3 Year Adjustable Rate Home Equity Line
Need Money? Equity in Your Home?
You can draw a line of credit for any purpose you need, secured by the equity in your home.
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- Three-year adjustable-rate home equity line
- Rate is fixed for three years from the date of disbursement and adjusts every three years thereafter.
- 10 Year Draw / 25 Year Repayment
- Finance up to 85% of the appraised value, less first mortgage
- Borrower pays the New York State Mortgage Tax. All other fees and closing costs are paid by the Credit Union. If a walk-through appraisal is required, the member pays the difference in price
- Must pay back closing costs if the loan is discharged within three years
- No application fees or annual fees
- Convenient check access
Home Equity Loan/Line Rates
|Line of Credit Type||Repayment Term||APR* as low as||Max Amount||Details|
|Interest Only HELOC||Interest Only payments first 5 years / 5 Year Draw Period / 25 Year Repayment||5.00%||Maximum Amt: $250,000 in 1st lien position / $100,000 in 2nd lien position||Maximum CLTV = 85%|
|HE Fixed Installment||Terms up to 20 years||4.25%||Maximum Amt: $250,000 in 1st and 2nd lien position||Maximum CLTV = 85%|
|3 Year Adjustable||10 year draw / 15 year repayment||5.00%||Maximum HELOC: $250,000 in 1st lien position / $100,000 in 2nd lien position||Maximum CLTV = 85%|
|Fixed Rate HELOC||3 year draw/ up to 20 year repayment||4.75%||Maximum HELOC: $250,000 in 1st lien position / $100,000 in 2nd lien position||Maximum CLTV = 85%|
*APR = Annual Percentage Rate. All rates quoted are the lowest available rates, the actual interest rate will be based on overall creditworthiness. Variable rates may increase over time. All rates and terms are accurate as of today and are subject to change without notice. All Rates shown are as low as. For current rates call (518) 783-2211. Please refer to your Terms and Disclosures or contact any Community Resource employee for more detailed information
** Rate includes Membership Pays discount. Membership Pay =.25% rate discount with Automatic Payment from a Community Resource FCU Checking Account.
+ = Rate does not qualify for additional rate discount.
New York State Mortgage Tax is required and paid by the borrower. All other closing costs are paid by the Credit Union unless disclosed with approval terms and conditions. Closing costs paid by the Credit Union are reimbursed with the payoff amount if the loan or line of credit is paid in full and discharged within the first (3) three years of loan opening, approximately $400 – $800. You should consult a tax advisor regarding the deductibility options of the interest paid.
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With an interest-only HELOC, you have the convenience of a one-time application.
Once it is established, you may borrow, repay, and borrow again up to your available credit line.
This is a great option for those who want a low minimum monthly payment as you will only pay interest during the 5-year draw period!