Rates
Home Equity Rates
Express Home Equity Second Mortgage, Fixed Rate and Term
| Description | Appx Term | Annual Percentage Rate (apr) | Interest Rate (1) |
|---|---|---|---|
| 80% LTV $5,000-$250,000 | 60 | 6.014% | 6.00% |
| 84 | 6.260% | 6.25% | |
| 120 | 7.008% | 7.00% | |
| 180 | 7.255% | 7.25% | |
| 90% LTV $5,000-$250,000 | 60 | 7.014% | 7.00% |
| 84 | 7.261% | 7.25% | |
| 120 | 7.758% | 7.75% | |
| 180 | 8.006% | 8.00% | |
| 100% LTV $5,000-$100,000 | 60 | 8.014% | 8.00% |
| 84 | 8.261% | 8.25% | |
| 120 | 8.758% | 8.75% | |
| 180 | 9.006% | 9.00% | |
| Effective as of September 3, 2008. Rates subject to change without notice. |
Classic Home Equity Line of Credit
| Description | Index Margin Adjustment | Appx Term | Daily Periodic Rate | Annual Percentage Rate 1 |
|---|---|---|---|---|
| 80% LTV2 $50,000-$250,000 | MINUS 1.00% | 96/144 | 0.0109% | Prime MINUS 1.00% |
| 80% LTV $5,000-$250,000 3 | MINUS .50% | 96/144 | 0.0123% | Prime MINUS .50% |
| 90% LTV $10,000-$250,000 | PLUS .25% | 96/144 | 0.0143% | Prime PLUS .25% |
| 100% LTV $10,000-$100,000 | PLUS 1.50% | 96/144 | 0.0178% | Prime PLUS 1.50% |
| Effective as of September 3, 2008. Rates subject to change without notice. |
Your Annual Percentage Rate may vary depending on your creditworthiness. Please ask a loan officer for details regarding how your rate is determined.
1 DISCOUNTED RATE: All rates quoted above are with the automatic payment or payroll deduction bonus included. Not using automatic payment or payroll deduction on your loan will increase your rate by .25%.
2 The minimum rate for this loan product is 4.50%. Additional conditions apply. If your LTV is 80% or less and your line of credit is $100,000 or greater with an initial draw amount of $50,000 of new money or greater and your credit qualifies your rate may be as low as Prime – 1.00%. If your credit qualifies the credit union will pay all closing costs except the expense of an appraisal if required. Member wanting to refinance existing balances must have new money of the minimum loan amount to qualify for 80% LTV program with no closing cost and an interest rate less than prime. If your line-of-credit is paid off within the first two years of origination, the closing cost paid by the Credit Union must be reimbursed. Minimum loan balance requirement apply.
3 Interest rate is subject to floor of 4.00%
MINIMUM PAYMENT (home equity lines of credit): The amount of your payment will be established at the time of each advance. You minimum monthly payment will never be less than $100.
LATE CHARGES: If you are more than 10 days late in making your payment, you will be assessed a late charge of 20% of the interest due with a minimum of $10.
PRIME RATE: As of April 30, 2008, Prime is 5.00%. NIHFCU is an Equal Opportunity and Equal Housing Lender. All rates subject to change.
Home Equity Line of Credit: The Annual Percentage Rate (APR) will be the Prime rate as published in the Wall Street Journal plus the percentage shown in the ”% Above Index” column above. The rates are subject to change at any time to reflect any change in the Index. Any increase in the APR will take the form of higher payments until what you owe has been repaid. The APR will not be higher than 18%.
Home Equity Conditions: Home Equity Express Loans available on owner-occupied primary residences in Maryland, the District of Columbia, Virginia, Pennsylvania and West Virginia. Home Equity Lines of Credit available on owner-occupied primary residences in Maryland, the District of Columbia and Virginia. Adequate property insurance is required.
