Homework: Use your equity to achieve your dreams
You'll save money with an introductory rate of 2.99% APR for the first 12 months, and as low as 4.25% APR variable thereafter.1 Here are some other great features of our Home Equity Line of Credit:
- No closing costs2
- Closing within three weeks
- Financing options up to 90% of your home's appraised value3
Call a Mortgage Specialist
301.779.8500 ext. 4045
during business hours
1 Introductory rate of 2.99% Annual Percentage Rate (APR) for the first 12 months with an initial advance of $10,000 required at closing. Rate thereafter is a variable rate based on the Wall Street Journal Prime plus/minus a margin, adjusted quarterly. A prime rate of 4.75% (as of 01/01/2020) minus a margin of ½% (index) would result in the current APR of 4.25%. Loan to Value <=75%. The rate cannot increase or decrease more than one (1) percentage point at each adjustment; this limitation does not apply to the adjustment occurring after a discount period expires. The maximum APR that can apply is 12.00% or the maximum permitted by law, whichever is less. However, under no circumstances will your APR go below 3.50% any time during the term of the plan unless it is during a discount period. Subject to credit qualifications and approval.
2 An initial advance of $10,000 is required at closing. In addition, the line of credit must remain open for 36 months. Loans paid off and closed in less than three years from the loan origination date will require reimbursement of all closing costs paid by Educational Systems FCU. The Credit Union will pay most closing costs associated with a new home equity line of credit, which includes the flood determination, settlement closing costs, recording, and notary services. Offer excludes certain fees which include, but are not limited to, county release fees for loans being refinanced and prepaid interest due at closing. For loan amounts of $100,000 closing costs typically range between $800 - $1,500 depending on the location of the property and the amount of the new loan. Offer is subject to change without notice. A property appraisal is required and it must be ordered by Educational Systems FCU. Applicant is responsible for the paying the fee upfront and is non-refundable if the loan does not close. Appraisal fees average $450 although some are higher due to property location and type.
3 Loans subject to credit qualifications and approval. All applicants must meet membership eligibility requirements. Rates subject to change without notice. Some restrictions may apply to loan to value financing amount. Property insurance is required.