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Unlike those tight-credit issues you've seen in the national news, AmeriCU Credit Union continues to be as strong as ever and we're ready to help you access the extra cash you need when you need it, just like always!
With our popular FreedomQuest Home Equity solutions, now you can:
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Consolidate high-interest bills! | |
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Make home improvements! | |
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Finance college classes! | |
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Get a new car and more! | |
Apply online today or visit your favorite branch. With our FreedomQuest Home Equity solutions, now you can!
* APR=Annual Percentage Rate. Minimum line of credit is $15,000. Minimum draw at closing is $15,000. Rates can increase or decrease, but not to exceed 15.00% APR. Applications are subject to credit approval. Rates and terms are determined by overall credit history, loan-to-value and term of loan, and are subject to change. If loan is paid off within 3 years or less, member reimburses closing cost incurred by AmeriCU plus any additional fees to satisfy legal requirements. Fees can range from $35 to $3,500.
*Prime rate as of 12/16/08 is 3.25% Annual Percentage Rate (APR). Minimum APR is 4.50%. Minimum line of credit is $15,000. Minimum draw at closing is $15,000. Rates can increase or decrease, but not to exceed 15.00% APR. Applications are subject to credit approval. Rates and terms are determined by overall credit history, loan-to-value and term of loan, and are subject to change. If loan is closed within 3 years, member reimburses closing costs incurred by AmeriCU plus any additional fees to satisfy legal requirements. Fees can range from $35 to $3,500.
If your planning includes home improvements or you're looking for sensible ways to pay for college, why not put your home's equity to work for you?
Borrowing against your home's equity (the difference between your home's value and the amount you owe on your mortgage loan), can help you obtain affordable financing for today's needs.
You may also want to consider consolidating high rate credit cards or other unsecured loans into a home equity loan. You'll benefit by paying a lower rate and making only one monthly payment.
Today's Home Equity Rates: (actual rate is based on your credit history and LTV)
| Home Equity Installment Loan | ||||
| Term | Fixed Rate | Amount | Security | |
| 60 months | 5.00% | Up to 80% of appraised value, less first mortgage. | Second Mortgage | |
| 120 months | 5.50% | Up to 80% of appraised value, less first mortgage. | Second Mortgage | |
| 180 months | 6.00% | Up to 80% of appraised value, less first mortgage. | Second Mortgage | |
| 180 months | 5.00% | Up to 80% of appraised value, first mortgage only. | First Mortgage | |
| 360 months | 5.75% | Up to 80% of appraised value, first mortgage only. | First Mortgage | |
| 1st Lien Home Equity Installment Loan Promotion | ||||
| Term | Fixed Rate | Amount | Security | |
| Up to 120 months | 4.25% | Up to 80% of appraised value, first mortgage only. (Does not include refinance of AmeriCU loans) |
First Mortgage | |
| Payment Example: A typical loan of $25,000 at 5.50% APR would have 120 monthly payments of $298.43 with total repayment of $35,811.60. (Includes Payment Protection Plan.) |
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| FreedomQuest Home Equity Line of Credit Rate Cap: 15.00%; Rate Floor: 4.5% |
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| Term | Variable Rate | Amount | Payment | Security |
| 0 Months - 10th Year | Prime - 1% | Up to 80% of appraised value, less first mortgage | Interest Only Payment (plus insurance if applicable) on the amount used or $25.00, whichever is greater. | Lien on Property |
| 11th - 25th Year | Prime - 1% | Up to 80% | Draw period can be renewed at our option OR this balance will be amortized over 15 years. The payment will be the principal and interest payment due (plus insurance if applicable). Minimum payment $100.00 | Lien on Property |
| Home Equity Line of Credit Rate Cap: 15.00%; Rate Floor: 4.50% |
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| Term | Variable Rate | Amount | Payment | Security |
| 1st 6 Months (from date of closing) | 1.99% APR (otherwise 4.50% APR). No relationship discount pricing. |
Up to 80% of appraised value, less first mortgage | Interest only. Member Makes payment on the interest due (+ insurance, if applicable) on the amount they have used. | Lien on Property |
| 7th Months - 10th Year 0 Months - 10th Year |
Prime + 0% Prime + 1% Prime + 2% (adjust monthly) |
Up to 80% 81-90% 91-100% |
Interest only. Member makes payment on the interest due (+ insurance, If applicable) on the amount used. | Lien on Property |
| 11th -25th years | Prime + 0% Prime + 1% Prime + 2% (adjust monthly) |
Up to 80% 81-90% 91-100% |
Draw period can be renewed at our option. Or The balance will be amortized over 15 years. The payment will be the principal and interest payment due (+ insurance, if applicable). Minimum payment $100. |
Lien on Property |
| Payment Example: 1st 6 mo. if LTV is 80% or less (from day of closing): Interest Only Payment (plus insurance if applicable) on the amount used or $25.00, whichever is greater. 7th mo. to 10th year OR 0 Month to 10th year if LTV is 81% or greater: Interest Only Payment (plus insurance if applicable) on the amount used or $25.00, whichever is greater. 11th to 25th year: Draw period can be renewed at our option OR this balance will be amortized over 15 years. The payment will be the principal and interest payment due (plus insurance if applicable). Minimum payment $100.00 |
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- I'm ready to apply...what comes next?
- What can I use a Home Equity for?
- Should I choose a Home Equity LOAN or LINE of CREDIT?
- Frequently Asked Questions
- Glossary and Terminology
- What You Should Know About Home Equity Lines of Credit – The Federal Reserve Board
Payment Example for Home Equity Installment Loan: $20,000 for 120 months at 6.00% (Assuming 80% LTV) will be $222.04 with no insurance. Rates shown as Annual Percentage Rate (APR) - - - Loan Phone: 1-800-388-2000 (Utica/Rome 315-356-3000) The rates shown here are our very best, available to those with excellent credit. Loan rates are based on each applicant's credit history and may vary from those shown above.
The above Loan Rates include a 0.25% rate discounts when using other AmeriCU select services (not available with Home Equity Line of Credit). AmeriCU's Loan Rates are subject to change without notice. This page will be updated as soon as possible after any loan rate change. Contact our Member Call Center to verify thereafter.
Equal Housing / Equal Opportunity Lender