An OCTFCU Home Equity Line of Credit (HELOC) is similar to a Home Equity Loan in that the loan amount is determined by the equity you抳e built in your property. However, instead of receiving a lump sum at closing, you are given a credit line from which you can draw funds whenever you need to, up to your credit line limit.
Use as much or as little as you need and only make payments on the outstanding balance, not the total amount of the credit line. Your available line of credit replenishes as you repay the outstanding balance.
Features
No application or lender fees
10-year draw period; repayment period next 15 years
Interest-only payments for first 10 years; remaining 15-year term is fully amortized
Low introductory rate for first six months available for loans up to 90% Loan-to-Value (LTV)
No prepayment penalty (see Terms & Conditions for details)
Condos and town homes are eligible (some restrictions apply)
In-house loan servicing for the life of your loan
Home Equity Line of Credit Rates
Max.
Loan
Amount Max.
C-L-T-V Intro. Rate Current
APR Margin Est. Pymt./$1,000
$500,000 80% 3.90% 6.50% -0.25 Interest Only
$250,000 90% 4.90% 7.75% 1.00
$100,000 100% n/a% 8.75% 2.00
Current Index Value: 6.75
The rates quoted are effective as of 10/21/2005, and are subject to change without notice.
Estimated Processing Time: 18-30 days
