| (1) Home Equity loan rates shown are for loans secured by a member's primary residence. Single family owner occupied vacation properties have a maximum LTV of 80%. Rates and terms vary for loans secured by other types of property. Rates reflect ¼% discount for automatic payment from a PFFCU account for applicable loans. Your rate will depend upon your
credit score at the time of the application.
(2)
LTV is calculated based upon your loan amount plus any outstanding
liens. This combined amount is divided by the appraised value
of your home. The resulting ratio will be a factor in determining
your interest rate and how much you can borrow. For LTV ratios
of 80.01% - 95% the maximum PFFCU home equity loan amount
is $50,000. (3)
To compute the monthly payment for a specific borrowed amount, multiply
the per $1,000 payment factor by the number of thousand dollars
borrowed. For example, if you borrow $30,000, multiply 30 by
the figure specified next to the specific loan product.
(4) Home Equity Line of Credit
rate reflects ¼% discount for automatic payment
from a PFFCU account. The APR for HELOCs may not exceed
the highest rate permitted by the National Credit Union Administration (currently 18%). The minimum APR that can apply during the term of this Line of Credit is 2.99%. The current Prime Rate is 3.25%, as of
01/17/2012
.
APR= Prime Rate - Margin. A Home Equity Line
of Credit is a secured loan using your primary residence as collateral. |
