HOME EQUITY LINE OF CREDIT ADDITIONAL INFORMATION
*APR - Annual Percentage Rate
The Prime Rate (in The Wall Street Journal as of 5/1/08 was 5.00%). The APR offer of 2.01% below Prime  is subject to change without prior notice. The APR offer of 2.01% below Prime is an introductory rate that is available January 1, 2007 and is subject to change anytime without prior notice. The introductory rate will be fixed and in effect for the first 3 months after your loan is disbursed. Upon expiration of the introductory rate, all balances will accrue interest at a variable APR, which can adjust on the first day of each month, based upon Prime Rate published 10 days prior to adjustment date in The Wall Street Journal. The lowest APR could range from 1.00% below Prime (includes .25% automatic payment discount) to Prime +3.25% based on your CLTV and other factors. Floor APR is 4.50%. The maximum APR is 18%.
- Credit Union will pay up to $400 of fees* and closing costs.  In the event the loan is paid off within 24 months of origination, member will be required to reimburse the Credit Union for all fees and closing costs paid on member's behalf.
- Term consists of a 10 year draw period with a 10 year repayment period.
- Maximum loan amount is $500,000. Minimum loan amount is $10,000.
- Maximum combined loan to value (CLTV) is 100% of appraised value less existing 1^st mortgage balance, if any.  Credit Union must be in a 2^nd lien position and any 2^nd mortgages, utility liens, down-payment assistance grants must be paid off with Home Equity funds at time of disbursement.
- An online value is used for this loan, but in the event that an online value is not available, a standard appraisal will be required.  Loan amounts of $150,000 or higher will automatically require a standard appraisal.  An appraisal fee will be collected from member in advance if required.
- Credit and other qualifications apply for loan approval.