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Here’s an example of how low your payment can be on a $40,000 line of credit balance: Interest only HELOC = $131.51 per month with NO Reduction in Principal Balance
These payments are based on 80% Loan-to-Value with a rate set at prime minus 1%. Current prime as of July 1, 2008, is 5.00%. Rate on this line of credit would be 4.00%. 4.00% APR*. Both payments are variable and subject to change monthly based on outstanding balance, current interest rate and remaining term. Both options have 20 year terms so you can borrow more with a smaller monthly payment! Make the most of your dreams…Make the most of your money with a home equity line of credit from Scott Credit Union.
*APR=Annual Percentage Rate. Rates based on Prime Rate as published in the Wall Street Journal on the last business day of each month. Current prime rate 5.00% as of July 1, 2008. Annual percentage rate may vary throughout the loan term. Maximum APR is 18%. Rates may be different depending upon the loan to value and credit score. Example rate applies to credit score of 680 or above. Evidence of property insurance is required. |