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Contact a Real Estate
  Consultant with questions
  about a Home Equity Loan.

 

Tim Martinson
860.568.2020, ext. 5239
timothy.m@aefcu.com
NMLS# 90492

Home Equity Loans

American Eagle FCU offers a variety of Home Equity products that are secured by the equity in your home. Home Equity Loans are most often used to pay for home improvements, furnishings, college tuition, vacations, or debt consolidation. To best suit your financial needs, there is the flexibility to choose between a first lien, subordinate lien, or line of credit. The products are available for a single family owner-occupied home or condominium located in Connecticut or Massachusetts.

Home equity Fixed

A fixed Home Equity Loan may be just what you need for your next home improvement project. It can help with debt consolidation, or even with tuition bills. It's your money to do as you wish. You may be able to borrow up to $500,000 or 100% of the equity value of your home, for terms up to 20 years (240 months). Your interest rate and monthly payment is fixed for the life of the loan. With regular monthly payments, the loan will be completely repaid on the specified maturity date. There are no application fees and no or low closing costs.

 

Home Equity Line of Credit

A Home Equity Line of Credit is a variable-rate loan typically used as a form of revolving credit. Upon application, we establish your limit up to $250,000 or up to 100% of the combined equity value of your home for terms up to 25 years. Use the money when you need it by writing your own loan from a book of checks that we provide. You make payments only on the funds you use. You can obtain credit advances for the first 10 years, known as the Draw Period. During the draw period, the monthly minimum payment will consist of interest only payments. A Repayment Period begins immediately after the Draw Period, and continues for the next 15 years. During the Repayment Period, you will no longer be able to access the credit line. Your monthly minimum payment will be based on a 15-year amortization of the outstanding balance on the last day of the Draw Period. There are no application fees or closing costs.  An inactivity fee applies if the account is inactive for a period of 12 consecutive months.

 

 

Home Equity Rates
Product Term Rate as low as* APR**
5-Year Fixed 1 - 60 months 3.50% 3.50%
10-Year Fixed 61 - 120 months 3.75% 3.75%
15-Year Fixed 121 - 180 months 4.25% 4.25%
20-Year Fixed 181 - 240 months 4.50% 4.50%

Property types: 1-4 unit dwellings, condominiums (attached or detached), and PUD's (attached or detached), located in Connecticut or Massachusetts. Minimum loan amount = $10,000. Maximum loan amount = $500,000. Rate assumes that loan is a first lien and a combined loan to value (CLTV) of up to 85%. Loans for second liens with CLTVs up to or over 85% available. Call 860.568.2020, ext. 5110 for rates and details.

 

Home Equity Line of Credit Rates
Product Term Rate as low as* APR**
Home Equity
Line of Credit Promo‡
300 Months  Prime - 0.50% 4.00%

Prime Rate - 0.50% variable. Property types: 1-4 unit dwellings, condominiums (attached or detached), and PUD's (attached or detached), located in Connecticut or Massachusetts. Minimum loan amount = $10,000. Maximum loan amount = $250,000. Rate assumes a combined loan to value (CLTV) of up to 85%. Lines of credit for CLTVs over 85% available. Call 860.568.2020, ext. 5110 for rates and details.

 *Rate determined by your credit history and term of loan. 

**APR = Annual Percentage Rate
Subject to credit approval. Program, rates, terms and conditions are subject to change without notice

‡APR = Annual Percentage Rate.  The Prime Rate is published by The Wall Street Journal. The Prime Rate is variable and as it changes, the APR on your line of credit will also change.  APR is determined by adding the prime rate plus a margin.  The margin is based on credit history and term of loan.  (Prime Rate is 4.50% as of January 1, 2018)
Promotion is available from January 1, 2018, through March 30, 2018. Prime - .50% is available for the first 12-months of account opening. After the introductory period, the APR will be a variable rate based on the Wall Street Journal Prime Rate plus a margin of +.25%.  APR may increase after closing due to changes in the Prime Rate.  Offer subject to credit approval and borrower eligibility. Programs, rates, terms and conditions are subject to change without notice. Promotional rate assumes a combined loan to value (CLTV) of up to 85% and platinum credit score 760 or above. Maximum APR that will apply during the life of the loan is 18%. Floor rate is 3.49%.  Minimum loan amount = $10,000. Maximum loan amount = $250,000.  Inactivity fee of $32 applies if the line of credit is not used in any 12 month period.
AEFCU membership required. Offer valid on new lines of credit only (no refinancing of current AEFCU home equity lines of credit). Other terms and conditions may apply as governed by American Eagle Financial Credit Union Lending Policy. Consult a tax advisor regarding the deductibility of interest.