Home Equity Line of Credit
Annual Percentage Rate (APR)*
Effective March 15, 2020 the Prime Interest Rate is 3.25%
|Standard (Principal and Interest Payments)||Prime - .50% of the life of the loan. Minimum APR is 3.50%||Max Term - Revolving|
|Premium (Interest Only Payment)||Prime - .50% of the life of the loan. Minimum APR is 3.50%||Max Term - Revolving|
*APR – Annual Percentage Rate. Rates subject to change at any time. Variable APR at .50% below the prime rate as published in the Wall Street Journal on the last business day of each month. Effective March 15, 2020, the Prime Interest Rate is 3.25%. Minimum APR is 3.50%. Maximum APR of 18%. Available on 1-4 family owner occupied residences. Maximum LTV requirements apply. Property insurance is required. Appraisal fee and/or flood insurance may be required. No points or attorney fees are associated with this loan. Applicable Trust and Power of Attorney review and recording fees apply. Other restrictions may apply. If the line of credit is paid off within 36 months, the borrower will be responsible for waived closing fees of $261-$306. Minimum line amount of $10,000 up to $500,000. A $5 primary share account is required for membership for all borrowers.
1 Borrowers who maintain their first mortgage with SCU Credit Union may be eligible for a floor rate of 3.00%