Home Equity Loans
Rates are and are subject to change without notice.
HELOC Special Fixed for the First Three Years 5.25% APR* (up to 70% CLTV) Thereafter, floating rate at Prime Rate: Need HELOC flexibility but afraid of rising rates? Then Fix the Rate for the First 3 years! |
Equity Plus A fixed rate 2nd Trust Deed provides for a one–time loan funding, to be repaid over a fixed number of months at a fixed interest rate. A Home Equity Line of Credit (HELOC) is a line of credit that can be accessed via advances over the Draw Period and repaid over the Repayment Period, with a variable rate of interest tied to the Prime Rate as indicated below. Not sure which is better for you? How about both?
|
Adjustable Home Equity Line of Credit
| Term | Up to 70% Combined Loan to Value (CLTV) |
70.1% – 85% Combined Loan to Value (CLTV) |
| 15 Year Draw Period⁄15 Year Repay Period Or 10 Year Interest–Only Draw Period⁄15 Year Repay |
Standard Rate Prime Rate +1.5% |
Standard Rate Prime Rate +2.250% |
Rate⁄Margin Adjustments
| Rate⁄Margin | Rate⁄Margin | ||
| Waived Auto Payment | Add .250% | Second Homes | Add .250% |
| FICO <680 and ≥660 | Add .500% | Non Owner Occupied | Add .375% |
| FICO ≤659 | Add 1.000% | Stated Income | Add .500% |
| Loan Amount < $20K | Add .500% | Manufactured Housing | Add .250% |
| Loan Amount > $300K | Add .250% | Non-Conforming Properties | Add .250% |
Rates effective May 15, 2009. All rates, terms and special offers are subject to change without notice. Other restrictions may apply. Consult your tax advisor for details regarding tax deductibility. Maximum CLTV is 80% for Manufactured Homes. RCU mortgages are available on CA properties only. HELOC is variable rate tied to the Prime Lending Rate plus a margin. There is a minimum, or floor rate; see disclosures for details. Any loan >$250,000 requires full appraisal, at cost to borrower even if No Fee option is used.
*HELOCs: Maximum APR on Home Equity Line of Credit is 15.00% depending on initial CLTV. Average fees on no point loan of $50,000 or less range from $950-$1050. No fee option is available, must have CLTV <=80%, an initial draw of $25,000, AVM must be available, and a limited title policy must be obtained. If No fee option is used, a $750 prepayment penalty applies for first three years of loan.For HELOCs with no initial draw, closing costs of $750.00 can be financed into your equity line resulting in no out of pocket expenses at loan funding. HELOC Special Only: Min Initial Draw is $40,000 & Min Balance during fixed period is $25,000 (If refinancing an existing RCU loan, above minimums apply above existing loan amount). Product requires automatic payment from an RCU checking account. Introductory rate shall remain in effect for 3 years. After expiration of intro rate, rate is variable based on an index with max rate of 15.00% APR. Example of current rate using that index: 4.75%. Not for modifications of existing loans.
