Flex Pay HELOC
The lowest monthly payment possible, for more possibilities than ever.
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Your house isn’t just a home. It’s an investment.
A Flex Pay HELOC provides the option to make interest-only payments for 10 years, resulting in lower monthly payments and more flexibility with your equity.
After the 10-year period, the HELOC adjusts to the lowest variable rate possible.
How a Flex Pay HELOC Works
A Flex Pay HELOC provides interest-only payments for the entire draw period (10 years), resulting in the lowest monthly payment possible. When the draw period ends, payments are amortized so that the monthly payment remains the same (unless the rate changes) throughout the remainder the repayment period (which is 15 years).
Who Should Get One?
A lower monthly payment means more financial flexibility, each and every month, making a Flex Pay HELOC an intelligent possibility for homeowners who want to conserve funds in the short-run, but expect more income in the future – such as a homeowner who plans to sell their property in an appreciating real-estate market.
Let’s help you determine which HELOC is best for you…
*Annual Percentage Rate=APR. After the initial fixed rate period, your APR will convert to a variable rate and vary with the Prime Rate as published in the Wall Street Journal. As of July 1, 2016 UCCU’s margin above Prime on 1st lien position is 0.35% – 2nd lien position is 0.85%. During the variable rate period, the interest rate will not vary above 18% APR nor below 3.74% APR. Initial fixed rate option cannot be combined with any other loan offer or cash back rebate.
**Property insurance is required. Consult your tax advisor regarding the deductibility of interest. Fee reimbursement for appraisal and title work apply if loan is paid off and closed within 24-months of the note date. Some restrictions may apply. Offer is subject to change without notice. On approved credit. Membership eligibility required. Equal Housing Lender. NMLS # 407653. Federally insured by NCUA.