The Board of Directors has chosen a variable rate for the Interior Federal Credit Union HELOC because it provides an accurate reflection of the market conditions. The rate can change on January 1 and July 1 and will be based on an index of the Prime Rate as based in the Wall Street Journal with the following margin:
- 90% to greater then 80% loan to value = Prime Rate minus 25 bases points.
- 80% or less loan to value, Prime Rate minus 50 bases points.
Here are some of the great benefits for the Home Equity Loan:
- The minimum line of credit is $10,000 and the maximum line of credit is $250,000.
- Interior FCU will pay normal settlement fees if there is an initial advance of $25,000 or more and no prepayments are made within the 1st year
- Single Family Homes/Townhouses: borrow up to 90% of your home’s current assessed or appraised value minus any first mortgage balance
- Condominiums, you may borrow up to 80% of your home’s current assessed or appraised value minus any first mortgage balance
- The first advance must be taken at settlement
- The first advance must be for at least $5,000. Additional advances must be for at least $100
- This loan has an “Apply Only Once” feature, so to meet future borrowing needs, apply for you maximum credit limit now, then borrow only what you need.
- Interest Rate floor is 4% with a ceiling of 18%; 15-year draw period then 20-year payback period
- Access your line of credit of online
- Receive first 50 standard checks FREE
- No closing costs
Once approved, you will receive 50 FREE standard checks. Simply write checks for any amount up to your available credit line. For an immediate advance, sign into Online Banking. There's no need for a new credit application with each request. Interest on a Home Equity Line of Credit may be tax-deductible. (Consult your tax advisor)
The Home Equity Line of Credit is a variable rate loan. The annual percentage rate may change. Rates are subject to change July 1st and January 1st. The interest may be tax deductible. Consult your tax advisor.
The credit union offers a fixed-rate second trust mortgage for up to $50,000, with a term of ten years. (Loan is available to owners of single family, townhomes and condominiums in Maryland, Washington D.C., Virginia, or West Virginia.)
On Single Family Homes and Townhouses, loans shall be limited to 90% of the appraised value or the assessed value of the property. On Condominiums, loans shall be limited to 80% of the appraised value or the assessed value of the property.
HELOC loans available to owners of single family, townhouses and condominiums except in FL, ID, KS, NM, NY, ND, OK, PA, TX & UT.
Interior FCU will pay normal settlement fees if there is an initial advance of $25,000 or more and no prepayments are made within the first year of the loan.
