Variable Rate Home Equity Lines of Credit

Variable Rate Home Equity Lines of Credit

Do you need funds for home improvements, college tuition, or debt consolidation? BFCU can help you borrow against the equity in your house with two different HELOC products.  Choose the one that fits your needs.


100% Home Equity Line of Credit (Variable Rate)

Housing values do seem to be coming back up. Still, a lot of people have access to less home equity because their home values have decreased. BFCU’s new 100% Home Equity Line of Credit can help by allowing members to borrow up to the full appraised value of your home, minus the amount of any existing mortgages.

100% Home Equity Line of Credit - (Variable Rate)

  •  Rates Effective 11-18-2017
Rate APR Payment Example per $1,000 Alert Me
Based on 10 year amoritzation schedule 5.75% 5.75% $2.53/week
Maximum borrowing amount is $175,000 based on 100% loan to value. Minimum initial advance is $5,000. Subsequent minimum advances are $2,500. Minimum payment will be calculated on a 10 year amortization schedule. APR = Annual Percentage Rate. Variable APR is subject to change without notice. Maximum APR is capped at 16.00%. Minimum APR is 5.75%. Property insurance is required. No pre-payment penalties. Subject to credit approval. The annual percentage rate is based on the value of an index. The index is the prime rate published in the Money Rates column of the Wall Street Journal. When a range of rates has been published the highest rate will be used. We will use the most recent index value available to us as of 1 day before the date of any annual percentage rate adjustment.

100% Home Equity Line of Credit Payment Example (Variable Rate)

  •  
Loan Amount APR Weekly Payment # of Weekly Payments Total of Payments Alert Me
$100,000 Based on 10 year amortization schedule 5.75% $252.79 520 $131,449.90

 

80% Home Equity Line of Credit (Variable Rate)

With our new loan limits you can now borrow up to $200,000 against the value of your home, to be used for any purpose. Our Home Equity Line of Credit works in the same way as our regular line of credit. You take advances (either in cash or transferable to any of your BFCU accounts) and as you make payments on the loan your available credit builds back up, leaving you with a ready supply of funds for any situation.

Home Equity Line of Credit (Variable Rate)

  •  Rates Effective 11-18-2017
Rate APR Payment Example per $1,000 Alert Me
Based on 10 year amortization schedule 4.25% 4.25% $2.37/Week
Maximum borrowing amount is $200,000 based on 80% loan to value. Minimum initial advance is $5,000. Subsequent minimum advances are $2,500. Minimum payment will be calculated on a 10 year amortization schedule. APR = Annual Percentage Rate. Variable APR is subject to change without notice. Maximum APR is capped at 16.00%. Minimum APR is 4.25%. Property Insurance is required. No pre-payment penalties. Subject to credit approval. The annual percentage rate is based on the value of an index. The index is the prime rate published in the Money Rates column of the Wall Street Journal. When a range of rates has been published the highest rate will be used. We will use the most recent index value available to us as of 1 day before the date of any annual percentage rate adjustment.

Home Equity Line of Credit Payment Example (Variable Rate)

  •  
Loan Amount APR Weekly Payment # of Weekly Payments Total of Payments Alert Me
$100,000 Based on 10 year amortization schedule 4.25% $236.01 520 $122,724.29

Don’t forget, payments are easy at BFCU.  You can utilize payroll deduction, direct deposit (ACH), set up an automatic payment from your BFCU account, or use our convenient Online Banking feature.  And there are never any prepayment penalties.