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A home equity line of credit from Spectra provides low rates and extended terms, so you can afford to make home improvements, invest in your child’s education, pay off high-interest debt, or whatever you need.
1APR = Annual Percentage Rate.
2The introductory rate of 6.99% will revert to your approved standard rate after six months. This promotion is for new money only. Not all borrowers will qualify for the lowest rates. Your rate will be determined at the time of your application and will be based on qualifications and creditworthiness. A minimum credit score of 660 is required, and this promotion is available for loans with a Combined Loan-to-Value (CLTV) ratio up to 90%. Property insurance is a requirement to open the plan. All home equity loans are secured by your real property; property insurance sufficient to cover the balance of the loan is required during the life of the loan. The minimum credit line is $10,000, and the maximum is $150,000. Advance minimum is $100 per advance. Maximum rate is 18%. Unless otherwise noted, lines of credit have a 25-year total term, a 10-year draw period followed by a 15-year repayment period. Changes to the rate will occur on the first day of each billing cycle. Sample payment is $100 based on a minimum payment of 1% per $10,000 financed.
3Closing costs to borrowers generally range from $1,000 - $2,000. The Credit Union will pay up to $1,500 in closing costs. Any closing costs exceeding $1,500 will be responsible of the borrower. Closing costs paid by the Credit Union must be repaid if the loan is closed within 36 months of origination. This promotion only applies to primary residences. Spectra Credit Union reserves the right to end this promotion at any time without further notice.
