Home Equity Line of Credit
(Primary Residence)
A home equity line of credit (HELOC) is similar to a home equity loan as the maximum loan amount is
determined by the equity in your home. Instead of receiving the amount in full, however, you are
given a line of credit to draw funds up to your credit limit. Your available credit replenishes
as you repay the outstanding balance.
Features
- No origination fees*
- 10-year draw period; repayment period next 15 years
- Interest-only payments for first 10 years; remaining 15-year term is fully amortized
- No prepayment penalty*
- Condos and town homes are eligible*
- In-house loan servicing for the life of your loan
*Some restrictions apply. Click Terms & Conditions link below for details.
Margin
Range |
APR |
Max.
Loan* |
Max.
CLTV* |
Est.
Payment/
$1,000 |
1.200% -
2.200% |
4.450% -
5.450% |
$250,000 |
80% |
Interest Only |
 |
*This product is also offered up to 90% CLTV with a maximum loan amount of $100,000. The rate is 1% above the lowest rate listed in the range above based on specific qualifying credit criteria. Please call our Real Estate Lending department for details.
PLEASE BE ADVISED:
The pricing you may qualify for is based on factors including your credit rating
and the combined loan-to-value (CLTV) of your property. The pricing information
is effective as of 11/20/2009 and is subject to change without notice. A
completed application is required for a rate to be locked. Estimated processing
time: up to 30 days.
Index Rate: 3.25%; Represents the highest "prime rate" as reported in The Wall Street Journal on the last business day of the month preceding the start date of each billing cycle.
Fully Indexed Rate: Represents the index rate plus the margin and is the rate used to calculate standard monthly payments.
Lifetime Floor Rate: 4.000%; Represents the minimum rate that can be charged.
Lifetime Maximum Cap: 18.000%; Represents the maximum rate that can be charged.
Variable APR: The APR is subject to increase after loan consummation.
Payments: Interest-only payments are made for the first 10 years. The remaining 15-year term is fully amortized.
Home Equity Line of Credit Annual Fee: $50; This fee will be waived if payments are automatically transferred from a SchoolsFirst FCU Share Savings or Checking account.
Questions? Call a real estate loan consultant at 714/258-4000 or 800/462-8328, extension 8288. Consultants are available Monday - Friday, from 8 a.m. to 7 p.m., and Saturday, from 9 a.m. to 3 p.m.
