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Home Equity Line of Credit

Equity Options

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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