Home Equities

¹ Consult a tax advisor regarding the deductibility of interest.

² Processing and closing costs may vary and may include: $500 appraisal fee, title Search fee between $60 and $575 dependent on lien position and loan, $20 flood determination fee, a filing fee which will vary, and $1.50 per $1,000 title insurance fee. Contact BFCU for specific information about third-party fees. Property insurance is required. Property insurance and taxes are not included in the payment.

³ Loan to value is the percentage of appraised value less first mortgage balance. The maximum APR is 15.0%. The maximum increase or decrease on any Change Date will be 2%. Any increase or decrease not taken because of this 2% cap may be carried over to the next Change Date. Annual Percentage Rate may vary. Balloon payments do not apply to Home Equity Lines of Credit. Property Insurance is required. Loan to value is the percentage of appraised value less first mortgage balance. The rate is adjusted quarterly based on Prime as shown in the Wall Street Journal (the "Index"). Changes in your interest rate will be calculated using the Index figure available 45 days before each Change Date. This figure rounded to the nearest .25% plus the applicable margin will be your new APR effective on the next Change Date.

Minimum Payment Requirements: You can obtain credit advances for 3 years. This period is called the "draw period." At our option, we may renew or extend the draw period. After the draw period ends the repayment period will begin. The length of the repayment period will be 20 years. You will be required to make monthly payments during both the draw and repayment periods. During the draw period, your monthly payment will equal the finance charges (interest) that accrued on the outstanding balance during the preceding month. Your payment will include any amounts past due and any amount by which you have exceeded your credit limit, and all other charges. At the beginning of the repayment period, we will recalculate your payment. Your payment will be set to repay the balance at the current annual percentage rate over 20 years. Each time the annual percentage rate changes, we will adjust your payment to repay the balance within the original 12 years. Your payment will include any amounts past due and any amount by which you have exceeded your credit limit and all other charges. During the repayment period, your payment will never be less than the smaller of $50.00 or the full amount that you owe. A one-time processing fee of $500 will be charged to your line upon origination of your Home Equity Line of Credit. The minimum credit limit is $5,000 and the minimum advance is $500. There are no transaction or activity charges. Should the loan require title insurance, the fee is $1.50 per $1,000.