Home Equity Line of Credit Loan
Advantage One's Home Equity Line of Credit lets you take advantage of your home's equity and also gives you flexibility. If you expect that your expenses will vary or you simply want to draw on your loan as you see fit, our Home Equity Line of Credit is for you. Easily transfer funds to your checking through MyBranch online banking. Have funds available when you need them and enjoy our generous 10 year draw period and 10 year repayment terms.
Our Home Equity Line of Credit features:
- Rate tied to Prime, credit worthiness & consumer credit scoring
- Line-of-credit up to 80% of the appraised value of your home (less mortgage & liens)
- Minimum loan amount of $10,000, with an initial minimum advance of $10,000
- 10-year draw period with a 10-year repayment period
- Payments based on as little as 1.35% of your outstanding balance as of your last advance
- Apply over the phone or in branch
|Home Equity Line of Credit Loans|
|Effective Date: Friday, January 18th, 2019|
|Name||Balance||Annual Percentage Rate|
|10 year Line of Credit||$10,000+||5.50%|
Quoted Home Equity Line-of-Credit rates are the lowest available. Your final loan rate is based upon the Prime rate, creditworthiness, consumer credit scoring and may be higher than the quoted rates. The credit union rates have a floor of 4.00% and a maximum of 16.00%. Rates are subject to review and change quarterly. The minimum credit advance that you can receive is $10,000.00 for the first advance. You can obtain credit advances for 10 years during the draw period. The length of the repayment period will be 10 years. You will be required to make monthly payments during the draw and repayment periods. Retain a copy of the preliminary disclosures. The credit union will receive a security interest in the dwelling.
FEES AND CHARGES: In order to open, use and maintain a line of credit plan, you may have to pay an appraisal fee.