Percentage Rate. Rates for a Home Equity Line of Credit are as low as 2.50% APR
for the first 12 months and Prime plus 0% thereafter. The rate using the
current index plus margin would be 4% which is the lowest rate allowed. This
rate applies to loans up to an 80% Combined Loan-to-Value ratio with a 25 year
repayment term. APR is variable based on the Prime rate published in the Wall
Street Journal. Prime rate as of 3/16/2017 is 4.00%. Interest and payments
adjust annually with a 2% annual cap and a 14.9% lifetime cap. A 10 year draw
period is included in the 25 year repayment term. For members whose owner
occupied primary residence is located in New York State or Pennsylvania
counties of Susquehanna, Bradford or Wyoming. SEFCU offers a rate reduction of
0.25% based on the published rate, margin, floor and lifetime cap for Active US
Military and Veterans. Click here
for more information.
All loans are subject to
creditworthiness. New York State Mortgage Tax is required and paid by the
borrower. Title insurance may be required. The remaining closing costs paid by
SEFCU on behalf of the borrower will be charged back and added to the payoff amount
of the loan if the home equity is paid and closed within three years of loan
closing. Closing costs are estimated at $200-$600. Rates in effect as of 3/23/2017
and are subject to change at any time. Published
rates are for new SEFCU loans.
Rate floor is 4.00% (Except for intro rate on some lines.). The minimum loan amount is $5,000.