What Is a Real Estate Equity Loan?
- A fixed amount of funds in one lump sum
- Fixed rate for the entire term of the loan
- Predictable monthly payments
- 5 and 10-year repayment terms
|Description||APR*||Monthly Payment Example|
|5 Year Equity Loan-to-Value up to 80%||4.115%||$18.47/per $1000.00|
|5 Year Equity Loan-to-Value greater than 80% to 90.00%||4.615%||$18.70/per $1000.00|
|10 Year Equity Loan-to-Value up to 80%||4.865%||$10.55/per $1000.00|
|10 Year Equity Loan-to-Value greater than 80% to 90.00%||5.365%||$10.79/per $1000.00|
*APR denotes Annual Percentage RateREAL ESTATE EQUITY LOAN: Minimum loan amount is $5,000. Loan rates, terms and information are subject to change at any time. Fixed-rate Real Estate Equity loans are available for primary residences, second homes and investment properties. Payment example: a 4.115% fixed APR applies for a 60-month term and LTV up to 80% for a monthly payment of $18.47 per $1,000 borrowed. For a LTV greater than 80% up to 90% the fixed APR is 4.615% for 60 months for a monthly payment of $18.70 per $1,000 borrowed. A 4.865% fixed APR applies for a 120-month term and LTV up to 80% for a monthly payment of $10.55 per $1,000 borrowed. For a LTV greater than 80% up to 90% the fixed APR is 5.365% for 120 months for a monthly payment of $10.79 per $1,000 borrowed.
A Real Estate Equity is a fixed rate, closed-end loan with a term of 5 or 10 years. All funds are disbursed when the loan is issued. In addition to primary residences and vacation homes, it can be used for one rental property and land. Some restrictions apply. Payments may be made using monthly coupons or automatic transfer.
A Home Equity Line of Credit has an adjustable rate based on Prime plus a margin. The 10-year open-end draw period is followed by a 20-year repayment period. The five-year open-end draw period is followed by a 10-year repayment on rental properties. The loan payment is always based on a 20-year repayment period and is made through automatic transfer on the 16th of each month.
You have three options:
1. Log into online banking, click on "Move Money," and transfer funds from your line of credit to your desired share.
2. Call the self-service telephone at 800.435.6500.
3. Speak to a Member Service Representative by calling 800.237.7328 Monday through Friday 8 a.m. to 9 p.m., and Saturday, 9 a.m. to 5 p.m. (ET).