On a Home Equity Line of Credit we will lend up to $150,000 on approved credit. The home must be your primary residence. Once your loan application is approved we have you contact an approved appraiser for an appraisal. You have to pay for the appraisal at the time it is performed. Then our settlement attorney will order a title search, obtain title insurance, prepare the note & deed of trust, and perform the settlement. These fees can be taken from the proceeds of the loan at settlement. The minimum first advance for home equity loans is $10,000. Each subsequent advance minimum is $1,000. No more than 4 advances per year. The minimum payment is $100. There is a 5-year draw period and the maximum length of the loan is 15 years. The rate is adjusted quarterly and is based on the WSJ Prime plus a margin. There is no limit on the amount by which the annual percentage rate can change during any one year period. The minimum Annual Percentage Rate is 6%. and the maximum Annual Percentage Rate is 18% regardless of the Prime lending rate. Contact the credit union for more information. Applications can be completed in office or mailed.

HELOC Disclosure