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Home Equity LOC

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A home equity line of credit (HELOC) puts extra cash as close as your checkbook 

Term: 10 years draw period followed by a 15 year amortized repayment period.
Closing Fees: $0.00 paid by borrower - all fees are paid by Lender
Annual Fee: $0.00

Reimbursement Fees  The Borrower shall reimburse the lender for $450 of the total closing costs paid by the lender to third parties at loan origination if the borrower, within 36 months of the date hereof, requests a discharge of the mortgage given to secure the note.

Interest Rate/APR

Initial rate of 1.990% for the first 12 month(s), subject to a minumum draw of $20,000 on the line of credit at closing, or the initial rate will be 2.490%, then Prime Rate as published in the Wall Street Journal (currently 5.00% as of 6/14/2018), subject to change.

The initial rate is discounted, that is, not based on the index and margins used for later rate adjustments. The initial rate will be in effect until the 13th monthly billing cycle.  Ask us for the current index values, margin, discount if applicable and annual percentage rate. After you open a credit line, rate information will be provided on periodic statements that we send you.  The rate of interest after the initial rate will be lowered by .25 percentage points (.25%) in consideration for your authorization to have your monthly payment automatically deducted from your Crescent Credit Union Relationship or eRewards Checking Account. In the event that the Relationship or eRewards Account is closed or account type is changed or there is insufficient balance in said account to pay a regular scheduled payment due, the credit union may increase the rate payable on the outstanding balance by .25 percentage points (.25%).

Payment

Minimum Payment Requirements: you can obtain advances of credit for 10 years (the “draw period”). During the draw period, payments will be due monthly. If you choose Option A Payment Schedule, then during the first 5 years your minimum monthly payment will equal all accrued interest as of the closing date of the billing cycle. Interest Only Payments, your minimum monthly payment during this period will not reduce the amount of principal outstanding on this line of credit. During the next 5 years your minimum monthly payment will equal all accrued interest as of the closing date of the billing cycle plus 0.50% of the outstanding balance of principal on the closing date of the billing cycle, provided the payment shall not be less than $100.00, plus any amounts past due. If you choose Option B Payment Schedule, then your minimum monthly payment will equal all accrued interest as of the closing date of the billing cycle plus 0.50% of the outstanding balance of principal on the closing date of the billing cycle, provided the principal and interest payment shall not be less than $100.00, plus any amounts past due. After the draw period ends, you will no longer be able to obtain credit advances and must pay the outstanding balance over 15 years (the repayment period). During the repayment period, payments will be due monthly. Your minimum monthly payment will equal 1/180th of the principal balance that was outstanding at the end of the draw period plus the finance charges that have accrued on the remaining balance. However, in no event shall the principal and interest payment be less than $100.00 monthly, plus any amounts past due.

Term

10 years draw period followed by a 15 year amortized repayment period.

Please review our HELOC Disclosures below for more information

CFPB_HELOCbooklet.pdf

Important_Terms_Home_Equity_LOC_2018.docx 

 Never send personal or financial information by email unsecured. 

Please upload all your loan documents in your secured on-line loan portal to protect your personal information.

Crescent Credit Union NMLS #480403
115 Commercial Street / PO Box 4290, Brockton, MA  02303
Toll Free:  (800) 894-4445
Direct:  (508) 559-5400
mortgage@crescentcredit.org
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