Home Equity Line of Credit (HELOC)
If you think you’re borrowing needs will vary over time, a Home Equity Line of Credit is a good choice. It’s flexible and can be customized to fit your budget and lifestyle. Simply establish your account today and use the funds as you need them.
- Variable rate – based on the Wall Street Journal Prime Rate plus .50% minimum rate of 4.00%
- Available in terms up to 10 years with lines of $8,000 – $50,000
- Up to 80% of appraised value minus current mortgage equals the line of credit available
- Member receives equity checks to write as needed for $250 or more up to available credit line
- Interest accumulates only on the amount you use
- Has a 5 year draw and a 5 year repayment schedule
- Low closing costs
- Tax-deductible interest for most homeowners (Consult your tax advisor)
- See rates
Read TRUTH IN LENDING (REGULATION Z)
The $50 Annual Fee is waived the first year and assessed on your anniversary date any year thereafter
STJ now offers DocuSign.