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With interest-only payments for the first 10-years, you get flexibility and extra money in your pocket with significantly lower payments. During the interest-only period, you may pay as much or as little of the principal balance as you choose.
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EquityLines |
| Rate |
Adjustable** |
| Term |
10-year draw followed by a 10-year
repayment |
| Maximum Loan Amount |
•Revolving credit line up to
$250,000
•
Up to 100% of your home’s appraised value less encumbrances |
| Minimum Loan Amount |
$10,000 |
| Distribution of
Funds |
Access funds with Check or Visa Credit
Card |
| Additional Features |
•Free Internet Branch online
account access
•
Unlimited TalkTone Teller® calls
•
Free eStatements
•
Potential tax deductions - Check with your tax advisor |
| Minimum Payment |
1% of outstanding balance or interest
only, minimum 100*** |
| Payment Options |
Automatic payments from an eligible
Credit Union account available |
*Maximum EquityLine is 100% combined loan-to-value with a maximum loan of $100,000. Mortgage insurance premium
is required for loans over 90% loan-to-value (Paid by Credit Union). $50 annual fee on 100% combined loan-to-value
loans.
**The APR can adjust monthly and is limited to a 6.00% increase over the life of the loan. The minimum rate may not
decrease below 4.50%.
***$100 minimum payment is required. A balloon payment will result if you only make the minimum monthly payments.
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