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We have cost-effective ways to help you make the most of your equity and refinance your mortgage!
Home Equity Lines of Credit
Fast, Flexible and Affordable. A Simple Lending Option!
Our HELOC Benefits:
- 4.99% introductory APR for 12 months! After the 12-month introductory period, your rate will be as listed in the “Wall Street Journal”, minimum floor of 4.00% APR.1
- Loans up to $400,000 and up to 90% loan-to-value (LTV) for qualified borrowers. Credit limits vary based on creditworthiness, property value, and underwriting criteria. 2
- 10-year draw period
- Variable monthly payment based on balance
- No pre-payment penalties/ No annual fees
- Easy access to your funds with convenience checks
- Interest may be tax-deductible 3
Fixed-Rate Second Mortgage
Get the money you need now in a convenient, single payout!
Our Second Mortgage Benefits:
- Fixed terms for 5, 10, 15 years
- Maximum loan amount is 80% of the appraised value 4, LESS any first mortgage (not to exceed $400,000)
- No pre-payment penalties/ No annual fees
- Fixed monthly payments
- Estimated closing costs generally range from approximately $300 to $1,500 depending on loan amount, property location, and underwriting requirements. 2
- Interest may be tax-deductible 3
Fixed-Rate Second Mortgage products are subject to credit approval, property valuation, and underwriting criteria. Property insurance is required. Flood insurance may also be required.
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- The TruEnergy FCU Introductory Annual Percentage Rate (APR) will be effective for the first twelve (12) months from the date your TruEnergy FCU Home Equity Line of Credit is opened (the “Introductory Period”). After the Introductory Period, the APR will be adjusted to either your floor rate or the Prime Rate as published in the Wall Street Journal (whichever is higher).
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Loan-to-value (LTV) will be determined based on the appraised value of the property less any outstanding liens, including first mortgages. Credit limits are based on creditworthiness, LTV, property value, and underwriting criteria. Not all applicants will qualify for the maximum line amount.
Estimated closing costs generally range from approximately $300 to $1,500 depending on the loan amount, property location, state and county filing fees, and underwriting requirements. Closing costs and fees may include county recording fees, title search fees, flood certification fees, appraisal fees, filing fees, certificate fees, and delivery fees.
- The Home Equity Line of Credit (HELOC) has a variable APR based on the Wall Street Journal Prime Rate and may adjust semi-annually after the introductory period. View the current Wall Street Journal U.S. Prime Rate. View the current WSJ U.S. Prime Rate. The HELOC has a variable APR based on the Wall Street Journal Prime Rate and may adjust semi-annually after the introductory period. The maximum loan-to-value (LTV) ratio is 90% for primary residences and non-owner occupied residences. In no event will the APR be less than 4.00% or greater than 18.00%. Property insurance is required. Flood insurance may also be required. Interest may be tax-deductible; consult your tax advisor for more information. Additional restrictions, limitations and exclusions may apply.
- If the loan is $100,000 or under, the most recent tax assessment will be accepted unless the value of the home is in question. Then, an appraisal will be completed. Any loan over $100,000 requires an appraisal completed by an authorized appraiser selected by the credit union at the member’s expense.
We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.
NMLS #420028
Home Mortgage Disclosure Act Notice
The HMDA data about our residential mortgage lending are available online for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, age, and income of applicants and borrowers; and information about loan approvals and denials. These data are available online at the Consumer Financial Protection Bureau’s website at www.consumerfinance.gov/hmda. HMDA data for many other financial institutions are also available at this website.
