Home Equity Loans
Rates are and are subject to change without notice.
HELOC Special 5.50% APR* Thereafter, floating rate tied to 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 80% Combined Loan to Value (CLTV) |
80.1% – 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 +.500% |
Standard Rate Prime Rate +1.250% |
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% |
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.
*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. 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: 5.00%. Not for modifications of existing loans.
