Home Equity Line of Credit (HELOC)
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8.50%1
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Minimum loan amount is $25,000
Maximum loan amount is $250,0004
Maximum LTV (loan to value):
For loans up to $100,000, LTV cannot exceed 80%2
For Loans more than 100,000 and up to $250,000, LTV cannot exceed 75%3,4
10 Year Draw - 15 Year Repayment - 25 Year Term
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1Variable APR (Annual Percentage Rate) based on the Prime Rate as published in the Wall Street Journal (currently 8.50%). Rate is as of 07/28/2023. Rates are subject to change. Maximum APR is 18.00%. An initial draw of $25,000 is required to be made at closing and remain outstanding for 90-days. The initial draw excludes any payoff to an existing loan with Reading Cooperative Bank. Interest only payments for initial 10 years, with an additional 15 years payback of principal & interest. Maximum LTV is 80%. Rate and terms may vary based upon credit history. Not available for homes currently for sale or intended to be sold. Subject to credit approval. 1-4 family, owner occupied primary residences, and condominiums qualify. Property insurance required. Flood insurance may be required. Consult a tax advisor for information regarding the deductibility of interest and charges. To open, maintain and discharge a line of credit, you may have to pay certain fees. These fees generally total between $145.00 and $950.00. During the life of the program, you will be assessed an annual fee of $50.00 on the anniversary date of the loan. An early termination fee of $500.00 applies for lines closed within thirty-six (36) months from date of closing.
2For loan amounts up to $100,000, your debt to income ratio cannot exceed 45%, and you will need a minimum mid Fico Score of 620.
3For loan amounts more than $100,000 and up to $250,000, your debt to income ration cannot exceed 40%, and you will need a minimum mid Fico Score of 680.
4Depending on your loan to value, debit to income ratio, and credit score, you may qualify for a higher loan amount. Please speak to a loan officer for more details.