EQUITY FOR EMERGENCIES
Home Equity Line of Credit
A Home Equity Line of Credit (HELOC) is a revolving line of credit that can be used in case of emergency or for short term expenses.
A 2.49% Interest Rate is Something to Celebrate!
- 2.49% for 6 months
- Borrow up to 100% of your home’s value
- No closing, appraisal, credit report, or origination fees on loan amounts under $250,000
Choose between these HELOC options:
- Standard HELOC – With our standard Home Equity Line of Credit, you pay 1% of the principal amount monthly (minimum $50)
- Interest-Only HELOC – With our interest-only HELOC, you pay the monthly interest on the amount you have borrowed (minimum $50)**
*University Credit Union HELOC's have a 10 year draw period followed by a 10 year repayment period. Minimum line of credit is $5,000 with a $100 minimum advance. Fees will be incurred if HELOC is closed within 24 months of its origination date. Homeowner insurance will be verified.
**Variable interest will be based on the prime rate plus a margin. For example, a prime rate of 3.25% plus a margin of 0.5% would result in an interest rate of 3.75% APR. Because prime is a variable rate; as it changes, the APR on your account will also change. The maximum APR that can apply is 18.00%. Minimum interest rate over the life of the loan is 3.74%. See rates table for current HELOC rates. Closing costs waived include origination, processing, underwriting, tax service, appraisal, credit report, and title fees.
|Loan to Value||Minimum APR*||Maximum APR*|
|60% LTV||As low as 3.74%||18.00%|
|70% LTV||As low as 4.00%||18.00%|
|80% LTV||As low as 4.50%||18.00%|
|85% LTV||As low as 6.00%||18.00%|
|90% LTV||As low as 7.50%||18.00%|
|100% LTV||As low as 8.75%||18.00%|
Rates vary upon loan to value and credit. Owner occupied and single family residence only.
2.49% for the first six months up to 100% LTV
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*Home Equity Loan: Loans subject to credit approval. See current rates and terms. Home equity financing will require a minimum of a 10% down payment. For example a $100,000 loan approved at 90% of value would require a down payment of $10,000. The minimum payment for a $90,000 loan with a 6.99% APR and 10-year term is $1044.51. This payment example does not include taxes and insurance. Your actual payment may be higher. The monthly obligation will be determined by the total loan amount at the time of closing and the term and interest rate of the loan. See our Loan Calculators for specific examples. You may prepay you loan at any time without penalty. In the case of Home Equity Line of Credit (HELOC), Equity Loan, or a no-fee first mortgage loan, we may require repayment of the hard costs if the loan is paid off within the first two years.
*Crimson Rewards Visa: Visit our Visa Rewards site to view the awards catalog or to learn more about the program rules and details.
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