Give your home a workout. Did you know your house could be a good source of money muscle? So why not flex it? Our two home equity options are the perfect way to tap into this potential source of funding to: Consolidate debt Remodel, repair or enlarge your home Pay for a loved one’s education Regardless of the option you pick, you’ll enjoy no closing costs, annual fees or application fees. Home Equity Line of Credit Not sure how much you’ll need or prefer to have a low-cost credit available to you when you have a project? A home equity line of credit is the option for you. Credit limits up to 80% of the appraised value (less mortgage & liens), with a minimum of $5,000 and maximum of $300,000 Initial (first) minimum advance is $5,000 and subsequent minimum amount of $250 Minimum monthly payment is $70 or 1.4% of the outstanding balance Draw period of 10 years and repayment terms up to 10 years Access your funds by check or an advance in person or by phone at any LOC office Lump sum payments can be made at any time with no pre-payment penalties Variable rate equals the Prime Rate, minimum 4.5% with a maximum of 12%, subject to change quarterly Fixed-Rate Home Equity Loans Use this option when you know exactly how much you need to borrow or have a specific purpose in mind for the funds. Credit limits up to 80% of the appraised value (less mortgage & liens), with a minimum of $5,000 and maximum of $300,000. Closed-end, fixed-rate loan disbursed in one lump sum. Repayment terms of 5, 10, 15 or 20 years. Rates Property must be occupied and be the principal residence of the borrower. Home Equity Loan Effective Date: Wednesday, March 22nd, 2017 TermMinimum or MaximumFixed APR As Low AsMaximum LTV 5 Years $5,000 Min/$300,000 Max 4.49% 80% 10 Years $5,000 Min/$300,000 Max 4.74% 80% 15 Years $5,000 Min/$300,000 Max 5.49% 80% 20 Years $5,000 Min/$300,000 Max 6.49% 80% APR = Annual Percentage RateRate and term may vary based on credit score. Home Equity Line of Credit Effective Date: Wednesday, March 22nd, 2017 10 Year Draw - 10 Year Repayment - Balloon Program Adjustable APR As Low AsMaximum LTVMinimum or Maximum 4.50% 80% $5,000 Min/$300,000 Max Repayment Terms: 1.40% of the Outstanding Balance. Rates are based on individual credit score.