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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 $550 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 minimum draw of $50,000 on the line of credit at closing, or the initial rate will be 3.99%.    After the initial rate period, your rate will be equal to the Prime Rate as published in the Wall Street Journal (currently 5.25% as of 08/01/2019),  subject to change.

Automatic Payment from Relationship or eRewards Checking: 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%).

Draw Period:  you can obtain advances of credit for 10 years (the “draw period”).

The Draw Period monthly payment Options:

Interest Only Option:  during the first 5 years your minimum monthly payment will equal all accrued interest as of the closing date of the billing cycle. During the 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.

Principle and Interest Payment Option: 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.

Repayment Period: When your Draw Period ends, you will no longer be able to obtain credit advances and must pay the outstanding balance over 15 years

Repayment Period Monthly Payment:  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.

Please review our HELOC Disclosures below for more information

CFPB_HELOCbooklet.pdf

Important_Terms_Home_Equity_LOC.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 Ext. 6364
Direct:  (508) 408-6364
mortgage@crescentcredit.org
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