Special Invitation

To be eligible for this offer, applicant must apply between 5/01/24 and 6/31/24 and close by 7/31/24. This offer is intended solely for the person it is promoted to and is not transferable. NIHFCU membership is required.

1. For most new Home Equity Loans and Lines of Credit, the NIHFCU will cover the borrower’s third-party fees, excluding government recording fees and taxes. Loans and lines paid off and closed in less than three years from the loan closing date will require the borrower to reimburse all third-party closing costs paid by the NIHFCU on the borrower’s behalf. For loan amounts up to $250,000, closing costs typically range between $450 and $4,500. Closing costs depend on the location of the property, property type, and the amount of the loan. Member pays all closing costs for purchase money loans. Adequate homeowner’s insurance is required for all real estate-secured loans.

2. Home Equity Loans: APR = Annual Percentage Rate. The disclosed APR is for borrowers with excellent credit on owner-occupied single-family and townhome properties with a loan-to-value (LTV) up to 80%. All disclosed rates assume a 0.25% discount for automatic payment from an NIHFCU savings or checking account. If automatic payment ceases before the loan is paid in full, the interest rate will increase by 0.25%. The actual rate will depend on the borrower’s credit score, LTV ratio, property type, automatic payment, and other factors we may lawfully consider. The maximum LTV for condominiums is 75%. Payment example: For a $45,000 Home Equity Loan for a term of 5 years @ 4.99% interest rate, the monthly payment will be $849.00. Adequate homeowner’s insurance is required for all real estate-secured loans.

MINIMUM LOAN AMOUNT: The minimum Home Equity Loan is $5,000.
MAXIMUM LOAN AMOUNT: The maximum Home Equity Loan is $250,000.
FEES AND CHARGES: Closing costs may range from $450–$4,500 depending on property location and loan amount.

3. Loan proceeds must be used for home improvements. For loans with LTVs greater than 100%, a Contractor’s estimate is required. Not available on condominiums.

4. Prime-1% Home Equity Lines of Credit: APR = Annual Percentage Rate. The rate disclosed is for borrowers with excellent credit on owner-occupied single-family and townhome properties with a loan-to-value (LTV) up to 80%. The variable rate will adjust to the greater of the WSJ Prime Index plus margin, if any, minus 1.00%, or 4.00% minimum interest rate/floor. The lifetime maximum variable APR is 18%. All disclosed rates assume a 0.25% discount for automatic payments from an NIHFCU account. If automatic payment ceases before line is paid in full and terminated, the interest rate will increase by 0.25%. The actual rate will depend on the borrower’s credit score, LTV ratio, property type, automatic payment, and other factors we may lawfully consider. The maximum LTV for condominiums is 60%. Adequate homeowner’s insurance is required for all real estate-secured loans.

MINIMUM LINE OF CREDIT: The minimum Prime – 1% Home Equity Line of Credit for disclosed APR is $50,000.
MAXIMUM LINE OF CREDIT: The maximum Prime – 1% Home Equity Line of Credit for disclosed APR is $250,000.
MINIMUM AVERAGE MONTHLY BALANCE REQUIREMENT: For disclosed APR, the borrower must maintain an average monthly balance on the line of credit of not less than $40,000 for the first 3 years following closing.
FEES AND CHARGES: Closing costs may range from $450 – $4,500 depending on property location and loan amount.
Prime-1% Home Equity Lines of Credit with a credit limit of less than $50,000 or with a credit limit above $250,000 will have higher APRs and other terms different from those disclosed.

Visit nihfcu.org/home-equity-rates for all rates and terms.