We've all heard the expression that "home is where the heart is," and that's true. But "home" is also where equity can be found, and from Monday, April 18, through Tuesday, May 31, 2022, ITCU is giving members a chance to enjoy special HELOC and HE rates!
If a HELOC1 is what you're in the market for, you'll be able to enjoy the following:
For an HE loan4, you can take advantage of following rates and terms:
|Term Up To...||Fixed-Rate 1st Lien||Fixed-Rate 2nd Lien|
|60-Mo.||3.25% APR||3.50% APR|
|120-Mo.||3.75% APR||4.50% APR|
|180-Mo.||4.00% APR||5.00% APR|
Click the link above, or contact us with your questions.
*Both loans are subject to credit approval. The minimum home equity loan or line amount is $7,500. A single property can be secured by either a HELOC or HE, but not both. Loan applications for these offers must be submitted by 11:59 p.m. CT, Tuesday, May 31, 2022.
1Campaign Annual Percentage Rate (APR) of 1.99% is good for the six months the loan is open, regardless of the loan balance. After the six months, the APR will be variable, based on the then-current Wall Street Journal Prime Rate “the index” published in the Money Rates section, plus a stated margin of .75%, 1.00% or 1.25%, based on the chosen repay period of 60, 120 or 180 months, respectively. APR may change the first day of each calendar quarter. Minimum APR is 4.00% and the maximum APR is 18.00%.
TERMS AND CONDITIONS FOR ALL HELOCs: 1. Draw period is five years. Draw period cannot be extended, but you may apply for a new HELOC and pay off any existing HELOC during the initial period to extend the draw period. 2. Draw period is an interest-only payment period. Principal reduction is not required.
TEXAS HELOC: 1. May borrow up to 80% of home’s value, minus existing mortgages. 2. Each draw (advance) must be at least $4,000, the minimum per Texas Statute. 3. Advances may be completed by phone, in person, or by written request.
ALL OTHER STATES HELOC: 1. May borrow up to 90% of home’s value, minus existing mortgages. 2. Draw (advance) must be at least $100. 3. Advances may be completed through Online Banking, by phone, in person, or by written request. Checks may also be requested to advance funds.
2APR is Annual Percentage Rate.
3If the total loan-to-value is over 70%, a title policy will be required and payable by the borrower. If an appraisal is required, it will be payable by the borrower. ALL CLOSING COSTS WILL BE DISCLOSED BEFORE THE LOAN IS MADE.
4Repayment terms – A typical repayment schedule for a home equity closed-end loan for 60 monthly payments at 3.50% APR would be $18.19 per $1,000 borrowed.