Prospectors Federal Credit Union is pleased to offer …
Our Introductory Home Equity Line of Credit, is 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 principle 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. Rate quoted is current as of 04/1/2020.
Terms and Conditions: This offer is not a guarantee of credit. Credit may not be extended if minimum credit score and payment criteria cannot be met; applicant is delinquent on a loan; we are unable to verify applicant’s income or employment; applicant’s income in our opinion and according to our established criteria is not sufficient to pay the amount requested; the collateral does not meet our lending guidelines.
In some cases, interest paid on Home Equity loans may be used as a tax deduction, however the 2018 Tax Cuts and Jobs Act (TCJA) has restrictions on mortgage-based interest deductions. Consult a tax professional regarding your mortgage deduction options. Our current ‘after INTRO’ rate of 3.25% APR is current as of 04/1/2020. Prospectors HELOC’s are variable rate loans. Their rate is tied to the Prime Lending Rate. After the initial promo period the rate will adjust to the then current fully amortized rate for the borrowers’ underwritten index.