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​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​⁷Home Equity Loan: All loan applications are subject to credit review and approval. Annual Percentage Rates (APRs) are accurate as of 04/01/2024 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 loan-to-value (LTV) is 100%, and terms are available for 60, 120, or 180 months. The APR will be dependent on borrower’s creditworthiness, loan term, and Loan-to-Value. The example disclosed below is for our highest qualified borrowers. For example, a Home Equity loan for $30,000 with a 120-month term (10-year term) at 9.25% APR and LTV 85% or less will have a monthly payment of $384.20. The APR will be higher if the LTV exceeds 85%. Closing costs of up to $750 will apply; these costs may vary based on the market.​ The property value is based on an approved valuation method determined by WPCU. Assessment of the property may require an appraisal based on the loan amount or LTV of the property; the cost of this appraisal may vary up to $475, which is included in the closing costs. 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. Federally guaranteed student loans and other loans with special government benefits should not be consolidated because you may lose the benefits. Consult a tax advisor regarding the deductibility of interest.​​
Home Equity Line of Credit: All loan applications are subject to credit review and approval. Annual Percentage Rates (APRs) are accurate as of 04/01/2024​ and may change at any time. 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 8.50% APR. 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 will vary from Prime Rate + 0.00% (currently 8.50% APR) to Prime Rate + 5.50% (currently 14.00% APR), depending upon your creditworthiness and the loan-to-value (LTV). 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 $400,000; line amount is dependent on LTV and the borrower’s creditworthiness. Closing costs will be required up to $750, which may vary based on the market. Assessment of the property may require an appraisal based on the loan amount or LTV of the property; the cost of this appraisal may vary up to $475, which is included in the closing costs. If your payment is more than 10 days late there is a Late Payment Fee of 5% of the payment due. Consult a tax advisor regarding the deductibility of interest.​​
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