Home Equity Line of Credit

* APR means Annual Percentage Rate. OAS FCU’s Home Equity Line of Credit is a variable interest rate loan -indexed based on the Prime Rate, to which a margin is added- and therefore subject to change without notice on any of the following dates: the first day of January, April, July, or October each year. The rate on this loan will never exceed 18% APR. An OAS FCU Home Equity Line of Credit is available for owner-occupied properties only. The rates listed are a range of rates for which you may qualify based on your credit evaluation and repayment ability. Based on the results of that evaluation, you might be approved for a smaller loan than you request; your loan might also be denied. This loan is subject to a credit and repayment evaluation process, and you may not qualify or may qualify for a loan with different terms. OAS FCU will lend a maximum of 80% combined Loan-to-Value (CLTV) based on the appraised value of the property. The minimum Home Equity Line of Credit amount is $20,000 with an initial advance of $5,000. Later advances will be at least $500. The draw period will extend for the first five (5) years after the opening of the line of credit. Property insurance may be required for this loan. Appraisal, tax recording, and other closing costs apply and will be at your expense. Using a Good Faith Estimate, the closing costs for a $100,000 Home Equity Line of Credit (OAS FCU’s average HELOC amount) would be approximately $2,308. Depending on the property’s location, loan amount, and other factors, the combined closing costs will differ.