Whether you’re remodeling your home, need a vacation getaway, planning a wedding or paying off higher rate credit cards, a Home Equity Line of Credit provides access to the funds you need…whenever you need it.
But hurry—this offer is good through May 31, 2021.
**Fees to open a Home Equity Line of Credit (HELOC) range from $241 to $1,118 in Mocse’s four county service area and is based on the collateral. Fees are waived for an initial advance of $10,000 or more. Non-members must meet eligibility requirements and open a $5 share savings account for membership.
**Annual Percentage Rate (APR) as low as 3.25% based on credit qualifications and approval.
The HELOC is an open-end or revolving account secured by a deed of trust on your primary or vacation residence. You can borrow the full amount of the credit limit, repay the principal in full or in part, and borrow again up to the maximum credit limit as long as you remain creditworthy, the security keeps its appraised value and no more than 10 years have passed since the HELOC was opened.
This is a variable rate loan. The finance charge is based on an Annual Percentage Rate (APR). The APR may adjust quarterly on the first calendar day of the quarter. The rate is based on the index, which is the highest commercial prime rate most recently published in the Wall Street Journal, Western Edition. The margin is determined based on your credit qualifications. The index and margin are added together to determine the APR and the daily period rate. There are no limits on the amount by which the APR can change with the following exceptions. The APR will never be less than the Lifetime Floor Rate (3.25% as of March 31, 2021); the APR will in no event exceed 18%.
To compute the interest finance charge, a Daily Periodic Rate (1/365th of the current APR) is applied to the daily balance of the account. The daily balance is computed by taking the beginning balance of the account each day, add any new loan advances or other charges and subtract any payments or credits. The interest finance charges for each day of the billing cycle are added together to determine the total interest finance charge for the billing cycle. Interest finance charges on all advances accrue from the day of the advance to the day of payment. There is no grace period.
The minimum monthly payment will change with changes in the Annual Percentage Rate and the outstanding balance, and will equal the greater of $50 or the amount necessary to amortize the outstanding balance over a period of 15 years from the most recent loan advance. Changes in the Annual Percentage Rate and the minimum periodic payment will be shown on the monthly billing statements for the months that they are effective. Any adjustment in the rate will apply to the entire unpaid principal balance at the time. If the full required payment is not made to the Credit Union within 15 days of the due date, a late charge equal to the greater of 5% of the payment due or $25 may be added for each late payment.
There are no membership or participation or annual fees to maintain the HELOC. There are no penalty fees for paying off the loan. When the loan is paid off, there will be fees charged by the trustee to re-convey the security interest in the real property securing the loan and recording fees assessed.
Rates, terms and conditions are subject to change without notice. Consult a tax advisor regarding tax treatment of interest on the HELOC loan.