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Telephone: 410.368.3125 |
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Home Equity Loans
If you own your home, chances are you have built a lot of equity. Using the
equity in your home can be one of the smartest ways to borrow because the interest
on the loan may be tax deductible.* Rates are very
competitive and there are options for no closing costs.
Home Equity Line of Credit
| Loan Amount |
90% of appraised value less first
mortgage/Maximum - $100,000
80% of appraised value less first mortgage/Maximum - $150,000
Miniumum - $10,000 |
| Rate |
Prime rate MINUS 1/4%**
Minimum - 2.5% Maximum - 18% |
| Draw Period |
15 years (access with home equity checks)
First Advance - $2,500 minimum / $500 increments thereafter |
| Closing Costs |
Credit union will pay closing costs. Minimum loan term is two years or
reimbursement of closing cost are due to credit union. |
| Appraisal Fee |
$150 |
| Processing Time |
3 - 4 weeks |
Closed-End Home Equity Loan
| Loan Amount |
90% of appraised value less first mortgage/Maximum
- $100,000
80% of appraised value less first mortgage/Maximum - $150,000
Miniumum - $10,000 |
| Rate |
5 year - as low as ***6.75% APR
10 year - as low as ***7.00% APR
15 year - as low as ***7.50% APR |
| Closing Costs |
Credit union will pay closing costs. Minimum loan term is two years or
reimbursement of closing cost are due to credit union. |
| Appraisal Fee |
$150 |
| Processing Time |
3 - 4 weeks |
*Please consult your tax advisor for the deductibility
of interest in your particular situation.
**Prime rate as published in the Wall Street Journal. The equity
loan rate is subject to change on the first day of the quarter (January,
April, July & October) following a change in the prime rate.
*** Rates quoted are the lowest available ("as low as").
Actual rate may differ and is dependent on the applicant's and/or
credit applicant's credit history.
How to Apply
Members may apply for a loan as soon as membership is established. Loans are
available to members who are in good standing with the credit union, and approval
is based on credit history and debt-to-income ratio. An application must be
submitted, along with two of your most recent paystubs. Applying couldn't be
easier! Stop by and speak to our Loan Officer, call (410) 368-3227, call our
"Whenever" loan application service, 24-hours a day, seven days a
week at 1-888-273-SACU (7228), or apply online.
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