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Home Equity Products – Fixed and Variable Rates

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Borrowing against the equity in your home can be a great way to finance important improvements that will enhance the value of your home.  Pools, room additions, kitchen and bathroom upgrades, or a new roof can all be great value additions and will let you enjoy your home even more.

Fixed Rate – Home Equity Loans and Second Mortgages

These fixed rate, closed-end loans allow you to borrow against the equity in your home for any purpose.  They are ideal for financing large remodeling projects or paying off debt. We offer terms up to 15 years and because of the fixed term you will have a fixed monthly payment that you can budget easily.

Variable Rate – Home Equity Lines of Credit

This is a very versatile, variable line of credit which allows borrowers the freedom of using only the portion of the equity line they need when they need it.  You pay $100 per month every $10,000 of credit line used. There is an initial 10 year draw period after which the available line closes and the borrower pays off the balance of the note in a lump sum or in installments based on currents rates and the amount owed.

Fixed Home Equity Line of Credit Intro Rate

Prospectors Federal Credit Union is pleased to offer 0ur Introductory Home Equity Line of Credit, a variable rate loan.  It offers 2.99% APR for 12 months or 3.25% APR for 18 months.  At the end of the introductory period the rate will adjust to the fully indexed rate for the borrower’s underwritten index.  Fully indexed rates adjust with the PRIME lending rate.  Other factors affecting a borrower’s rate may be the borrower’s credit worthiness and CLTV (Combined Loan to Value) up to 70%. All loans against the property will be considered in the CLTV calculation for the percentage ratio.  The total principal balance(s) of all mortgages on a property is divided by the Credit Unions appraised value of your home.  Minimum initial advance to qualify for the ‘Intro’ promo is $10,000.  Monthly payments begin at just $100 for each $10,000 of credit line used or a minimum of $100.  The maximum APR is capped at just 6% APR above the borrower’s fully indexed start rate.  The adjustable rate is indexed to the PRIME Lending Rate.  After the ‘Intro’ period the rate adjusts quarterly with Prime up to ½% per quarter.

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