Standard Home Equity
Simply the lowest variable rate possible.
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Your house isn’t just a home. It’s an investment.
UCCU’s Standard Rate Home Equity lets you choose an interest-only payment, or set your payment anywhere you’d like above the minimum payment amount to pay down the principal. Loan payments are due on the 25th of each month and only begin after the first use of your home equity. Payments are calculated based on the previous month’s balance and the current rate. At the end of the initial draw period, you can request a draw period extension*; otherwise, your loan will convert to an installment loan and amortize the remaining balance over an additional 15-year period.
How a Standard Home Equity Works
A Standard Home Equity offers a low introductory rate and the longest draw period, allowing a homeowner to draw from their equity, anytime, for 10 years. When the draw period ends, payments are then amortized over a 15-year repayment period. The monthly payment remains the same throughout the remainder of the repayment period (unless the variable rate changes, at which point the payment will adjust).
Who Should Get One?
There are many reasons homeowners get Home Equities, such as making repairs, remodeling their homes, and paying off higher interest debt. The Standard Home Equity is the most popular choice for most homeowners, accounting for more than 70% of all Home Equities. If you’re a homeowner considering a Home Equity, there’s a good chance the Standard Home Equity will be your best choice.
Let’s help you determine which HELOC is best for you:
Standard Home Equity Disclosure:
*APR = Annual percentage rate. Financing is subject to UCCU membership and underwriting criteria, not every applicant will qualify. 6.99% introductory fixed rate for 6 months, 8.24% variable APR (Prime – 0.26%). For loans greater than 80% LTV (loan-to-value) the variable APR is 9.99% (Prime + 1.49%). Property insurance is required. Interest rate will not vary above 18.00% or below 4.99%. Variable rates based on the Prime Rate as published in the Wall Street Journal on the 15th day of the month prior. Limited time offer. Appraisal, title, and insurance fee reimbursement required if paid off and closed within 24 months of funding date. Equal housing lender. NMLS # 407653. Federally insured by NCUA.