You can use the money for any reason—home improvements, vacations, back-to-school expenses, college education, and bill consolidation, just to name a few.
Home Equity Line of Credit Special!
Introductory rate as low as 1.49% fixed APR1 for 12 months (thereafter, the rate may be as low as 5.00% variable APR2). Plus, enjoy no closing costs for most lines of credit.3
Home Equity Options
Features at a glance
- Access up to 95% of the value of your home
- Low Closing Costs
- Quick Approval Process
- Interest may be tax-deductible (consult a tax advisor regarding the deductibility of interest)
- Loan amounts up to $250k
What account is right for your needs?
Home Equity Loan
A Home Equity Loan is paid in one lump sum and interest begins on the full amount when you receive the funds. These types of loans are great if you know the exact amount you will need and want the comfort of a fixed rate. For example, you could purchase a pool, pay for a wedding, or fix your roof. Typically these examples have a budgeted amount and require the money in a short period of time.
Home Equity Line of Credit (HELOC)
HELOC accounts work similarly to a credit card where you are approved for a certain maximum amount and can spend the money as you need it. The rate on these accounts can change monthly based on the Wall Street Journal Prime Rate. These accounts are great for people who are planning various home improvements without a set budgeted amount. This lets you have the flexibility to borrow what you need when you need it.
1APR (Annual Percentage Rate) effective 09/10/18; introductory rate applicable for the first twelve months following open date. 1.49% APR reflects the best rate available and is based both on individual creditworthiness and a LTV of less than 80%.
2After introductory period, APR is based on the Wall Street Journal Prime Rate (WSJ Prime Rate) plus or minus a margin based on underwriting & loan-to-value (LTV) and may vary with WSJ Prime Rate after account opening: Floor = 3.250% APR, Cap = 18.0% APR. Currently, 5.00% APR reflects the best rate available and is based both on individual creditworthiness and a LTV less than 80%. Loan features 10-year draw and 15-year repayment period.
3No credit union closing costs incurred for lines of credit on Second Lien Home Equity Line of Credit up to $100,000 when automated value model is used for underwriting; loans using alternative valuation sources could incur closing costs up to $600 depending on property location, type and loan amount. All loans subject to approval; membership eligibility required – new members required to open a Savings account with a $5 deposit. Rates, terms, and conditions subject to change.
Offer valid 09/10/2018-11/30/2018
Scott Credit Union NMLS #415767. Consumer Access Website: http://www.nmlsconsumeraccess.org/