** After the first six (6) months of the loan term, the Introductory APR will revert to a variable APR based on the Prime Rate as published in the Money Rates section of The Wall Street Journal (the “Index”) plus a margin. As of 11/2/2022, the Index value is 7.00% and the margin rate is 0%. After the Introductory period, the floor APR will be 4.00%. An increase in the Index will result in an increase in the periodic rate which, in turn, will result in higher payments. In no event will the APR increase by more than 2% in any one year, not to exceed the lesser of 18% APR or the maximum rate allowed by applicable law. This is a limited-time offer and is subject to change at any time without notice.
*** APR means Annual Percentage Rate. Your final APR may vary based upon customary fees and closing costs which are included in your final APR. Rates and terms are subject to change without prior notice; other restrictions may apply. EECU home loan programs are only available in Texas.
1 HELOC & Home Equity Loans Disclosure:
Total debts against the homestead, including HELOCs, are limited to 80 percent of the fair market value of the homestead. 30-year term only available for fixed rate, first liens. Borrower will be responsible for certain closing costs. If required, these closing costs may include title insurance, appraisal fee and survey costs. Hazard insurance is required. Home Equity Loans and HELOCs are subject to credit approval. Rates and terms are subject to change without notice. All EECU mortgage loans are available only on property in Texas. Second Position Home Equity loans and HELOCs are available on your primary residence only. As a safeguard, a 12-day cooling-off period is required by Texas law before Home Equity Loans or HELOCs may be closed. There is also a three-day right of rescission after closing before the funds may be disbursed. Minimum loan amount for a Home Equity Loan is $20,001.00. For HELOCs, a minimum $4,000 draw amount is required. No draws are allowed on a HELOC when the HELOC balance is greater than 80 percent of the fair market value of the homestead, as determined when the HELOC was originally granted (even if additional credit limit is available).
HELOC Minimum Payment Requirements: Your minimum monthly payment will be calculated after each credit advance, and will be $14.00 per $1,000.00 of the outstanding balance after each advance rounded up to the nearest $1,000.00. Your payment amount will remain the same unless you obtain another credit advance. We will recalculate your payment each time you obtain an advance. Ex: a HELOC with $50,000 balance will require a $700 payment at the time of the draw ($50,000 balance ÷ 1,000 = 50 x $14 = $700).