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Looking for a Second Mortgage or Home Equity Line of Credit? Need to borrow up to 90% of your home's equity? Your Credit Union offers three convenient types of real estate secured second mortgages. Depending on the reason you need the loan, the terms and amount you'll be using, and the type of home you have, you can receive a loan with the most attractive pricing and the most professional, personal service anywhere.
| Features |
Home Equity
Line of Credit:*
Owner Occupied |
Fixed Rate Second Mortgage:*
Owner Occupied
All states excluding Texas |
Fixed Rate Second Mortgage:*
Non-Owner Occupied
All states excluding Texas |
| Maximum LTV |
90% |
90%*** |
65%*** |
| Term |
10 Year Draw Period |
20 Year Max |
15 Year Max |
| Rate |
Prime - .25% to Prime + 1.25% up to 80.00% LTV,
Prime + .75% to Prime + 2.25% for 80.01% -90.00%LTV |
7.00% - 8.50% APR*
up to 80.00% LTV,
8.00% - 9.50% APR*
for 80.01% - 90.00% LTV |
7.00% - 8.50% APR*
up to 65.00% LTV |
| Min/Max Limit |
$7,500-$100,000 up to 90% LTV/ $100,001 - $500,000 up to 70% LTV |
$2,000-$100,000 up to 80% LTV/ $100,001 - $500,000 up to 70% LTV |
$2,000-$500,000 |
| **Approval Time |
48 Hours |
48 Hours |
48 Hours |
| Turnaround Time |
Approx. 1-4 Weeks |
Approx. 1-4 Weeks |
Approx. 1-4 Weeks |
| Access Funds |
Checks, Telephone Banking, ATM, Teller, Online Banking |
One-time draw |
One-time draw |
Prime rate index at effective date: 4.00%
Loan Disclosure Loan Fee Schedule Home Equity Line of Credit Disclosure When Your Home Is On the Line Putting Your Home On the Line Is Risky Business *APR = Annual Percentage Rate. Actual loan rate will be based upon the borrower(s) creditworthiness, checking account, and check card relationship. Rates subject to change without notice. The APR is the cost of the loan in percentage terms taking into account various loan charges of which interest is only one such charge. The APR on all 2nd Mortgage products is equal to the stated rate based on the following: The Credit Union will pay your closing costs on loans up to $150,000. For loans over $150,001, or when borrower pays closing costs APR will vary from stated Rate. If your Second Mortgage or Home Equity Line of Credit is discontinued or paid off within three years, a surrender fee of $400.00 will be charged back to you for the charges incurred by the Credit Union. Assessed Value LTV= Loan to Property Value. $225 minimum Appraisal Fee, when tax assessment or automated value analysis does not meet desired equity. Hazard, flood and other applicable insurances may be required. All IBM Southeast EFCU real estate loans are subject to income verification and credit approval. For more information contact a Mortgage Representative for full details on the rates, terms, fees and conditions that may apply. Certain states may not be eligible. The floor interest rate on the HELOC is 2.00% with a maximum cap of 18.00%. **
***(Assessed Value) LTV = Loan To Property Value
Second Mortgage-variable (also known as the Home Equity Line of Credit). The A.P.R. may change the first business day of each calendar month. The A.P.R. could change based on the movement of the Prime Rate as reported in The Wall Street Journal the last business day of each calendar month. If there is more than one such rate reported, the highest rate shall be used. The finance charge for every $1 in the daily balance, as well as the number of loan payments, may increase or decrease if the index rate, (Prime Rate), rises or falls by 1/8 of one percent or more, respectively.
A change in the index of one percentage point will result in one percentage point change in the same direction in the loan’s A.P.R. The A.P.R. on any variable rate loan except variable rate Stock Loans, will not increase to more than 18.00% or decrease to less than 2.00%, as long as the loan account remains open, as required by the Federal Credit Union Act. The A.P.R. on any variable rate Stock Loan will not increase to more than 15.00%, or decrease to less than 7.50%, as long as the loan account remains open, as required by the Federal Credit Union Act.
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