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Equity
Line-of-Credit Loan -
Interest Only
A METRO Federal Credit Union Line-of-Credit Loan
Home Equity Line of Credit (HELOC) is similar to a Home Equity Loan
in that the loan amount is determined by the equity you’ve built in
your property. However, instead of receiving a lump sum at closing,
you are given a credit line from which you can draw funds whenever
you need to, up to your credit line limit.
Use as much or as little as you need and only make payments on the
outstanding balance, not the total amount of the credit line. Your
available line of credit replenishes as you repay the outstanding
balance.
Features
$300 Covers All Fees
7-year draw period; repayment period next 8 years
Up to 90% Loan-to-Value (LTV)
No prepayment penalty -see
Terms & Conditions
Condos and town homes are eligible
In-house loan servicing for the life of your loan
Home Equity Line-of-Credit Loan Rates
|
Max.
C-L-T-V |
Max. Loan
Amount |
Rate |
Term |
Estimated
Pymt./$1,000 |
|
 |
|
90%
|
$150,000 |
6.25%* |
15 Years |
$5.21 |
|
|
The
rates quoted are for terms up to 15 years, are effective as of
3/15/2008, and are subject to change without notice.
Variable Interest Rate: The interest rate is subject to
change twice a year (January 1 and July 1).
Monthly Payment:
Each month, the required
payment is only the interest due on the outstanding balance.
The Interest Payment is make by an automatic transfer from your
saving or checking account. Interest only payments for the
first 7 years.
Maximum C-L-T-V
= Maximum "Combined-Loan-to-Value" which includes the balance of the
first mortgage.
Loan Costs: $300
Estimated Processing Time: 7 days
To
speak to a representative regarding a Home Equity Loan, please call
Kasey
847-670-0459.
Home Equity Loan
Application |
