| HOME EQUITY LOAN RATES effective 08/5/10 |
| 12 months |
APR:
4.50% |
to |
16.50% |
based on credit |
|
|
| 24 months |
APR:
4.50% |
to |
16.50% |
based on credit |
|
|
| 36 months |
APR:
4.50% |
to |
16.50% |
based on credit |
|
|
| 48 months |
APR:
4.50% |
to |
16.50% |
based on credit |
|
|
| 60 months |
APR:
4.50% |
to |
16.50% |
based on credit |
|
|
| 66 months |
APR:
4.50% |
to |
16.50% |
based on credit |
|
|
| 72 months |
APR:
5.25% |
to |
17.25% |
based on credit |
|
|
| 84 months |
APR:
5.25% |
to |
17.25% |
based on credit |
|
|
| up to 120 months |
APR:
5.25% |
to |
17.25% |
based on credit |
|
|
For Home Equity Loans:
You can borrow up to 90% of the appraised value of your home less any mortgage balances.
Monthly home equity loan payments will include any past due amounts.
Some fees may apply at closing.
Repayment terms example: A 60 month, $20,000 loan with a 12% APR will have a monthly payment of $444.89. Click the calculator button to figure approximate payments based on different rates and terms. |
| Home Equity Line of Credit Rates |
Loan Term up to 180 months with a 5 year draw period. Variable rate based on Prime adjusted in January and July of each year. Base Rate = 6.00% effective 05/24/10. Based on credit.
You can borrow up to 90% of the appraised value of your home less any mortgage balances.
Minimum monthly payments are determined by the outstanding credit balance on your line and will remain the same unless you obtain another credit advance. Payments will also change in January & July when the APR is adjusted. Payments will include any past due amounts & any amount in which you have exceeded your credit limit.
The monthly payment is based on 60 months for up to $5,000, 96 months for over $5,000 to $10,000, 120 months for over $10,000 to $15,000 , and 180 months for over $15,000. FOR EXAMPLE: At an annual percentage rate of 8.25% with a credit balance of $10,000 you would make 120 payments (10 years) of $123.08 each (assuming you paid the minimum amount each month and that no additional credit advances were taken).
The maximum Annual Percentage Rate that can apply is 15% or the maximum permitted by law, whichever is less. However, under no circumstances will your APR go below 6% at any time during the term of the plan.
Some fees may apply at closing. You must pay certain fees to third parties to open the plan. These fees generally total between $0.00 and $450.00.
Rates may vary after the account is opened. |
| Home Equity Disclosures |
All loans are subject to approval based on credit union lending guidelines.
All rates are based on the above ranges and determined by individual credit history.
Members Community Credit Union is an Equal Housing Opportunity Lender.
You must be a member of Members Community Credit Union to be eligible for a loan. Membership is open to people living and working in Muscatine, Scott, Cedar, Johnson, and Louisa counties in Iowa and Rock Island County in Illinois, as well as active and retired members of HNI Corporation, its subsidiaries, and their immediate family members. |
