APR = Annual Percentage Rate. Rates, terms, and conditions are subject to change and may vary based on creditworthiness, qualifications, and collateral conditions. The APR for the Home Equity Lines of Credit (HELOC’s) is variable, rates are based on the most recent Prime Rate published in the Wall Street Journal. Maximum loan-to-value up to 95%. All loans subject to credit approval. Offer subject to change at any time. Not valid with any other special offers. Not all applicants will qualify. A home equity line of credit is secured by no less than a second mortgage lien on your home, which must be one-to-four family residential real estate. This type of credit is not available for modular homes, manufactured homes, or cooperatives. Flood and /or property insurance may be required. Offer expires 09/30/2023. Bridge membership is required. HELOC closing costs are waived provided the loan remains open for 3 years. Contact a Bridge mortgage loan officer for any applicable restrictions and further program details. Bridge Credit Union NMLS# 402575.
Fees required to open a line of credit will range from $0 to $1200. This is a variable rate plan; APR may change quarterly. The maximum annual percentage rate that can apply is 18.0% or the maximum permitted by law, whichever is less. However, under no circumstances will your annual percentage rate go below 2.0% at any time during the term of the plan. Consult your tax advisor regarding the deductibility of interest and charges.
MINIMUM PAYMENT. You can obtain advances for up to 10 years. This period is called the “draw period.” During the draw period your payments will be due monthly and will equal the finance charges (interest) accrued on the outstanding balance during the billing period. Your payment will be rounded up to the nearest dollar. At no point will your minimum monthly payment be less than the smaller of $50.00 or the full amount that you owe. Your minimum monthly payment during the draw period may not reduce the principal that is outstanding on your line. After the draw period ends, you will no longer be able to obtain 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 the balance outstanding at the end of the draw period fully amortized over 180 months. Your payment will be rounded up to the nearest dollar. At no point will your minimum monthly payment be less than the smaller of $50.00 or the full amount that you owe.
PAYMENT EXAMPLE: A $75,000 loan for a 730+ credit score borrower at a 70% LTV using today’s as low as rate of 8.25% would be $6.99 per $1000 during the draw period.
Federally Insured by NCUA
