Great news! From now through Aug. 19, 2023, get a low 4.99% APR introductory rate for six months on new home equity lines of credit (HELOC). After the introductory period, your rates will range from 8.24% to 11.09% APR based on your creditworthiness and property type.
Home equity lines of credit (HELOC) allow you to borrow money using the equity or value of your home as collateral. HELOCs may be a better alternative than a credit card, or personal loan, as rates tend to be lower (as the loan is tied to your home), and interest paid may be tax deductible.
You can take out any sum up to your HELOC maximum at any time up to your loan limit. However, there are benefits to locking in the rate on larger sums.
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The line of credit appears as an account in your Online Banking, and you can easily initiate a free, same-day transfer to your checking account.
Like a credit card, you qualify for an amount, then how you choose to use it is up to you — all of it, some of it, or even just a little of it.
You can access a HELOC for 10 years — this is known as the draw period. During the draw period you can access funds up to your account limit and have the option of making interest only payments — subject to the lesser of $100.00 or your account balance. When the draw period ends, the repayment period begins.
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The repayment period is 15 years. The new monthly payment includes principal and interest with the repayment not exceeding 180 months. Note: The APR continues to be variable and based on the Wall Street Journal Prime Rate in effect on the last day of the previous month, plus or minus your margin, which is provided with the original loan documents.
C) Your payment may be significantly higher if you have only been making interest-only payments. Please note: That the APR continues to be variable and based on the Wall Street Journal Prime Rate in effect on the last day of the previous month, plus or minus your margin, which was provided with your original loan.
Questions? Drop by a location, or schedule a time to talk to a member consultant or give us a call at 844-LOAN (844-232-8562).
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In order to open a HELOC account, you must become a member and satisfy 's underwriting criteria; not all applicants will qualify. 4.99% Introductory Annual Percentage Rate (APR) for six (6) months from date of account opening. After that your APR may be 8.49% to 11.34% or the APR in effect at the end of the six-month introductory period, based on your credit worthiness and property type. This APR is based on the Prime Rate in effect on the last day of the previous month, plus or minus your margin, but will never exceed 18.00% or go below 3.25%.Borrower will be required to pay for optional services (e.g., retaining an attorney not required to open a HELOC). In South Carolina, where the law requires use of an attorney, will be solely responsible for paying all attorney's fees and costs necessary to open the HELOC and will perform this responsibility fully by paying all reasonable attorney's fees and costs related specifically to the closing based on rates typically charged by attorneys in the local market for the closing of similar HELOC transactions. Borrower will be required to pay for hazard insurance (including flood insurance, if applicable) throughout the term of the HELOC. Borrower will not be required to pay any periodic fees to maintain the HELOC, nor any fees to obtain a variable rate or fixed rate advance during the term of the HELOC. When the HELOC terminates, Borrower will be required to pay a reconveyance fee ranging from an average of $125.00 to $235.00 but is subject to change.
Borrower will not pay upfront fees (no origination fee, no appraisal fee, and no title report or title insurance fee) to open the HELOC in normal circumstances. If the title report shows more than one existing lien, judgments, deceased owners, or other title issues, or if the appraisal shows problems with the subject property, however, then Borrower may be required pay third parties to subordinate or otherwise resolve such title issues and/or to repair or otherwise resolve such property problems. These third-party charges may range from an average of $150.00 on the low-end to an average of $775.00 on the high-end based on the specific circumstance. This range of charges does not include estimates for the costs of home repairs since they can vary greatly.
The APR for Fixed Rate Advances (FRA) currently ranges from 7.99% to 11.09% APR. The FRA APR will be the rate in effect when the FRA is established, which can only occur once the HELOC funds and an advance is taken. Your specific APR(s) is determined by your creditworthiness and property. During the draw period, your monthly payment will equal the amount of accrued interest, subject to the lesser of $100 or your outstanding balance. Because the minimum monthly payment during the draw period is potentially interest only, your principal balance may not be reduced. During the repayment period, your monthly payment will increase and equal the amount of principal and interest necessary to pay off the loan balance by the end of the 180-month repayment period.
What Is A Home Equity Line Of Credit?
There is no distinction between the draw and repayment periods for Fixed Rate Advances (FRA). Your monthly payment for any FRA will immediately equal the amount of principal and interest necessary to pay off the FRA balance by the end of the FRA's term.
Information contained on this website does not constitute legal or tax advice. Individuals should consult with their financial adviser and/or attorney for advice.BECU only offers one home equity product, a home equity line of credit (HELOC) with flexible terms and no lender fees. While this HELOC comes with many advantages, as a credit union product, you must be a member to take advantage — and membership is mostly limited to the Pacific Northwest.
BECU’s HELOC is best for borrowers with at least 15% to 20% of equity in their homes and want a revolving line of credit to tap into over 10 years instead of a lump sum loan. Unlike some HELOC lenders, BECU offers both the traditional variable-rate option and the ability to draw larger sums into a fixed-rate advance.
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To take advantage of the fixed rate, you need to draw a minimum of $5, 000 up to the maximum of your credit line. The amount of the line that you “fix” is converted into a fixed-term loan with a repayment period of 15 years.
The interest rate on BECU’s fixed advances starts at 4.49% as of May 2022. While this is higher than BECU’s and other lenders’ introductory variable rates, it guarantees a fixed monthly payment that isn’t affected by interest rate fluctuations.
The biggest obstacle to taking advantage of this product is the credit union’s limited membership requirements. Also, customer reviews of BECU lean towards the negative, with many online reviewers complaining about poor banking service.
Printable Home Equity Loan Fixed Rates Forms And Templates
However, the loan officer I spoke to seemed willing to work with less-than-stellar credit. If BECU doesn’t have what you need, compare more HELOC lenders to find the right fit.
BECU only offers a variable-rate home equity line of credit (HELOC) but with a fixed-rate option built in. Once you’re approved for your HELOC, you can choose to take out lump sums of $5, 000 or more as fixed-rate advances.
You’re allowed up to three active advance subaccounts at once, and you can select your own term to pay them off, up to 15 years. And you don’t have to pay a fee to take the advance or to pay it off early.
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BECU doesn’t charge any of the normal lender fees associated with home equity products and even covers the cost of attorney fees in South Carolina, where an attorney is required. You also pay no maintenance fees, and there aren’t any costs associated with taking a fixed-rate advance.
Under normal circumstances, the only fee you’ll face from BECU is after the HELOC is paid off — a reconveyance fee to remove BECU from the lien on your title which typically costs from $125 to $235. You might also have to pay third-party fees, such as state and local mortgage taxes and recording fees, which BECU estimates could range from $150 to $775.
These fees are subject to change, so check your loan agreement to make sure you have the most up-to-date numbers to avoid any surprises.
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BECU is accredited with the Better Business Bureau (BBB) and has an A+ rating for how it has handled multiple customer complaints over the last three years. However, customers on the BBB site and Trustpilot give the company a less favorable rating, complaining about poor service and the inability to set up basic services like autopay online.
More happy customers praise BECU’s customer service and smooth loan processes but complain of having trouble resolving fraudulent charges and the difficulty working with
