YOUR LOAN
Use the equity in your permanent(owner occupied) residence to finance a wide range of needs such as:
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Home remodeling, additions, and improvements.
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Consolidation of credit cards and other loans.
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College and other educational costs.
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Purchase of autos, trucks, RVs, cycles, and boats.
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Vacation property and land.
Our variable rate home equity offers you a line of credit for current needs and future needs. You can draw on your line over a period of 12 years. Closing costs are waived by the CU on advances of $15,000 and above when equity line is maintained at CU for 4 years.
**The maximum APR will not exceed 14.5%. Based on the Prime Rate in effect on 12/11/07 your APR for Prime minus 1.25% would be 6.00%. This rate may vary quarterly . Your line is secured by a mortgage on your home and property insurance is required. If your line of credit is paid and your home equity mortgage is discharged within four years of origination, closing costs must be returned to the credit union. There are no annual fees. Consult a tax advisor regarding deductibility of interest.
