The credit union offers three Home Equity Line of Credit Products.
You can find below the Important Terms of Our Home Equity Line of Credit Disclosures.
Your Loan Officer will review your request and advise you which product is applicable to your particular scenario.
Availability of Terms – All of the terms disclosed below are subject to change.
If these terms change (other than the annual percentage rate) and you decide, as a result, not to enter into an agreement with us, you are entitled to a refund of any fees that you have paid to us or anyone else in connection with your application.
Security Interest – We will take a mortgage on your home. You could lose your home if you do not meet the obligations in your agreement with us.
Possible Actions – Under certain circumstances, we can (1) terminate your line, require you to pay us the entire outstanding balance in one payment, and charge you certain fees; (2) refuse to make additional extensions of credit; (3) reduce your credit limit; and (4), as specified in the initial agreement, implement certain changes in the plan.
If you ask, we will give you more specific information concerning when we can take these actions.
Minimum Payment Requirements – You can obtain advances of credit for 10 years (the “draw period”). During the draw period, payments will be due monthly. Your minimum monthly payment will equal all accrued interest as of the closing date of the billing cycle, plus any amounts past due. Interest Only Payments – your minimum monthly payment during the draw period will not reduce the amount of principal outstanding on this line of credit.
After the draw period ends, you will no longer be able to obtain credit advances and must pay the outstanding balance over 15 years (the “repayment period”). During the repayment period, payments will be due monthly. Your minimum monthly payment will be equal 1/180th of the principal balance that was outstanding at the end of the draw period plus the finance charges that have accrued on the remaining balance.