Variable Rate Home Equity Lines of Credit
Home Equity Line of Credit Request
NMLS: 440207
Do you need funds for home improvements, college tuition, debt consolidation or other expenses? BFCU can help you borrow against the equity in your house.
You can borrow up to $200,000 against the value of your home, to be used for any purpose. Our Home Equity Lines of Credit work 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.
Don't have 80% equity in your home? Our 100% Home Equity Line of Credit may work for you!
Home Equity Line of Credit - Variable Rates
| Term | Rate | APR | Payment Example/$1,000 |
|---|---|---|---|
| Based on 10 year amortization schedule | 7.50% | 7.50% | $2.76 /Week |
Maximum borrowing amount is $200,000 based on 80% loan to value. Minimum initial advance is $5,000. 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%. Property Insurance is required. No pre-payment penalties after 24 months. If paid off and closed before 24 months, a reimbursement fee will be assessed in the amount equal to the loan origination costs incurred by the credit union at the time of application. 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 - Variable Rates
| Term | Rate | APR | Payment Example/$1,000 |
|---|---|---|---|
| Based on 10 year amortization schedule | 9.00% | 9.00% | $2.94 /Week |
Maximum borrowing amount is $200,000 based on 100% loan to value. Minimum initial advance is $5,000. 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%. Property Insurance is required. No pre-payment penalties after 24 months. If paid off and closed before 24 months, a reimbursement fee will be assessed in the amount equal to the loan origination costs incurred by the credit union at the time of application.. 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.