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Home Equity Loan or Line of Credit

                                 
Put your home’s equity to work for you!  With University Credit Union’s premier home equity products, there is no better time to access the equity in your home. Whether it is an opportunity that you had prepared for or a situation that is completely unexpected, your home equity can make it happen.
 
  Home Equity Line of Credit (HELOC) Home Equity Loan
Right for you if
You need access to funds now and in the future.
You have a one-time borrowing need.
Features A home equity line of credit is a revolving, variable-rate line of credit that uses the equity in your home as collateral. You will have access to use your line whenever you need it in future needs. A home equity loan is a fixed-rate loan with fixed payments that uses the equity in your home as collateral. You will receive all of your funds at once and will make predictable, fixed monthly payments.
Line Amount

 $10,000 to $250,0001

Max 80% LTV-Owner occupied homes and second homes. Appraised value  X 80% minus mortgage= equity available

 $10,000 to $250,0001

Max 80% LTV-Owner occupied homes and second homes. Appraised value  X 80% minus mortgage= equity available

Interest Rate

Variable rate
Based on The Wall Street Journal prime rate2

$10k - $24,999      6.00% APR2
$25k - $250,000    5.00% APR2

 Fixed rate options, rates as low as:

                               5 Years                 10 Years            15 Years
$10k - $24,999       4.75% APR2       5.75% APR2       6.25% APR2
$25k - & up             4.00% APR2       4.50% APR2       5.00% APR2
Closing Costs No application fee. Amount of closing costs covered varies based on minimum amount taken at closing.3  See attached table. No application fee.  Amount of closing costs covered varies based on minimum amount taken at closing.3 See attached table.
Term 20-year draw period
15-year repayment period max 
Fixed terms from 5 to 15 years 
Access to Funds Request an advance:
In person, by Phone or Fax or via transfer in e*branch 
Done at closing
Tax-deductible interest Interest may be tax-deductibile4 Interest may be tax-deductibile4

You put a lot into your home. Now make it work for you!
Apply online at ucumiami.org or visit any branch.
 
1-Higher amount might be considered. 2-Rates good as of 10/01/2019-Rates are subject to change. APR=Annual Percentage Rate. The maximum rate that can be applied to variable rate loans is 18.00%. Variable rate APR is based on prime plus a margin of up to 1.00%. 3-First time UCU Borrowers. 2nd time UCU borrowers please inquire. $497 frozen until loan closes. $5,000 minimum initial advance required. 4-Consult a tax advisor concerning the deductibility of interest. 
 
 Home Equity Lines of Credit - Payment Schedule
Loan Amount up to: Monthly Payment Loan Amount up to: Monthly Payment
 $10,000.00 $100.00 $60,000.00 $445.00
$15,000.00 $115.00 $65,000.00 $480.00
$20,000.00 $150.00 $70,000.00 $515.00
$25,000.00 $185.00 $75,000.00 $555.00
$30,000.00 $220.00 $80,000.00 $590.00
$35,000.00 $260.00 $85,000.00 $625.00
$40,000.00 $295.00 $90,000.00 $665.00
$45,000.00 $330.00 $95,000.00 $700.00
$50,000.00 $370.00 $100,000.00 $735.00
$55,000.00 $405.00 Greater than $100,000.00 Balance x .007376
 
 
 Home Equity Loan-Payment Examples
5 Years   9 Years
Amount Rate Monthly Payment  Amount Rate Monthly Payment
$15,000.00 5.00% $283.00 $15,000.00  5.00% $173.00
$25,000.00 4.50% $466.00 $50,000.00 4.50% $564.00
$100,000.00 4.25% $1,854.00 $100,000.00 4.25% $1,117.00
           
10 Years 14 Years
Amount  Rate Monthly Payment Amount Rate Monthly Payment
$20,000.00  6.00% $222.00 $20,000.00 6.00% $176.00
$75,000.00 5.50% $814.00 $75,000.00 5.50% $641.00
$100,000.00 5.25% $1,074.00 $100,000.00 5.25% $842.00
 15 Year 20 Year 
Amount  Rate Monthly Payment Amount Rate Monthly Payment
$20,000.00  6.50% $174.00      
$75,000.00 6.00% $633.00      
$100,000.00 5.75% $831.00      
$150,000.00 5.75% $1,246.00      

 Closing Costs
Minimum Amount Taken at Closing of the Loan University Credit Union Covers for Closing Costs 
$10,000.00 - $24,999.00  $0.00
$25,000.00 $500.00
$50,000.00 $1,500.00
$75,000.00 $2,000.00
$100,000.00 $2,500.00
 
Apply today-Close in as little as 10 days!

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