Home Equity Loans
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.
| Fixed Rate Home Equity Loan | |
| Right for you if | You have a one-time borrowing need. |
| Features | 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. |
| Loan Amount | $10,000 to $50,0001 Max 80% LTV-Owner occupied homes and second homes. Appraised value X 80% minus mortgage= equity available |
| Interest Rate | Fixed rate options, rates as low as: 5 Years 10 Years |
| Closing Costs | No application fee. Amount of closing costs varies based on your expected funding amount.3 See attached table. |
| Term5 | Fixed terms from 5 to 10 years |
| Access to Funds | Done at closing |
| Tax-deductible interest | Interest may be tax-deductibile4 |
1Higher amount might be considered. 2Rates good as of 8/1/2023 Rates are subject to change. APR=Annual Percentage Rate. The maximum rate that can be applied to variable rate loans is 18.00%. 3First time UCU Borrowers. 2nd time UCU borrowers please inquire. $597 frozen until loan closes. $5,000 minimum initial advance required. 4Consult a tax advisor concerning the deductibility of interest. 5-University Credit Union requires property insurance be carried.
| Home Equity Loan-Payment Examples |
| 5 Years | 10 Years |
| Amount | Rate | Monthly Payment | Amount | Rate | Monthly Payment |
| $15,000.00 | 9.50% | $315.10 | $50,000.00 | 9.50% | $650.00 |
| $25,000.00 | 9.50% | $525.15 | |||
| $50,000.00 | 9.50% | $1,050.30 |
*APR = Annual Percentage Rate. All home lending products are subject to credit and property approval.
Home Equity Lines of Credit: The adjustable rate APR may increase or decrease based on the highest Prime Rate published in the Money Rates column of the Wall Street Journal.
The Annual Percentage Rate does not include costs other than interest. The Annual Percentage Rate is based on the value of an index. The index is the Wall Street Journal 'Prime Rate', as stated in the Wall Street Journal on the last working day of the preceding month. To determine the Annual Percentage Rate that will apply to your account, we add a margin to the value of the index. Your margin will be determined based on your approved credit limit, according to the following schedule. Rate Changes: The annual percentage rate can change monthly on the first of each month. The maximum Annual Percentage Rate that can apply is 18%. The Annual Percentage Rate will not fall below 3.00% during the Plan. Property insurance is required; if the collateral is determined to be in an area having special flood hazards, flood insurance will be required as well. Property must be in Florida. Available on owner-occupied detached and attached primary and secondary residences. Not available on investment properties. Consult tax advisor for deductibility. Membership eligibility required with $5 minimum in savings.
Your Mortgage Loan Originator and the SAFE Act
What is SAFE Act?
The Secure and Fair Enforcement for Mortgage Licensing Act of 2008, known as the SAFE Act, is a federal law designed to protect consumers and reduce fraud.
The law requires every mortgage loan originator to be registered in the Nationwide Mortgage Licensing System and Registry (NMLSR). Each registered Mortgage Loan Originator receives a unique ID number that never changes, even if the individual changes employers. This NMLSR ID makes it easier for consumers to find information on their Mortgage Loan Originator.
University Credit Union’s ID
Each agency-regulated financial institution, including University Credit Union, is assigned its own entity ID in the registry. University Credit Union’s NMLSR ID is 1133757.
Member Service Representatives working for University Credit Union have their own unique Mortgage Loan Originator IDs. Find your University Credit Union mortgage loan originator or enter all or part of the mortgage loan originator’s name and location at the NMLS Consumer Access Site.