1 This limited-time offer discounts your rate to 6.99% APR for six (6) billing cycles and will temporarily override your qualifying index and margin. Promotional 6.99% APR begins at time of closing and will be reflected on your following billing statement. Promotion lasts for six (6) billing cycles. After the discounted rate period ends, any and all remaining balances will automatically convert to the variable rate which is subject to change based on the Prime Rate Index in effect at that time, plus your existing margin, and the minimum required payment per the terms of the HELOC agreement. Must apply by June 30, 2024. Promotional 6.99% APR is not available on any fixed rate home equity options. Offer for new HELOC lines only – promotional discount cannot be applied to existing lines or loans. This offer cannot be combined with any other discounts.
2 Home Equity loans and lines of credit are available on California primary residences only. 9.00% APR (Annual Percentage Rate) and other terms shown are accurate as of 03/07/2024 and apply to a HELOC for the most qualified applicant at CLTV up to 80%. Not all applicants will qualify. Rates vary based on property value, line amount and other factors, and will vary for second or vacation homes. The minimum periodic payment is interest-only for the first ten years (“draw period”) followed by fully-amortizing payments to repay the balance over the final fifteen years. No draws will be allowed during the repayment period. Payments and rate can adjust monthly. Payments will increase if rates increase. At the end of the draw period, your required monthly payments will increase because you will be paying both principal and interest. The rate is calculated using an index plus a margin. The index used is the Prime Rate as published in The Wall Street Journal Western Edition on the last business day of the month prior to the change. The current prime index is 8.50%. Minimum interest rate is 3%. Maximum interest rate is 17%.
3 After your loan is completed, you have the option to lock in a portion or all of your existing equity balance on your new Patelco Home Equity Line of Credit into a fixed rate at 10 or 15 years. Rates may vary and are subject to change. You may only have one fixed-rate option on either all or a portion of your balance at a time. Your fixed rate balance will reduce the amount of available credit for future draws on your equity line. Any future draws will be at the variable rate and payment in effect on your loan at the time of the draw. You will receive a separate statement and make separate principal and interest payments for the fixed-rate portion of your balance. The maximum term available for a fixed rate option is 15 years. Promotional 6.99% APR is not available on any fixed rate home equity options. Other restrictions may apply.
4 Patelco runs a “soft” credit pull to determine which pre-qualification offer you qualify for. This doesn’t affect your credit score. If you choose to proceed with a loan application, Patelco will request your full credit report from one or more credit reporting agencies. This will be a “hard” pull and may affect your credit. If necessary, we may also share certain information about you with third parties, like our insurers, to process your request.
5 The minimum credit line amount is $10,000 and the maximum is $500,000. Patelco Credit Union will pay customary closing costs on lines up to $250,000 (excludes ADU Home Equity Line of Credit). If your Account is opened under the “No Closing Cost” loan program, there will be no lender fee and no charge for customary closing costs including: Automated Valuation Model (AVM) to determine property value, Lender’s title insurance, courier, points, wire fees, notary, escrow fee, recording of Patelco documents, flood certification, credit report, loan origination, or tax service. Only these fees listed will be paid by Patelco Credit Union if the stated services are conducted through our preferred service providers. If conditions for the “No Closing Cost” program are not met, including the use of service providers associated with the program, then you will be responsible for any associated closing fees which will not be paid by Patelco Credit Union. The “No Closing Cost” program does not include extraordinary items, including but not limited to the following: residential real estate appraisals, additional credit reports for the same loan transaction, grant deeds and any associated notary or recording fees, missed appraisal appointments or ‘trip charges’, solar lift or termination, and any fees to close another account as the result of this Account. Borrower is responsible for closing costs on loans over $250,000. Closing costs range from $0 to $2,500. This offer does not include escrow or recording fees, or additional notary fees that may result from changes in title, vesting or notary appointments.
6 Monthly payment examples based on $25,000 borrowed with an interest only payment at 6.99% and 9.00% APR.
NMLS ID # 506373
