For a limited time, SCU will pay all normal closing costs on new Home Equity Lines of Credit. (No more than once every 24 months.)
2.9% APR for the first year, then APR adjusts to the Prime Rate, as reported by the Wall Street Journal, plus 1.00% APR with a maximum rate of 18.00% APR. As of 6/14/17, the Prime Rate was 4.25% APR. Accordingly, the APR for a Home Equity Line of Credit will go to 5.25% APR after the first year. Rates adjust quarterly if there is a change in the Prime Rate.
Consult with your tax advisor about tax deductibility. Flood/property/hazard insurance may be required.
Borrow up to 85% of your home's value, minus existing mortgage(s).
Write a home equity check for $100 or more.
No prepayment penalties; no annual fee.
The interest you pay may be tax deductible - ask your tax professional.