Home Equity Line Of Credit
The 100 Percent Equity Loan!
You've been wanting to make those home improvements for the past couple of years. No matter if its a new Kitchen, Bathroom, Garage or Hardwood Floors, we can help you get it done with 100% loan to value home equity line of credit. Imagine your new home.
Possibly, the last home equity loan you will ever need!
O Bee’s Home Equity Line of Credit is flexible enough to adapt to your every need. Whether you have one big purchase in mind or just appreciate the flexibility of having cash available, a line of credit is the smart way to take advantage of the equity you have in your home. Enjoy a low competitive variable rate, based on the Prime Rate. Rates are subject to change annually as the Prime Rate changes. (The Prime Rate is published daily in The Wall Street Journal-Western Edition.)
O Bee Credit Union’s Home Equity Line of Credit Loan features a 10-year draw period and a 15-year repayment period. During the draw period, you are only required to make monthly interest payments. Balances of less than $35 must be paid in full. Assuming you do not wish to extend the draw period at the end of 10 years, the balance will automatically re-amortize for 15 years and you will be notified of a new monthly payment.
The value of your home is determined by either the current tax assessment or an appraised value. Consult with your Financial Service Representative for further information (some restrictions may apply).
No Restriction on Advances
There are no restrictions on advances with your established credit limit. You decide when, where, how, and how much.
Variable Rate Feature
The interest rate will remain fixed for 1 year after the first draw. Thereafter, the Annual Percentage Rate (APR) can change quarterly on the first of January, April, July and October. The maximum Annual Percentage Rate that can apply during the Plan is the lesser of 18.00% or the maximum rate allowed by applicable law. The Annual Percentage Rate can not increase by more than 2 percentage points during any one year period. The Annual Percentage Rate will never be less than 3.49%.
“Lock In” Option
During the draw period of your Home Equity Line of Credit, you may “lock in” all or a portion of the outstanding balance to a fixed interest rate. The minimum amount required for locking is $5,000 and the maximum term will not exceed 15 years.
When you elect to lock in a portion of your outstanding balance, the available balance on your HELOC loan will decrease accordingly. Those portions “locked in” will receive a separate loan suffix AND WILL REQUIRE A SEPARATE MONTHLY PRINCIPAL AND INTEREST PAYMENT. There is no limit to the number of times you can choose the “lock in” feature.
Credit Line Increases Available
As your home increases in value, the Credit Union will increase your line of credit upon your request. (Upon approval of credit, fees may apply.)