Home Equity Line of Credit

APR = Annual Percentage Rate. Introductory 5.99% APR is fixed for the first twelve months. After the first 12 months, the rate on the outstanding balance will revert to a Variable APR at .50% below the prime rate as published in The Wall Street Journal on the last business day of each month. Variable APR equal to The Wall Street Journal Prime Rate (currently 7.50%) minus .50% for the life of the loan thereafter, with a minimum APR of 3.50% and a maximum APR of 18.00%. The current Variable rate is 7.00% APR. This rate is set on the last business day of each month and subject to change. The amount of payments may change in the event that the Prime rate changes. Borrowers who maintain their first mortgage with SCU Credit Union may be eligible for a floor rate of 3.00% APR. Owner occupied properties only in MA or RI. Maximum LTV requirements apply. Up to 80% of the assessed value or up to 80% of the appraised value less the remaining balance on your first mortgage on 1–4 family owner occupied residences. Minimum credit line is $10,000.00. Maximum credit line is $750,000.00. There is a Minimum initial Draw requirement of $10,000 disbursed at closing. Interest begins accruing upon loan disbursal. 10-year draw period followed by a 10-year repayment period. Homeowner’s property insurance is required. Flood insurance may be required. Closing costs do not include any taxes (if necessary). No points or closing costs are associated with this loan. Applicable Trust and Power of Attorney review and recording fees apply. If the line of credit is paid off within 36 months, the borrower will be responsible for waived closing fees. These costs generally range from $300–$600..

Consult your tax professional regarding deductibility of interest. Limited time only. SCU Credit Union reserves the right to discontinue the program at any time without notice as well as to disqualify members from this promotion at its sole discretion. A $5 primary share account is required for membership for each borrower. Membership eligibility required. Subject to creditworthiness. All loans are subject to credit approval. Other restrictions may apply.

Borrowers who maintain their first mortgage with SCU Credit Union may be eligible for a floor rate of 3.00%

Disclosure - Important Terms of Our Home Equity Lines of Credit

Additional Information - What You Should Know About Home Equity Lines of Credit