Home Equity Options for Autos

If you are a home owner, an alternative for financing your next vehicle purchase is to use a Home Equity Loan. The interest you pay may be tax deductible (consult your tax advisor to see if you are eligible for the deduction.)

Home Equity Line of Credit Revolving line of credit that allows you to make payments only on the amount of money you draw on from the credit line. (Maximum draw period for advances is 15 years, with a maximum term of 15 years after the close of the advance period.)

Home Equity Plus One time lump sum paid to you at the loan closing.

Home Equity Line of Credit²August 27 to September 15, 2010

Annual Percentage Rate³

Index¹

Margin

Loan to Value⁴

3.50%

3.25%

- 0.50

up to 80%

4.50%

3.25%

+1.25

80.01% - 85%

¹The Index is the Prime Rate published in the Wall Street Journal on the last Wednesday of each month.
²Generally, fees paid by NEFCU. If appraisal required, member-paid fees may range from $350 to $550. For Home Equities in first Mortgage position, members may be required to pay Title Examination and Title Insurance fees.
³All rates quoted are subject to change monthly, the maximum interest rate is 18% and the minimum interest rate is 3.50%. The rate may increase after the consummation of the loan. These are our posted rates; your rate could vary according to your credit.
⁴Maximum allowable loan to values may vary based on current market conditions. Call a loan officer for further details.

Home Equity Plus¹August 27 to September 15, 2010

Annual Percentage Rate²

Term

Monthly Payment per $1000³

Loan to value⁴

3.99% Fixed

5 years

$18.41

up to 80%

4.49% Fixed

10 years

$10.36

up to 80%

5.49% Fixed

15 years

$8.17

up to 80%

¹Generally, fees paid by NEFCU. If appraisal required, member-paid fees may range from $350 to $550. For Home Equities in first Mortgage position, members may be required to pay Title Examination and Title Insurance fees.
²These are our posted rates; your rate could vary according to your credit.
³The payment amount may be higher if escrows for property taxes, homeowner's insurance or mortgage insurance are applicable.
⁴Maximum allowable loan to values may vary based on current market conditions. Call a loan officer for further details.

Compare NEFCU benefits below.
Selecting a loan feature will provide a description.

Our shopper's guide will help you make the right choices when shopping for your loan. Click below for a printer friendly version of this worksheet to help you compare NEFCU's benefits to other financial institutions while shopping around.
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COMPARE NEFCU	NEFCU	other	other
Annual Percentage Rate (APR)
Term
Same Rates - New or Used	Yes
Up to 100% Financing	Yes
Free Loan Courier Service	Yes
Local Servicing	Yes
Dealer or Application Fee	No
Prepayment Penalty	No
Principal-Only Payments	Yes, without penalty
Online Payments	Yes
Group Rate Auto Insurance	Yes
Educational Seminars	FREE!
Be sure you get estimates on all these items if you shop around!