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Current Rates
Home Equity Products  Rates Effective 1/15/2010
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| Product |
APR |
LTV |
Fee |
Note |
Calculator |
| Bridge Loan | 4.250% | 80.00% | $500 | 6 Month maximum term |
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| Home Equity Line of Credit (HELOC) | 5.000% | 80.00% | $0 | 5 Yr Draw (15 Yr Amortized) |
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| Home Equity Line of Credit (HELOC) | 7.000% | 85.00% | $0 | 5 Yr Draw (15 Yr Amortized) |
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HELOC Adjustments Rates Effective 1/15/2010
Print friendly page | Adjustment | APR | Note |
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| 80% or less LTV Interest Rate Floor | 5.000% | | | 80.01% to 85% LTV Interest Rate Floor | 7.000% | | | Non-Owner Occupied | 1.000% | max 80% LTV |
Fixed Rate Second Mortgage Rates Effective 1/15/2010
Print friendly page | Loan Amount | APR | Note | Calculator |
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| | LTV <= 80% | LTV 80.01 - 85% | | |
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| $100,000-300,000 | 6.875% | N/A | |
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| $50,000-99,999 | 7.000% | 7.750% | |
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| $25,000 - 49,999 | 7.375% | 8.125% | |
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| $15,000 - 24,999 | 8.125% | 8.875% | |
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| $10,000 - 14,999 | 8.625% | 9.375% | |
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Fixed Rate Loan Adjustments Rates Effective 1/15/2010
Print friendly page | Adjustment | APR | Note |
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| FICOs 660 -699 | APR plus 0.250% | | | FICOs 659 and below | APR plus 0.750% | | | Non-Owner Occupied | APR plus 1.000% | max 80% LTV |
Other Notes
| Loan Terms 10 yr, 15 yr & 30/15 | | Loans not available in TX, NY, HI, AK | | No Third Position Liens | | Credit Score Based on Primary Borrower | | Max Loan Amount $500,000, LTV's <= 80% | | Max Loan Amount $50,000, LTV's up to 85% | | Full Documentation Required | | No Annual Fee/No Pre-payment Penalty |
Rates are subject to change at any time. Your initial Annual Percentage Rate (APR) for a Home Equity Line of Credit will be calculated by adding the appropriate margin to the prevailing Prime Rate (index) as published in the Money Rates column of the Wall Street Journal as of the date your documents are prepared. The initial rate will remain in effect until the first rate change date as described below. The subsequent APR is a variable rate based on the highest Prime Rate as listed in the Money Rates Section of the Wall Street Journal on the first business day of the month which was 3.250% on 1/2/2009 On the House Home Equity Line of Credit: The rate is Prime Rate plus 1/2% with a floor rate of 5.00% for credit lines with a loan to value (LTV) ratio of 80% or less, Prime Rate plus 2% with a floor rate of 7.00% for credit lines with a 80.01%-85% LTV. The rate may vary twice a year on January 20th and July 20th up to 1% annually and a maximum of 6% above the initial rate during the life of the loan. Five- year draw period and fifteen-year repayment period. An Early Cancellation fee may be charged on Home Equity Lines of Credit if the line of credit is paid in full and closed within the 24 months of the opening date. The maximum cost will not exceed two-hundred and fifty dollars. An early cancellation fee will not be charged if Great Lakes Credit Union terminates the Credit Line Account. Second Mortgage Loan, Bridge Loan or Vacant Lot Loan: Once established, the Annual Percentage Rate (APR) is fixed for the term of the loan. Stated rates may change at any time. For all home equity/second mortgage products, credit lines or loan amounts are available from $5,000 to $50,000 with a LTV of 80.01% to 85%. Up $500,000 for home equities and second mortgages with a LTV of 80% or less. Closing costs will be waived up to $500 unless the loan is used to purchase the real estate used as collateral on the loan. Property insurance is required. Flood insurance may be required. Consult your tax advisor about the deductibility of interest. Valid for owner-occupied single-family residences, town homes and condominiums. Payment Example: A typical 15 Year HELOC loan of $50,000 with a APR of 5.00% will result in a monthly payment of $394.61
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