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Home Equity

Home Equity LINE OF CREDIT

 A Home Equity Line of Credit (HELOC) allows you to establish a line of credit from the equity in your home. You can borrow up to your established limit, anytime, for any purpose and at your convenience. Best of all, there are no closing costs, no annual maintenance fees and no prepayment penalties.

Benefits
  • No application fee
  • Use your advance for home improvements, debt consolidation, education, boat/RV, etc.
  • No closing costs
  • No annual fee
Home Equity Documents & Tools
 
 
Minimum Loan Amount $5,000
Maximum Loan Amount $100,000
Overall Limitation 95% of appraised value, less balance of 1st mortgage
Draw Period 5 years
Rate Variable, based on Prime + margin
Monthly Payment The monthly payment will be calculated at 1% of loan balance at the time of the last draw
Current Rate (80% LTV and less) as low as 5.25% APR1

HOME EQUITY LOAN

A Home Equity Loan is another option available to allow you access to equity in your home.  See below for term details!
TERM
 
1ST LIEN RATE AS LOW AS 2ND LIEN RATE AS LOW AS
LTV
 
5 Years 5.00% APR2 5.00% APR2 80% or Less
10 Years 5.125% APR2 5.25% APR2 80% or Less
15 Years 5.25% APR2 5.375% APR2 80% or Less
 

Annual Percentage Rate. Rate effective 10.1.2018 and subject to change. Rates are based on an index of Prime Rate published in the Wall Street Journal on the last Tuesday of the month plus a margin. IMCU rates change the first of the month. Rates may vary based on credit scores and CLTV. State Rate requires maximum 80% CLTV and minimum FICO score of 680. Maximum rate is 21%. Subject to credit approval. Owner occupied properties only.Regardless of minimum payment, you may always choose to pay more. 2 Rate effective 10.1.2018 and subject to change. State Rate requires 80% maximum CLTV and minimum FICO 680. A $5,000 loan with a 5-year term at 5.25% APR has payments of $94.37 per month. Longer terms and other rates available. Rates and maximum CLTV vary based on credit score and CLTV. Subject to credit approval. Owner occupied properties only. Consult your tax advisor regarding deductibility.