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Home Equity Line of Credit
Rates Effective: October 8, 2008
| Option 1 |
Option 2 |
Option 3 |
Option 4 |
| N/A |
N/A |
N/A |
Prime minus 1/4% for the life of loan with a minimum initial draw of $5,000.00 for 6 months |
| Current Prime Rate is 5.00 % |
Fraternity pays closing costs on the first $150,000.00 of the loan.
In lieu of minimum initial draw, borrower may elect to pay closing costs to qualify for same rate.
If borrower elects to take a minimum initial draw and it is not maintained for the specified time period, the rate will revert to prime minus 0% for the life of the loan.
HELOC loans are not available to any borrower who has an option only ARM as a first mortgage
The interest only payment option is not available to a borrower who has an interest only first mortgage
New Loans Only
Minimum loan amount is $5,000.00
Maximum loan to value ratio is 80 %
The maximum LTV is 75% to any borrower who has an interest only first mortgage
Consult Tax Advisor about tax deductibility
Adequate property insurance required
Interest Only lines available
Rates are variable and are based on the Prime Rate published in the Wall Street Journal. Maximum APR is 18%. Account must remain open for 3 years for no closing costs.
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Fixed Rate Equity Loans
Rates Effective: October 8, 2008
| |
|
Maximum Loan to Value: |
85 % |
|
| Loan Term |
|
Rate |
Points |
APR
|
P & I per $1000 |
| 5 Year |
|
6.250% |
0.000 % |
6.369% |
$19.45 |
|
|
|
|
| 7 Year |
|
6.500% |
0.000 % |
6.587 % |
$15.09 |
|
|
|
|
| 10 Year |
|
6.750%
|
0.000 % |
6.816 % |
$11.48 |
|
|
|
|
| 15 Year |
|
7.000% |
0.000 % |
7.049 % |
$8.99 |
|
|
|
|
Minimum loan amount is $5000.00
Borrower pays all closing costs.
No internal refinances.
All rates subject to change without notice.
APR is based on a loan amount of $300,000.
Consult Tax Advisor about tax deductibility
Adequate property insurance required
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