Variable Rate Home Equity Lines of Credit
Do you need funds for home improvements, college tuition, or debt consolidation? BFCU can help you borrow against the equity in your house.
80% Home Equity Line of Credit (Variable Rate)
With our new loan limits you can now borrow up to $200,000 against the value of your home, to be used for any purpose. Our Home Equity Line of Credit works in the same way as our regular line of credit. You take advances (either in cash or transferable to any of your BFCU accounts) and as you make payments on the loan your available credit builds back up, leaving you with a ready supply of funds for any situation.
|Rate||APR||Payment Example per $1,000||Alert Me|
|Based on 10 year amortization schedule||4.25%||4.25%||$2.37/Week|
|Maximum borrowing amount is $200,000 based on 80% loan to value. Minimum initial advance is $5,000. Subsequent minimum advances are $2,500. Minimum payment will be calculated on a 10 year amortization schedule. APR = Annual Percentage Rate. Variable APR is subject to change without notice. Maximum APR is capped at 16.00%. Property Insurance is required. No pre-payment penalties. Subject to credit approval. The annual percentage rate is based on the value of an index. The index is the prime rate published in the Money Rates column of the Wall Street Journal. When a range of rates has been published the highest rate will be used. We will use the most recent index value available to us as of 1 day before the date of any annual percentage rate adjustment.|
|Loan Amount||APR||Weekly Payment||# of Weekly Payments||Total of Payments||Alert Me|
|$100,000||Based on 10 year amortization schedule||4.25%||$236.67||520||$123,066.48|
Don’t forget, payments are easy at BFCU. You can utilize payroll deduction, direct deposit (ACH), set up an automatic payment from your BFCU account, or use our convenient Online Banking feature. And there are never any prepayment penalties.