Home Equity Line of Credit (HELOC)
|
4.25%1
|
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 up to $250,000 LTV cannot exceed 75%3,4
10 Year Draw - 15 Year Repayment - 25 Year Term
|
|
1Variable APR (Annual Percentage Rate) based on the Prime Rate as published in the Wall Street Journal (currently 3.250%) plus 1.00% margin. Rate is as of 09/02/2020. Rates are subject to change. Maximum APR 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 additional 15 years’ payback of Principal & Interest. Maximum LTV 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 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.