Promotional Rate HELOC Questions

Home Equity Line of Credit

Annual Percentage Rate (APR)*
Effective July 27, 2023 the Prime Interest Rate is 8.50%

*APR = Annual Percentage Rate. 5.99% APR is for the first twelve months. After the first 12 months, the rate on the outstanding balance will revert to a Variable APR at .50% below the prime rate as published in the Wall Street Journal on the last business day of each month. Effective July 27, 2023, the Prime Interest Rate is 8.50%. The current variable rate is 8.00%. This rate is set monthly and subject to change. The amount of payments may change in the event that the Prime rate changes. Minimum APR is 3.50%. Maximum APR of 18%. Rates subject to change at any time. There is a Minimum initial Draw requirement of $10,000 disbursed at closing and lines are available up to $500,000. Interest begins accruing upon loan disbursal. Maximum LTV requirements apply. Available on 1-4 family owner occupied residences. Property insurance is required. Appraisal fee and/or flood insurance may be required. Closing costs do not include any taxes (if necessary). No points or closing attorney fees are associated with this loan. Applicable Trust and Power of Attorney review and recording fees apply. If the line of credit is paid off within 36 months, the borrower will be responsible for waived closing fees. These costs generally range from $500-$900.

Consult your tax professional regarding deductibility of interest. Limited time only. SCU Credit Union reserves the right to discontinue the program at any time without notice as well as to disqualify members from this promotion at its sole discretion. A $5 primary share account is required for membership for each borrower. Membership eligibility required. Subject to creditworthiness. All loans are subject to credit approval. Other restrictions may apply.

Borrowers who maintain their first mortgage with SCU Credit Union may be eligible for a floor rate of 3.00%