Effective as of January 1, 2018
Home Equity Line of Credit
Borrow what you need when you need it with an open-end revolving line of credit which is secured by the equity in your home. Have the flexibility that you need for home improvements, bill consolidation, college tuition, vacation or take a lump sum for unexpected expenses.
- Rates* as low as Prime - .50% with an Introductory Rate of 1.99%**
- Minimum line amounts $10,000.00
- Maximum line amounts $350,000.00
- Financing up to 80% of the property value minus the first mortgage
- Terms up to 15 years
- 5 year draw period, 10 year repayment period
- Primary residence of the member(s)
*Annual Percentage Rate. Introductory Rate for the first 6 months is 1.99%, thereafter the Home Equity Loan will have a variable rate as low as Prime Rate minus 0.50% with a floor rate of 4.00% and a maximum rate of 18%. Your interest rate is based on creditworthiness. All loans subject to credit and underwriting guidelines. Minimum loan amount is $10,000. Fees charged by SUN Credit Union or third party are up to $3,500.00. SUN Credit Union will pay half of the closing cost provided a minimum draw of $10,000 is taken and the loan is not paid off within 24 months.