Rates as low as 4.99 % Apr. All have a 5 year draw period. With a 10 year repayment at the end of draw.
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Rates as low as 4.99% fixed APR. APR=Annual Percentage Rate. The rate is fixed for the term of the loan. Rate is based on a maximum combined loan to value of 80%. Loan to value exceeding 80% up to 100% will have a fixed rate of 5.25% APR. Offer begins June 18, 2018, and may end at any time without notice. Offer and rate are subject to approval and are subject to change without notice. Offer rate is valid for all loans approved prior to MECU closing the Offer. The rate is based on an evaluation of the applicant’s credit and credit score at the time of application as well as the Credit Union’s general underwriting guidelines.The HELOC has a draw period of 5 years and a payment of 1% of the outstanding balance and a repayment period of 10 years at the end of the draw. During the repayment period of ten (10) years, assuming a $10,000 balance at 4.99% APR your payment would be $107.00 per month. The rate established at consummation is the maximum rate for this Offer during the draw period. Interest may be tax deductible (consult your tax advisor). No origination fee. Other fees and costs may apply such as title insurance, appraisal fees, homeowner’s or flood insurance premiums etc., and the borrower is responsible for real estate taxes and insurance on the property. Total closing costs generally range from $300 to $500, but could be more. Offer is a consumer Home Equity Line of Credit (HELOC) and Right of Rescission may apply. HELOCs with loan balances at the maturity of the draw period would have a balloon payment due. Excludes rental/investment property and home purchases. No minimum advance to qualify. Eligible Offers require a minimum of least $10,000 in new money and have a maximum borrowing amount of $50,000. Other home loan products, rates and terms are available. Other restrictions or conditions may apply. NMLS# 519899