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APR* | Term |
---|---|
8% - 13% | Up to 15 years |
* APR: Annual Percentage Rate. OAS FCU lists rate ranges that are applied during loan evaluation. Based on the results of your credit evaluation and the analysis of your repayment ability, your rate will be within this range, you might be approved for a smaller loan than you requested, and/or certain other conditions may apply; your loan might also be denied. This is a variable indexed rate based on the Prime Rate published by The Wall Street Journal. Using that index as reference and, after the introductory fixed rate period concludes, your rate may change on any of the following dates: the last day of March, June or September or December. An increase in rate might affect your payment amount. The rate on this loan will never exceed 18% APR.
OAS FCU dos not lend on:
The minimum Second Trust Home Equity Loan amount is $125,000. The maximum amount of a Home Equity Loan Closed-end (Second Trust) from OAS FCU is 80% of the home´s equity; equity is defined as the value of the property, minus the outstanding balance(s) of any existing loans secured by the same property. Some exceptions might be made to this rule under special circumstances.
The applicant will pay the costs associated with the Home Equity Second Trust Loan which include: one discount point (1% of the loan amount), credit report, flood certification, settlement/closing, property ownership and encumbrances search, property search, and recording. OAS FCU will attempt to establish value of the property through an independent method. However, if an appraisal is required, that cost will be paid by the applicant(s). Property insurance is required for this loan.
OAS FCU will consider all Home Equity Loan Closed-end (Second Trust) applications for members on their primary residency properties located in the continental US, except Texas and Alaska. Interest paid on Second Trust Loan a may be tax deductible; consult a tax advisor for further information regarding the tax deductibility of interest and charges.
Special (Balloon) Equity Loan: this is a fixed rate loan. The rate will depend on your property type, type of occupancy, Combined Loan to Value (CLTV), credit history and repayment ability. Other terms and conditions apply; contact our Lending Department to obtain information.
We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.
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