Member's Equity Line of Credit

Current Index

3.25%
With a Member's Equity Line of Credit you can consolidate debt, fund tuition, drive away in a new or used vehicle, build your business, or just be prepared for the unexpected. The versatility of the Members Equity Line of Credit gives you all the possibilities you need. This is an open-end line of credit that is available anytime. You can advance or pay down the balance at any time. You can borrow up to 80% of your home's value, less any mortgage. There are no annual fees and no pre-payment penalties! An appraisal is required. Home Equity Loans can provide significant tax benefits (please consult your tax advisor)

Rates and Terms
Rate First Mortgage (50% and under Loan to Value Ratio),
Wall Street Journal Prime Rate plus 1/2%

First Mortgage (51% to 80% Loan to Value Ratio),
Wall Street Journal Prime Rate plus 1%
Payment 2.00% of balance, minimum of $10.00
Index Prime rate as published by the Wall Street Journal on the last day of each calandar quarter.
Maximum Rate 18%
Minimum Rate 4.50%
Interval for Rate Change Quarterly. Rate can change on the first day of each quarter (4/1, 7/1, 10/1, 1/1)
Draw Period The credit line can be advanced for 5 years
Repayment Period The loan must be completely repaid within 10 years after the end of the 5-year draw period.
Maximum Loan to Value 80%
Other terms Borrowers should retain a copy of disclosures associated with an equity line of credit loan. In order to obtain the advertised rate an application must be submitted, approved and advanced before the end of the current calander quarter. The Credit Union will acquire a security interest in the property being offered as collateral for the loan. A minimum initial advance of $10,000 is required. If the initial advance is used to pay off a mortgage at SageLink Credit Union, the first advance must be a minimum of $10,000 more than the mortgage pay-off. Always consult with a tax advisor regarding tax implications associated with a line of credit equity loan.
Closing Costs Appraisal Fee, Title Insurance, Flood Certification and Recording Fees. (Note: fees may be included in the first advance).