Space Coast Credit Union Home Equity Lines of Credit (Adjustable Rate 2nd Mortgages
Home Equity Lines of Credit
A home equity line of credit (HELOC) is best for Members who need money periodically. This is the case in lengthy home remodeling projects when you pay the contractor two or more times. Or perhaps you need cash at the beginning of each semester over the next four years as the kids head off to college. Home equity lines of credit are also an excellent choice for emergency preparedness funds. A HELOC gives you the flexibility to borrow what you need, when you need it.
BEST CHOICE IF:
- You plan to use money periodically over time
- You only want to pay interest based on the amount of money you've used
- You want to take advantage of a loan that offers the benefits of both a fixed rate and adjustable product*
ADVANTAGES :
- Flexibility - take the option of receiving cash in one sum, or access your account at any time for any expense
- Convenience - low initial draw requirements mean you can access your account only when you need the funds
Whatever type of home equity loan you need, SCCU offers the fastest, most convenient process around with the personal service and features you deserve, like
- Great, low rates
- No application fee
- Most loans close in 7-14 days
- Fast approvals (most in less than 10 minutes)
- Receive funds in as little as 3 days after closing
- No points or origination fees
- No intangible tax
- Defer your first payment for up to 90 days**
- Your credit history is only accessed by SCCU
- We get the needed documents (like warranty deed, flood, and title)
- We do all of the work; all you have to do is sign
Read reviews from SCCU members about their home equity line of credit! Only members with this product are invited to provide their comments and ratings.
Choose the home equity loan program that is best for you!
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Standard Our typical revolving line of credit doesn’t require you to draw a large amount on your line. $5,000 or more available with terms of 7-year draw and 7-year repayment period. Other terms and multiple rates available. Apply Now - Contact Us |
Applying for a Space Coast Credit Union Home Equity Loan is fast and easy!
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By Phone
Call our Express Associate team:
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Online
Apply online 24 hours a day, 7 days a week with our easy online application.
Home Equity Loan Rates
APR = Annual Percentage Rate.
All decisions to grant credit will be based on an evaluation of your credit history and available equity in your home.
Your interest rate will be based on the available equity in your home, the amount and term of your loan, and credit score.
Following the expiration of any Introductory Rate* period, Home Equity Lines of Credit will have a Varibale Rate feature. The Annual Percentage Rate (corresponding to the periodic rate) and the minimum payment during the draw and the repayment periods can change as a result. The Annual Percentage Rate includes only interest and no other costs. The Annual Percentage Rate (APR) is based on the value of an index. The index is the highest Prime Rate as published in the Money Rates Section of The Wall Street Journal on the day that any Introductory Rate expires, and, subsequently, on the last business day of each month of each year. If more than one rate is shown, we will use the higher rate. To determine the Annual Percentage Rate that will apply to your line of credit, we add a margin to the value of the index. Ask us for the current index value, margin, discount and Annual Percentage Rate. After you open a line of credit, rate information will be provided in periodic statements that we send you.
Rate Changes
Your Annual Percentage Rate can change monthly. There is no limit on the amount by which the interest rate can change during any one-year period other than the maximum and minimum Annual Percentage Rates that can apply at any time to this account. The maximum Annual Percentage Rate at any time is 18.00%. The minimum Annual Percentage Rate at any time is 4.00%. The minimum annual percentage rate for the Interest Only HELOC is 4.75%.
No application fee.
Initial minimum draw amount $2,500.
Rates subject to change with out notice. Proof of home owner's insurance sufficient to cover all outstanding mortgages, including your SCCU equity loan will be required. Some restrictions may apply.
* If selected, the fixed rate APR will be in effect for the first five years (1, 3, and 5 year options available) after the account is opened. Upon expiration of the fixed rate introductory period, all balances will accrue at your qualifying rate. Following the fixed rate introductory period, your rate will be variable and may vary monthly, and is based on the value of an Index plus a margin (or spread). The Index is equal to the highest prime rate published in The Wall Street Journal "Money Rates" table on the last business day of each month of each year. The margin is based on your credit history and LTV. Initial minimum draw amount is $2,500. Not available on interest only HELOC or fixed rate home equity loans.
