Features & Benefits:
If you prefer to make payments of principal and interest during both the draw and repayment periods, our Standard Home Equity Line of Credit is ideal for you. This product includes the same features and benefits as our Premium Home Equity Line of Credit.
Home Equity Line of Credit (HELOC)
Annual Percentage Rate (APR)*
Effective July 27, 2023 the Prime Rate is 8.50%
Product | Rate Index and Margin | |
Standard Home Equity Line of Credit (Principal and Interest Payments) | Prime - .50% of the life of the loan. | Max Term - Revolving |
Premium Home Equity Line of Credit (Interest Only Payment) | Prime - .50% of the life of the loan. | Max Term - Revolving |
*APR = Annual Percentage Rate.
Annual Percentage Rate (“APR“) based on The Wall Street Journal Prime Rate ( Prime ) published on the last business day of the month, (8.50% APR as of 4/1/2024). Maximum APR 18%. Minimum APR 3.50%. Our best rate, including all rate discounts, cannot be lower than 3.00% APR. Borrowers who maintain their first mortgage with SCU Credit Union may be eligible for a floor rate of 3.00%. Rates subject to change at any time. 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.
Interest-only Payments Disclosure: The interest rate is variable, and the monthly payments will change over the 10 years depending on changes to the Prime Rate. At the end of your 10-year draw period, your balance will be converted to a principal and interest monthly payment with a 10-year repayment period. If you select interest-only payments, at the end of the draw period, even if the interest rate stays the same, your monthly payment will increase, possibly significantly, because you will be required to pay both principal and interest.
Consult your tax professional regarding deductibility of interest. 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.
Disclosure - Important Terms of Our Home Equity Lines of Credit
Additional Information - What You Should Know About Home Equity Lines of Credit