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Current Rates

Home Equity Loan & Line of Credit Rates

Type APR as low as
Home Equity Line of Credit 7.50% Variable*
Home Equity Loan 7.00% Fixed**

Rates valid as of 01/01/2023
APR= Annual Percentage Rate. Actual rate and terms may vary according to applicant creditworthiness, loan term, and property equity.

*The minimum initial credit advance must be at least $5,000.00. There is no minimum requirement for subsequent advances.

Minimum Payment Requirements:
You can obtain advances of credit for 5 years(s) (the "Draw Period"). At our option, we may renew or extend subsequent Draw Periods. During the draw period, your monthly payment will equal the amount of accrued interest. Your payment will include any amounts past due and any amount by which you have exceeded your credit limit, and all other charges.

After the draw period ends, you will no longer be able to obtain credit advances and must pay the outstanding balance on your account (the "repayment period"). The length of the repayment period is 15 year(s). During the repayment period, payments will be due monthly. Your minimum monthly payment will equal an amortized payment of the loan account balance. This balance will be amortized over 180 months. The minimum payment will change whenever the annual percentage rate changes. Your loan payments will recalculate each month in order for your loan to be paid in full during the repayment period. Balances of less than $50.00 must be paid in full.

Minimum Payment Example
If you made only the minimum monthly payment and took no other credit advances, it would take 20 year(s) to pay off a credit advance of $10,000 at an Annual Percentage Rate of 7.50%. During that period, you would make 60 payments of $62.50 followed by 179 payments of $92.74, with a final payment of $89.43.

Variable Rate Feature
The APR is based on the value of an index. The index is the highest rate of interest identified as the 'Prime Rate' in the 'Money Rates' section of the Wall Street Journal. We will use the most recent index value available to us as of the date of any annual percentage rate adjustment. To determine the APR that will apply to your account, we add a margin to the value of the index. Your margin will be based on your creditworthiness and Loan-to-Value (LTV) Ratio.

Rate Changes
The APR can change on the first day of each month. There is no limit on the amount by which the APR can change during any one year period. The maximum APR that can apply is 18% or the maximum permitted by applicable law, whichever is less. The APR will not fall below 3% during the Plan.

Maximum Rate and Payment Example
If you had an outstanding balance of $10,000 at the beginning of the draw period, the minimum monthly payment at the maximum APR of 18% would be $150.00. The maximum APR during the draw period could be reached in the first month. If you had an outstanding balance of $10,000 at the beginning of the repayment period, the minimum monthly payment at the maximum APR of 18% would be $161.04. The maximum annual percentage rate during the repayment period could be reached in the second month.

**Payment Example
A $25,000 loan at 7.50% for a 10-year term would consist of 119 payments of $296.80, with a final payment of $295.57.