Home Equity

Fixed Rate Home Equity Loan

One of the benefits of owning your home is to gain access to cash with a Home Equity Loan.

• 5, 10, or 15 year terms*
• $10,000 - $250,000
• Up to 85% of the equity you have in your home, less current mortgage balance
• No application fees, closing costs, points, or prepayment penalty
• Possible tax advantages (please consult with your tax professional)

*Terms of Repayment Example: 60 monthly payments of $18.41 per $1,000 borrowed at 3.99% APR**
**Annual Percentage Rate
Please Note: Above stated Repayment Example payment does not include amounts for taxes and insurance premiums. If applicable, the actual payment obligation will be greater.

For more information, contact the Lending Department.

Home Equity Line of Credit

A Home Equity Line of Credit (HELOC) is a real estate loan secured by the members’ principle residence.

The following are the current rates:

• Introductory Rate for all Risk Based Scores – 2.99% APR* for 6 months
• This introductory rate can be reviewed or eliminated at any time
• After 6 months – Risk Based Lending Rates Apply.
• Rate is based on current Wall Street Journal Prime Rate plus a margin
  
  • Margins range from 0.25%APR* to 1.25%APR* depending on credit worthiness

Features

• Open-end variable rate loan
• Maximum LTV – 80%
• $10,000 - $150,000
• Primary residence only - 1-4 family or condominium – CT properties only
• No fees
• No points
• No closing fees (third party fees will be paid if line closed within two years)
• No prepayment penalty
• Rate is based on Wall Street Journal Prime Rate
• Interest rate – Risk based
• Monthly interest rate cycle
• 5 year draw period with 15 year amortization (total 20 years maximum)
• Initial advance $1,000 – minimum subsequent advances $500
• Interest Rate Maximum – 18% APR*
• Interest Rate Minimum – 3% APR*
• No periodic cap
• Property insurance required

APR = Annual Percentage Rate

For more information, contact the Lending Department.