A Home Equity Line of Credit (HELOC) can serve as a ready source of funds for planned or unexpected expenses. When families pull together, it makes them stronger. That’s how we think of our members at Metro Credit Union. Like family working together. Adding greater value - everyday. Now with our Home Equity Line of Credit, lock in a fixed rate as low as 1.99% APR for 60 months. Apply online at metrofcu.org. Like family, you can trust Metro Credit Union. We are your local advantage.
Read and understand the critical features of different Home Equity Loans today. Determine if a HELOC is best for you for home improvements in the latest Metro Credit Union blog.
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*The Flex Rate Home Equity Line of Credit (HELOC) has a 10-year draw period followed by a 5-year repayment period. During the draw period, the flex rate allows borrowers to lock a fixed interest rate and payment on a portion of their revolving balance. The minimum locked term is 1-year, and the maximum locked term will not exceed the HELOC’s maturity date. Advertised lock rates are based on a 5-year term, 90% to 110% CLTV, owner occupied single family residence and qualifying credit. Higher interest rates apply to longer fixed terms, higher CLTVs and non-qualifying credit. Advertised lock rate of 1.99%-3.99% APR expires on September 13, 2020.
Well qualified borrowers also receive an Introductory Rate of 1.99% for six billing cycles on their non-locked revolving Balance. After six billing cycles, the rate becomes variable and is tied to the Prime Rate as published in The Wall Street Journal. As of August 1, 2020 the Prime Rate is 3.25% and the lowest post introductory variable rate would be the floor rate of 5.00% (maximum APR 15.00%). The 1.99% APR Introductory rate is based on an owner occupied single family residence, a maximum 90% CLTV and credit worthiness. Higher introductory rates may apply to longer fixed terms, higher CLTVs and non-qualifying credit All advertised rates include a .50% rate deduction for a qualifying Metro Credit Union checking account with Direct Deposit.
Minimum credit line is $10,000. A $100 processing fee and appraisal fees up to $500 may apply. Offers subject to credit approval. Other restrictions may apply. Membership in Metro Credit Union is required.