Home Equity Loan
A Home Equity Loan offers a one-time advance with a fixed term and interest rate. If you know exactly what you would like to use these funds for, then a Home Equity Loan may be the right choice for you.
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Fixed interest rate(1)
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Minimum loan amount $10,000.00
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Maximum loan amount up to $500,000.00(2)
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Borrow up to 80% of collateral value(3)
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Terms available up to 15 years*
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Minimum payment amount of $50.00 is required
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Owner occupied property. No investment properties.
Interest Rates
| 7 Year Term |
10 Year Term |
15 Year Term |
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Fixed Interest Rate
7.35% - 10.35% APR
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Fixed Interest Rate
7.55% - 10.55% APR
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Fixed Interest Rate
7.80% - 10.85% APR
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Actual interest rate will be provided upon approval of a completed loan application.
* Payment Example : For a 15 year term, pay $9.44 per month per $1,000 borrowed at 7.80% APR for 180 months.
(1)Annual Percentage Rate based upon borrower's credit qualifications
(2)Based on collateral valuation of the property and credit union guidelines.
(3)Home Equity Loan maximum combined first and second mortgage liens cannot exceed 80% of the collateral valuation.
Note: Fees to open a Home Equity loan range from $241.00 to $1,118.00 based upon the collateral valuation. Property insurance is required. Other restrictions may apply. Consult a tax advisor for further information regarding deductibility of interest and charges.
Home Equity Line of Credit
The choices are yours with a Home Equity Line of Credit! Whatever your financial needs might be, the convenience of a Home Equity Line of Credit could be the loan option for you.
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No annual fee
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Maximum credit line of $500,000 on owner occupied properties(1)
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Check writing convenience(2)
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Take advances for up to 10 years
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15 year repayment term*
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Owner occupied: Borrow up to 80%(3) of collateral value
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Variable Annual Percentage Rate that adjusts quarterly(4)
Interest Rates
| HELOC Owner Occupied |
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Variable Interest Rate
8.00% - 10.00% APR
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Actual interest rate will be provided upon approval of a completed loan application.
*Payment Example : Pay $9.56 per month per $1,000 borrowed at 8.00% APR for 180 months.
(1)Based on collateral valuation of the property and credit union guidelines
(2)Minimum loan advance is $500.00
(3)Home Equity Line of Credit maximum combined first and second mortgage liens cannot exceed 80% of the collateral valuation.
(4)Annual Percentage Rate (APR) is based on the following formula: the highest commercial prime-lending rate of interest as correctly published in the Wall Street Journal, Western Edition, on the most recent publication date prior to the first day of the quarter, or index plus a margin. The minimum interest rate is the floor rate of interest. The index, margin, floor rate of interest and APR will be disclosed to you when the loan is approved. There are no annual limits to rate changes. However, it will not increase above 18% APR.
Note: Fees to open a Home Equity Line of Credit range from $241.00 to $1,118.00 based upon the collateral valuation used and amount of initial advance. Property insurance is required. Other restrictions may apply. Minimum payment amount of $50 is required. Consult a tax advisor for further information regarding deductibility of interest and charges.
Mocse Credit Union NMLS #757328