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 SCFCU offers a Home Equity Line of Credit with checking account access. A line of credit allows you to establish a limit you are comfortable with, and then draw on as the need arises. A great loan for college tuition, investing, vehicle purchases and home improvements. EquiLine, Our Variable Rate Home Equity Line of Credit Loan Term: 20 Year Repayment Current Rate: Click Here Draw Period: 10 Years (included in repayment term) Variable Rate Feature: This plan has a variable rate feature and the annual percentage rate (corresponding to the periodic rate) and the minimum payment may change as a result. Currently, the initial annual percentage rate is "discounted" and will be in effect until 12/31/10. The annual percentage rate can change monthly and is based on the index plus a margin. Current discounted rate is 3.25%. Thereafter, Prime Rate + 1.00% (refer to our Home Equity Early Disclosure provided at time of application for complete details). As of 8/31/10 the Prime Rate was 3.25% APR (Annual Percentage Rate). The rate will be adjusted to the highest Prime Rate as published in the Wall Street Journal plus the margin, on the last day of every month. Lifetime Cap: The maximum Annual Percentage Rate that can apply is 18.00% or the maximum permitted by law, which is ever less. Interest Rate Change: The interest rate is subject to change monthly and is based on the Index plus a margin. Index: The Index is the highest Prime Rate as published in the Wall Street Journal on the last day of every month. Margin: The margin is the percent added to the Index to determine the current Annual Percentage Rate (APR). Other Qualifying Guidelines and Features Eligible Properties: 1 - 2 family owner occupied as primary residence only Loan Limits: Minimum - $10,000.00 Maximum - $150,000.00 Closing Costs: Closing costs and NYS State Mortgage Tax paid by the Borrower Maximum Loan to Value: First mortgage balance plus proposed home equity line of credit limit cannot exceed 80% of appraised value. Advances: No advance required at closing. Accessing Credit Line: Checking Account, or advance voucher request Prepayment Penalty: None Geographic Areas: Properties located in the following counties will be considered:
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