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APR = Annual Percentage Rate
*All loan applications are subject to credit review and approval. Annual Percentage Rates (APRs) are accurate as of 4/1/2021 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, second home located 50 miles or more away from borrower's primary 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.
**Maximum available LTV is based on the borrower's creditworthiness.
***Credit limit is based on the borrower's creditworthiness
All loan applications are subject to credit review and approval. Annual Percentage Rates (APRs) are accurate as of 4/1/2021 and may change at any time. The minimum loan amount is $10,000, and the maximum loan amount is $250,000. The APR for the Home Equity Loan is a fixed rate for the duration of the loan; the APR is determined at the time your application is approved. The maximum allowable LTV is 100%, and terms are available for 60, 120, or 180 months. The APR will be dependent on borrower's creditworthiness. The example disclosed below is for our highest qualified borrowers. For example, a loan for $30,000 with a 120-month term (10 year term) at 4.75% APR and LTV 85% or less will have a monthly payment of $315.20. The APR will be higher if the LTV exceeds 85%. Closing costs will be required and range from $172 and $750, which may vary based on the market. 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, second home located 50 miles or more away from borrower's primary residence, duplex, or up to four units, if owner-occupied and is the primary residence of the applicant. Home Equity Loans available for second lien position mortgage loans only (must have a first mortgage loan to qualify). Property insurance is required on the property securing the loan, and flood insurance is required when the property is in a flood zone. Consult a tax advisor regarding the deductibility of interest.
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