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Home Equity Loans
Find Out About A Power Account
Save at higher money-market rates with a NEFCU Power Account, while maintaining easy access to your money.
Your home may be your largest asset. Let NEFCU help you utilize it. Access the benefits within your home by using the equity in your house to fund education for your children, purchase a new vehicle, make improvements to your home, or to take a vacation. You may receive a tax benefit for doing so! (See your tax advisor to learn if you would qualify for a tax benefit.)
NEFCU offers Home Equities as fixed rate term loans or as a revolving line of credit. You can choose the loan that is right for you so your payments stay manageable.
This variable rate revolving line of credit puts you in control. Need cash now? Take funds when needed, or get peace of mind knowing your money is available when you need it - use it as a line of credit. You control how much you owe by how much you borrow.
Flexible Payment Options*
Institutional ID # 446767
Flexible Payment Options*
- Home Equity Line of Credit (HELOC): During the “Advance Period”, pay $12 per $1000 borrowed (or $50 as your minimum) of your outstanding principal.
- Home Equity Line of Credit Interest-Only (HELOC Interest-Only): For the first 5 years make interest-only payments; then pay $12 per $1000 (or $50 as your minimum) of your outstanding principal balance for the remainder of your “Advance Period”. "Advance Period" means you have 15 years to draw against the line and then after that draw period you have another 15 years to repay.
| Home Equity Line of Credit1 5/17/2012 | |||
| Annual Percentage Rate2 | Index3 | Margin | Loan to Value4 |
| 3.50% | 3.25% | - 0.50 | up to 80% |
| 4.50% | 3.25% | +1.25 | 80.01% - 85% |
| 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 fees which may range from $250 to $500 and Title Insurance fees which may range from $1.65 to $2.75 per $1000 borrowed. 2All 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. 3The Index is the Prime Rate published in the Wall Street Journal on the last Wednesday of each month. 4Maximum allowable loan to values may vary based on current market conditions. Call a loan officer for further details. |
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Institutional ID # 446767
call us: 800-400-8790
Copyright 2001-2012 ©NEFCU. All rights reserved.
Copyright 2001-2012 ©NEFCU. All rights reserved.
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