Great news! From now through Aug. 19, 2023, get a low 4.99% APR introductory rate for six months on new home equity lines of credit (HELOC). After the introductory period, your rates will range from 8.24% to 11.09% APR based on your creditworthiness and property type.
Home equity lines of credit (HELOC) allow you to borrow money using the equity or value of your home as collateral. HELOCs may be a better alternative than a credit card, or personal loan, as rates tend to be lower (as the loan is tied to your home), and interest paid may be tax deductible.
You can take out any sum up to your HELOC maximum at any time up to your loan limit. However, there are benefits to locking in the rate on larger sums.
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The line of credit appears as an account in your Online Banking, and you can easily initiate a free, same-day transfer to your checking account.
Like a credit card, you qualify for an amount, then how you choose to use it is up to you — all of it, some of it, or even just a little of it.
You can access a HELOC for 10 years — this is known as the draw period. During the draw period you can access funds up to your account limit and have the option of making interest only payments — subject to the lesser of $100.00 or your account balance. When the draw period ends, the repayment period begins.
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The repayment period is 15 years. The new monthly payment includes principal and interest with the repayment not exceeding 180 months. Note: The APR continues to be variable and based on the Wall Street Journal Prime Rate in effect on the last day of the previous month, plus or minus your margin, which is provided with the original loan documents.
C) Your payment may be significantly higher if you have only been making interest-only payments. Please note: That the APR continues to be variable and based on the Wall Street Journal Prime Rate in effect on the last day of the previous month, plus or minus your margin, which was provided with your original loan.
Questions? Drop by a location, or schedule a time to talk to a member consultant or give us a call at 844-LOAN (844-232-8562).
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In order to open a HELOC account, you must become a member and satisfy 's underwriting criteria; not all applicants will qualify. 4.99% Introductory Annual Percentage Rate (APR) for six (6) months from date of account opening. After that your APR may be 8.49% to 11.34% or the APR in effect at the end of the six-month introductory period, based on your credit worthiness and property type. This APR is based on the Prime Rate in effect on the last day of the previous month, plus or minus your margin, but will never exceed 18.00% or go below 3.25%.Borrower will be required to pay for optional services (e.g., retaining an attorney not required to open a HELOC). In South Carolina, where the law requires use of an attorney, will be solely responsible for paying all attorney's fees and costs necessary to open the HELOC and will perform this responsibility fully by paying all reasonable attorney's fees and costs related specifically to the closing based on rates typically charged by attorneys in the local market for the closing of similar HELOC transactions. Borrower will be required to pay for hazard insurance (including flood insurance, if applicable) throughout the term of the HELOC. Borrower will not be required to pay any periodic fees to maintain the HELOC, nor any fees to obtain a variable rate or fixed rate advance during the term of the HELOC. When the HELOC terminates, Borrower will be required to pay a reconveyance fee ranging from an average of $125.00 to $235.00 but is subject to change.
Borrower will not pay upfront fees (no origination fee, no appraisal fee, and no title report or title insurance fee) to open the HELOC in normal circumstances. If the title report shows more than one existing lien, judgments, deceased owners, or other title issues, or if the appraisal shows problems with the subject property, however, then Borrower may be required pay third parties to subordinate or otherwise resolve such title issues and/or to repair or otherwise resolve such property problems. These third-party charges may range from an average of $150.00 on the low-end to an average of $775.00 on the high-end based on the specific circumstance. This range of charges does not include estimates for the costs of home repairs since they can vary greatly.
The APR for Fixed Rate Advances (FRA) currently ranges from 7.99% to 11.09% APR. The FRA APR will be the rate in effect when the FRA is established, which can only occur once the HELOC funds and an advance is taken. Your specific APR(s) is determined by your creditworthiness and property. During the draw period, your monthly payment will equal the amount of accrued interest, subject to the lesser of $100 or your outstanding balance. Because the minimum monthly payment during the draw period is potentially interest only, your principal balance may not be reduced. During the repayment period, your monthly payment will increase and equal the amount of principal and interest necessary to pay off the loan balance by the end of the 180-month repayment period.
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There is no distinction between the draw and repayment periods for Fixed Rate Advances (FRA). Your monthly payment for any FRA will immediately equal the amount of principal and interest necessary to pay off the FRA balance by the end of the FRA's term.
Information contained on this website does not constitute legal or tax advice. Individuals should consult with their financial adviser and/or attorney for advice.
In order to open a HELOC account, you must become a member and satisfy 's underwriting criteria; not all applicants will qualify. 4.99% Introductory Annual Percentage Rate (APR) for six (6) months from date of account opening. After that your APR may be 8.49% to 11.34% or the APR in effect at the end of the six-month introductory period, based on your credit worthiness and property type. This APR is based on the Prime Rate in effect on the last day of the previous month, plus or minus your margin, but will never exceed 18.00% or go below 3.25%.Borrower will be required to pay for optional services (e.g., retaining an attorney not required to open a HELOC). In South Carolina, where the law requires use of an attorney, will be solely responsible for paying all attorney's fees and costs necessary to open the HELOC and will perform this responsibility fully by paying all reasonable attorney's fees and costs related specifically to the closing based on rates typically charged by attorneys in the local market for the closing of similar HELOC transactions. Borrower will be required to pay for hazard insurance (including flood insurance, if applicable) throughout the term of the HELOC. Borrower will not be required to pay any periodic fees to maintain the HELOC, nor any fees to obtain a variable rate or fixed rate advance during the term of the HELOC. When the HELOC terminates, Borrower will be required to pay a reconveyance fee ranging from an average of $125.00 to $235.00 but is subject to change.
Borrower will not pay upfront fees (no origination fee, no appraisal fee, and no title report or title insurance fee) to open the HELOC in normal circumstances. If the title report shows more than one existing lien, judgments, deceased owners, or other title issues, or if the appraisal shows problems with the subject property, however, then Borrower may be required pay third parties to subordinate or otherwise resolve such title issues and/or to repair or otherwise resolve such property problems. These third-party charges may range from an average of $150.00 on the low-end to an average of $775.00 on the high-end based on the specific circumstance. This range of charges does not include estimates for the costs of home repairs since they can vary greatly.
The APR for Fixed Rate Advances (FRA) currently ranges from 7.99% to 11.09% APR. The FRA APR will be the rate in effect when the FRA is established, which can only occur once the HELOC funds and an advance is taken. Your specific APR(s) is determined by your creditworthiness and property. During the draw period, your monthly payment will equal the amount of accrued interest, subject to the lesser of $100 or your outstanding balance. Because the minimum monthly payment during the draw period is potentially interest only, your principal balance may not be reduced. During the repayment period, your monthly payment will increase and equal the amount of principal and interest necessary to pay off the loan balance by the end of the 180-month repayment period.
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There is no distinction between the draw and repayment periods for Fixed Rate Advances (FRA). Your monthly payment for any FRA will immediately equal the amount of principal and interest necessary to pay off the FRA balance by the end of the FRA's term.
Information contained on this website does not constitute legal or tax advice. Individuals should consult with their financial adviser and/or attorney for advice.
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