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Rates Effective January 1, 2020
Annual Percentage Rate (APR) and margins subject to change without notice and based on credit history. The APR for products shown based on a borrower having a minimum credit score of 700 and a line of credit in the amount of $50,000. Homeowner's insurance is required. Maximum term of 360 months on first lien home equity line of credit and 240 months on second lien home equity line of credit.
An early closeout fee equal to the amount of Bona Fide Third Party Costs paid by Members First Credit Union on your behalf will be charged to you in the event you make a full prepayment and close the loan prior to 36 months from the date of closing.
Interest Only Home Equity Line of Credit: On first and second lien home equity line of credit, after the introductory rate period, the minimum rate is 3.00% with a maximum rate of 18% or the maximum rate permitted by law, whichever is lower. Rates subject to increase after consummation of the loan. As a result of any rate changes, payment amounts will also change. Payments are interest only through initial draw period only. Payments could be greater after initial draw period.
No Closing Costs are incurred on Home Equity Loan or Home Equity Line of Credit requests approved by Members First Credit Union when the following requirements are met: 1) Property is a 1-4 family residential owner-occupied property; 2) Home is not listed for sale. At closing, a credit equal to the amount of the third-party bona fide charges will be reflected on the HUD Settlement statement, subject to the following exceptions: If the title is held in a trust, fees for trust review and trustee certificate preparation and recording will be incurred by the member. Fees for additional title work or documentation to correct title defects will be charged at the time of closing and are not covered by the No Closing Cost program. Escrow Deposits (if applicable) in the case of our Home Equity Loan products from the date of disbursement to the 1st of the following month will be charged at the time of closing and are not covered by the No Closing Cost program. The appraisal fee will be collected at the time the appraisal is ordered. When this happens, you will be credited at closing for the amount of the appraisal fee collected. No refund of appraisal fee if loan does not close. Homeowners insurance is a requirement of the loan and the cost of the insurance is not covered by the No Closing Cost program. If you close your home equity plan within the first three (3) years, you will reimburse us the fees paid on your behalf. Offer subject to change at any time.
Annual Percentage Rate (APR) subject to change and based on credit history. APR reflects 0.125% discount with automatic funds transfer from a Members First account as a payment method. APR based on all borrowers having a minimum credit score of 700 and a loan in the amount of $50,000. Appraisal fees refunded at closing. Homeowner's insurance required. In-house refinance fee may apply. Payments shown do not include taxes and insurance; your payment may be greater.