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Home Equity Disclosures
1. APR=Annual Percentage Rate. Variable Rate Line of Credit requires minimum initial draw of $5,000; GRAND PLAN Home Equity Line of Credit requires $50,000 minimum loan advance at closing. Maximum loan amount is $250,000. Maximum term under this program is 15 years. The credit union will lend up to 90% combined LTV (included outstanding first position liens against the property) based on a current appraisal or in-house property evaluation. Interest rate is tiered depending on credit history, term & LTV. Lifetime cap is 15.00% APR; minimum rate is 2% below initial rate. Rate is subject to change quarterly on the first day of January, April, July, and October, and is based on the Prime Rate as published in The Wall Street Journal 30 days before the date of the annual percentage rate change. The rate cannot increase or decrease more than 2 percentage points in any one-year period. Rate is rounded up to the nearest quarter of a percent. The Variable Rate Home Equity Line of Credit and Grand Plan Home Equity Line of Credit has no closing costs unless it is paid in full within 36 months, in which case the borrower will pay $500 towards closing costs. Rates are based upon applicant’s creditworthiness, may vary from those shown and are subject to change at any time without advance notice. Borrower is responsible for homeowners insurance and flood insurance.
2. APR=Annual Percentage Rate. Rate applies to loans under $200,000 with LTV up to 80% for 60 months. A 60-month term and an 80% total loan-to-value for a Home Equity Loan with a fixed rate of 4.99% APR would result in an estimated payment of $18.87 for each $1,000 financed. Different rates apply for longer terms with a maximum term for this program of 15 years. Different rates apply to loans over $200,000 and/or LTV’s over 80%. Rates are based upon applicant’s creditworthiness, may vary from those shown and are subject to change at any time without advance notice. Other rates and terms are available. The Fixed Rate Home Equity Loan has no closing costs unless it is paid in full within 36 months, in which case the borrower will pay $500 towards closing costs if the loan is under $100,000 and $750 if the loan is $100,000.01 or more. Borrower is responsible for homeowners insurance and flood insurance.
Call TEG FCU at 845-452-7323 or 888-834-8255 with any questions. |
