When you need to borrow funds for life's big expenses, Wright-Patt Credit Union (WPCU) is here to help! With a Home Equity Line of Credit (HELOC) or Home Equity Fixed-Rate Loan, you can have money standing by for your next big purchase.
Are you considering a Home Equity Loan? Share how you would use a Home Equity Loan on Facebook between February 1st, 2021 at 9:00 am ET and March 29th, 2021 at 2:00 pm ET for a chance to win a $500 Visa gift card. To enter, post a public comment to our My HELOC Solution #WPCUSweepstakes post on our Facebook page that includes all of the following:
A total of three winners will be selected by random drawings on February 19th, March 10th, and March 29th, 2021. Eligible entries must be received by 2PM Eastern Time on the date of the drawing to be considered. NO PURCHASE, TRANSACTION, DEPOSIT, ACCOUNT, OR PRODUCT IS NECESSARY TO ENTER OR WIN. MAKING A PURCHASE, TRANSACTION, OR DEPOSIT, OR OPENING AN ACCOUNT OR OBTAINING A PRODUCT WILL NOT INCREASE CHANCES OF WINNING. Void where prohibited by law. Limit one entry per Eligible Participant during the entire promotion period. Eligibility restrictions apply. See the Official Rules for complete details. The Wright-Patt Credit Union “My HELOC Solution" Social Media Drawing Promotion is in no way sponsored, endorsed, administered by or associated with Facebook.
Learn more and view Official Sweepstakes Rules here.
For questions, please email: MyHELOCsolution@wpcu.coop
*All loan applications are subject to credit review and approval. This is a special, limited time offer providing no closing costs on any new Home Equity Line of Credit Loan application submitted between 2/1/2021 and 3/31/2021. Annual Percentage Rates (APRs) are accurate as of 1/15/2021 and may change at any time. The APR will vary from Prime Rate + 0.00% (currently 4.00% APR) to Prime Rate + 5.50% (currently 8.75% APR), depending upon your creditworthiness and the loan-to-value (LTV). The APR for the Home Equity Line of Credit may increase or decrease quarterly, but it will never fall below 4.00% APR and will never exceed 25.00% APR. The APR is variable, is based upon an index plus a margin, and will be based on the highest Prime Rate (the index) as published in the Wall Street Journal in effect on the last day of each calendar quarter that ends within the billing cycle, currently 3.25%. The term is 25 years, consisting of a 15-year draw period with interest-only payments, followed by a 10-year repayment period with principal + interest payments. Making only the minimum payment each month during the draw period will not reduce principal, and your payments during the repayment period may substantially increase from what you paid during the interest-only period. The amount of savings realized with debt consolidation varies by loan. Since a Home Equity Line of Credit may have a longer term than some of the bills being consolidated, there may not be a savings over the entire life of the line if you make only the minimum payments. Federally guaranteed student loans and other loans with special government benefits should not be consolidated because you may lose the benefits. The property value is based on an approved valuation method determined by Wright-Patt Credit Union. Property must be an owner-occupied single-family residence, duplex, or up to four units, if owner-occupied and is the primary residence of the applicant. Property insurance is required on the property securing the loan, and flood insurance is required when the property is in a flood zone. The minimum credit line is $10,000, and the maximum credit line is $250,000; line amount is dependent on LTV and the borrower's creditworthiness. Consult a tax advisor regarding the deductibility of interest.
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