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Use the equity in your home to fund that next big project or purchase, do it easily at a great rate, and enjoy flexible repayment options. Sounds like a fantasy, doesn't it? With a Home Equity Line of Credit (HELOC) from San Mateo Credit Union, it could be your reality. Compare your options and available rates.
1. APR = Annual Percentage Rate. Rates and terms shown are accurate as of 11/18/2019, and apply to a Home Equity Line for the most qualified applicant at the CLTV shown. 2. Rates vary for second or vacation homes. Home Equity Lines of Credit are only available in California on owner occupied and vacation or second homes.
The minimum periodic payment for line of credit is interest-only for the first 10 years ('draw period') followed by fully-amortizing payments to repay the balance over the final 15 years. No draws will be allowed during the repayment period. Payments and rate can adjust monthly. Payments will increase if rates increase. At the end of the draw period, your required monthly payments will increase because you will be paying both principal and interest.
3. Line of credit rate is calculated using an index plus a margin. The index used is the Prime Rate as published in the Wall Street Journal Western Edition on the last business day of the month prior to the change. The current prime index is 3.25%. The minimum credit line amount is $25,000 and the maximum is $400,000. SMCU will pay customary closing costs on lines up to $250,000 in second lien position. Borrower is responsible for closing costs on lines in first lien position or over $250,000 and any escrow fees resulting from changes to title. Closing costs are $1,295 for lines above $250k. Borrower may be required to pay a notary fee of approximately $150 to execute the loan documents.
*APR=Annual Percentage Rate. Rates and terms are accurate as of 11/18/2019 and apply to a Home Equity Line of Credit (HELOC) for the most qualified applicant at the CLTV shown. Rates vary for second or vacation homes. Home Equity Loans are only available in California on owner occupied and vacation or second homes. All loans are subject to credit approval. Speak with a Mortgage Expert for current rates and information on loan limits as additional conditions and restrictions may apply. San Mateo Credit Union NMLS #416747.
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