EQUITY LOANS
The amount of your Home Equity Line of Credit (HELOC) is based on the value of your home. An MVFCU HELOC has the following criteria:
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Owner occupied single family or duplex residential properties are eligible for the Home Equity Line program. |
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Home Equity Lines are available for as little as $10,000.00 or up to $200,000.00 of the qualifying equity in your primary residence. The maximum loan amount available for a 1st lien position is $200,000.00 not to exceed 80% of the value and up to $100,000.00 for a 2nd lien position, not to exceed 75% of the value. |
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The value of your home may be established by an MVFCU Property Evaluation at no cost under certain circumstances; or if needed by a fee appraisal at cost, ask a representative for details. |
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Base Interest rate quoted above assumes a 1st lien position; Add .50% to the base interest rate for 2nd lien position. |
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This loan program has a variable interest rate which can be adjusted monthly, ask a representative for details. |
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There is no annual fee and no minimum draw amount; fixed rate conversions are also available. |
You will NEVER have a pre-payment penalty on any loan with MVFCU! |
Notes on MVFCU Equity Loans and EquityLine loans:
Note 1: Interest rates on all Equity Loan programs will be tiered based on your credit history.
Note 2: APR for Equity Loans has been calculated based on $75,000 loan for a 1st deed of trust refinance with prepaid finance charges of 1% loan origination fee, $15 flood review & $160 closing fee. Your actual APR may vary.
Note 3: ARM interest rates shown above are set based on the Prime lending rate as of April 1, 2007. APR for ARM program has been calculated based on $75,000 loan with a 12 year term, 1st deed of trust refinance with prepaid finance charges of 1% loan origination fee, $15 flood review & $160 closing fee. Your APR may be higher, and may vary depending upon the length of loan. Length of loan will be determined based on down payment or equity position from the purchase price and/or the value indicator. MVFCU will provide you with a full disclosure of ARM terms upon request or at the time you submit your loan application. |
