Home Equity Line of Credit
The SVFCU Home Equity Line of Credit is all about flexibility. It allows you to draw against a predetermined limit as often as you like, as the need arises. Let your equity work for you. This is the perfect loan for home improvement projects, emergency cash flow, education expenses and those financial surprises life can throw at you. Your credit limit will be based on equity in the home, with an 80% loan-to-value (LTV) minus any liens against the property.
- Minimum credit limit of $5,000;
- Monthly payment varies and is based on the balance at the time of advance;
- Variable rate loan: your rate is guaranteed not to change more than once per quarter, by not more than 1% each time, and is tied to the Prime Rate as listed in the Wall Street Journal. A floor rate is established at the time of closing.
Fixed Rate, Fixed Term Home Equity Loan
You will receive the proceeds of this Home Equity loan in one lump sum, making it a great choice for home improvement, debt consolidation and so much more. The amount you can borrow is based on equity in the home, with an 80% loan-to-value (LTV) minus any liens against the property.
- Rates as low as 3.75% APR*
- Minimum loan amount of $5,000
- Interest rate is fixed for the life of the loan, which can be 5, 10, or 15 years
*Rates as publicized include the .5% APR Gold Star Member Discount (except on excluded loan types), assume A+ credit, and are the lowest rates available at this time. SVFCU will determine your interest rate based on your credit rating, amount and term of the loan, collateral, and other underwriting factors. Your rate may be higher than the advertised rate. We will offer our best possible rate based on your qualifications. Rates listed are Annual Percentage Rates (APRs) and are subject to change at any time.
**LTV=Loan to Value.
***Rate is subject to change quarterly. Rate is based on the Prime Rate plus a margin with a floor of 3.99% and a ceiling of 18%.