![]() Might charge prepayment penalties up to $500 if you repay your loan early.Doesn’t offer home equity products in certain states or in any U.S.Only offers refinancing and home equity loans.A one-time $5 membership fee may apply if currently not a UVA Community Credit Union member. Minimum ongoing balance of $5 is required in a UVA Community Credit Union Share Savings Account. Interest rates and terms are subject to change without notice. The maximum term available for a fixed rate option is 20 years. You will receive a single statement for the equity line and any Locks. Any future draws will be at the variable rate and payment in effect on your loan at the time of the draw. Your Lock balance will reduce the amount of available credit for future draws on your equity line. You may have up to three Locks on either all or a portion of your balance at a time with a maximum of six Locks over the HELOC term. Rates may vary, are determined based on qualification pricing at the time the HELOC is established and are subject to change. ![]() NMLS#302946 ( 4You have the option to lock in a portion or all of your existing equity balance into a fixed rate and term of 5, 10, 15 or 20 years (Lock) up to the available credit limit established at initial HELOC closing. Offer not valid on existing UVACCU Home Equity Lines of Credit. Average closing costs range from $1,200-$1,500 for $30,000 borrowed. If the line is closed within two years of opening, applicant is required to repay the closing costs. ![]() Applicant is responsible for appraisal/AVM/Property Condition Report fee, title search, and flood certification if HELOC does not close. This offer does not include escrow or additional notary and recording fees that may result from changes in title, vesting or notary appointments. Closing costs do not include extraordinary items, including but not limited to the following: residential real estate appraisals (for selected properties), additional title searches, reviews and insurance for the same loan transaction, trust document reviews, grant deeds and any associated notary or recording fees, missed appraisal appointments or ‘trip charges’ and any fees to close another account as the result of this Account. Maximum interest rate is 18%.ģUVACCU may pay customary closing costs including Automated Valuation Model (AVM) & Property Condition Report to determine property value and condition, lender’s title insurance, courier fee, recordation, flood certification, credit report, and/or tax service on Primary Residence lines from $10,000 to $100,000. The index used is the Prime Rate as published in The Wall Street Journal Eastern Edition on the last business day of the month prior to the change. The rate is calculated using an index plus a margin. At the end of the draw period, your required monthly payments will increase because you will be paying both principal and interest. Payments will increase if rates increase. No draws will be allowed during the repayment period. The minimum periodic payment is interest-only for the first ten years (“draw period”) followed by fully-amortizing payments to repay the balance over the final twenty years. Property and flood insurance is required where necessary. APR may vary based on credit score, Loan to Value (LTV), Credit History and occupancy status. Ask us for details and rates for investment properties or smaller or larger line of credit amounts.ĢNot all applicants will qualify for the lowest rate. Certain property types are not eligible collateral. The variable APR is based on Prime Rate plus a margin, and will vary with Prime Rate. Interest Only payments at $7.01 APR per $1000. Payment example: 120-month term payments at 8.25% APR are $12.27 per $1,000. Rates effective for new Home Equity Lines of Credit Flex (HELOC Flex). See if you're eligible.ġVirginia properties only. It's easy! We can establish your membership at loan closing.
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