Summit Credit Union - Do More. Start Here.

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Rates

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Home Equity Lines of Credit

Home Equity Lines of Credit (Rates effective as of 10/26/2009)
Loan-to-Value Ratio (up to)	APR* (as low as)	VPR** (as low as)	Minimum Monthly Payment
80% LTV	4.00%	Prime - 1.0%	$50 or 1.25% of the principal balance as of the time of the draw, whichever is greater
90% LTV	4.00%	Prime + 0.0%	$50 or 1.25% of the principal balance as of the time of the draw, whichever is greater
APR is Annual Percentage Rate. VPR is Variable Periodic Rate. The 4.00% APR is our best rate based on creditworthiness, a loan to value (LTV) of 80% and prime - 1.00%, with a minimum APR of 4.00%. Rates are subject to change monthly. The APR is variable and based on the prime rate from the Wall Street Journal Midwest Edition effective as of the 25th day of the previous month. The prime rate as of October 26, 2009 was 3.25%. The maximum APR is 15.00% or the maximum permitted by law, whichever is less. The minimum APR is 4.00%. Your rate will be based on your LTV ratio and your creditworthiness. Minimum loan amount is $5,000. For loans under $250,000, closing costs range from $75 to $175, unless an appraisal is required. Appraisal fee is generally $325. Property insurance is required.


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