Home Equity Line of Credit (HELOC)
Rates are and are subject to change without notice.
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HELOC Special Need HELOC flexibility but afraid of rising rates? You can fix the rate for the first 3 years! Adjustable-Rate Interest Only HELOC 5.25% — 6.00% APR Fixed for 3 Years |
Equity Plus A fixed-rate 2nd Trust Deed is a loan with one up-front payout. That loan is paid back monthly at a fixed interest rate for a set period of months, usually 15 years or less. A Home Equity Line of Credit (HELOC) lets you draw funds as needed from the equity in your home over a set period of time, called the Draw Period. That money is then repaid during the Repayment Period, with a variable interest rate tied to the Prime Rate, as indicated below. If you need to have cash up front but want the flexibility of a HELOC, look into getting both loans on the same residence.
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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
| Feature | Rate⁄Margin | Feature | Rate⁄Margin |
| Waived Automatic 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 | Not Available |
| Loan Amount < $20K | Add .500% | Manufactured Housing | Add .250% |
| Loan Amount > $300K | Add .250% | Non-Conforming Properties | Add .250% |
Adjustable Home Equity Line of Credit: HELOC is variable rate tied to the Prime Lending Rate plus a margin with a maximum rate of 15.00% APR, 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 of 80% or less, an initial draw of $25,000, an Automated Valuation Model appraisal (AVM) must be available, and a limited title policy must be obtained. If the no fee option is used, a $750 early closure fee applies for first three years of loan.
HELOC Special Only: After expiration of introductory rate, interest rate is variable based on an index with a maximum rate of 15.00% APR. Minimum Initial Draw is $40,000 and the Minimum Balance during fixed period is $25,000 (If refinancing an existing RCU loan, above minimums apply above existing loan amount). Average fees on no point loan of $50,000 or less range from $950-$1050. 5.25% APR requires a CLTV of 70% or less. 6.00% APR requires a CLTV of 71%-80%. No fee option is available, an initial draw of $25,000, AVM must be available, and a limited title policy must be obtained. Product requires automatic payment from an RCU checking account. Introductory rate shall remain in effect for 3 years. Not for modifications of existing loans.
Equity Plus: Payment example for Equity Plus 2nd Lien: 15-year term per $100,000 borrowed: $843.56 at 5.990% or $898.56 at 6.990%.
