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You must be eligible for membership and become a member of the Credit Union prior to the loan closing date.
**Interest rates and loan programs shown are subject to change without notice and assume excellent credit. USAlliance Federal Credit Union is not responsible for any rates that may change prior to an executed rate lock commitment letter.**
The Annual Percentage Rate (APR’s), listed below, is based upon loan to values of 80% or less. Loan to values greater than 80.00% will require private mortgage insurance and your APR will be higher. The APR is estimated based on loan size of $100,000.
A consumer credit report will be obtained in connection with this application. The name and address of the agency and/or agencies providing the credit report will be furnished upon request. A consumer credit report may also be requested in connection with any update, renewal or extension of the credit for which application is made.
Home Equity Line of Credit
Variable annual percentage rate (APR) is calculated based on the Prime Rate, as posted in The Wall Street Journal, as low as the Prime Rate plus a margin of 0.25% or as high as the Prime Rate plus a margin of 2.00%. Margins are set based on the risk associated with the loan and an individual’s or joint credit history. There is no minimum APR; maximum APR is 18%. Advertised rate assumes an 80% loan to value ratio for primary residence and a 70% loan to value ratio for second homes. Minimum line of credit is $25,000. An additional margin of 0.25% will be added for loan balances over $250,000. Rates for loans over $500,000 will be determined on a case by case basis. USAlliance Home Equity Line of Credit (HELOC) is available for one to four family structures including second homes and condominium units, excluding co-ops and investment properties. Finance charges begin to accrue from the day of the initial advance. Initial draw period is for ten (10) years. Initial draw must be a minimum of $25,000 and a minimum of $500 for additional draws. Minimum payments are interest only during the draw period, up to twenty (20) years of principal plus interest thereafter. Homeowner’s insurance is required; flood insurance is required where applicable. Consult a tax advisor regarding the deductibility of interest. Rates are subject to change.
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