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Overview
SMART SOLUTIONS START WITH HOME EQUITY
A home equity loan or line of credit is a smart, simple, and affordable way to:
- Consolidate debt
- Remodel/repair your home
- Fund an education
- Pay for major purchase
HOME EQUITY = Your home’s current value minus the amount you owe on it.
QUESTIONS?
We can help determine the best way to meet your needs!
Call (877) 695-2732 or email us.
WHY USE HOME EQUITY?
- Consolidate high-interest debt into one lower payment
- Borrow up to 80 percent of your home’s value
- Credit is secured by your property
- Easy process, quick turnaround time
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Rates
Home Equity Loans
Fixed Rate APR* Fixed Rate Equity Loan Up to 80% Loan to Value Up to 84 months 7.250% 85 – 120 months 7.500% 121 – 180 months 7.625% 181 – 240 months 8.000% EFFECTIVE RATE DATE: March 1, 2024
*APR = Annual Percentage Rate. 7.250% fixed APR is based on a loan term of up to 84 months. Minimum loan amount $25,000. Maximum loan-to-value is 80% for owner occupied properties, and 70% for nonowner-occupied properties. Maximum term on owner occupied properties is 20 years, and 15 years on nonowner-occupied properties. Loans available on 1-4 family dwellings. Property hazard insurance is required. Home Equity Loans are available for properties located in California, Arizona, Colorado, Idaho, Montana, Nevada, Oregon and Utah. 7-year rate term payment example (effective date March 1, 2024): $35,000 loan with 7.250% fixed APR for 84 months would cost $15.22 per $1,000 borrowed. All loans are subject to credit approval and applicable LAPFCU policies. All advertised rates and terms are subject to change without notice. Your actual payment may vary. Restrictions apply, ask for complete details.Home Equity Line of Credit
Variable APR* Home Equity Line of Credit (HELOC) 5.99% 12-month introductory fixed-rate APR, followed by 9.25% variable APR** Up to 80% Loan to Value Minimum Line $25,000 EFFECTIVE RATE DATE: March 1, 2024
*APR = Annual Percentage Rate. 5.99% introductory APR will continue for twelve (12) months. After the introductory APR, a 9.25% variable APR (effective rate date of March 1, 2024) for Home Equity Lines of Credit. Minimum loan amount of $25,000 and a minimum draw of $5,000 at funding. Variable rates may increase or decrease daily during the term of the agreement and is tied to the (WSJ) Prime Rate + 0.75% margin. Minimum APR of 2.90% and a maximum APR cap of 18%. Property hazard insurance is required. Closing costs are waived for loan amounts of $250,000 or less. For loan amounts greater than $250,000, the estimated closing costs can range from $2,000 to $3,000 depending on the loan amount. For 1-unit SFR and PUD, up to 80% combined loan to value for owner occupied or second home properties located in California only. For Condos, up to 75% combined loan to value for owner occupied or second home properties located in California only. All loans are subject to creditworthiness. $500.00 fee for early termination if closed prior to two (2) years. The HELOC term is 25 years (10-year draw period of interest only payments followed by a 15-year repay period of principal and interest payments). All rates and terms are subject to change without notice. Other restrictions may apply, ask for details. 0224-091
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Questions? Call us 877-695-2732
Disclosures
1End of Watch Debt Protection is provided to eligible borrowers at no additional cost to the borrower and cancels the outstanding LAPFCU loan balance of the sworn or civilian member. To be eligible for the End of Watch Debt Protection, the Borrower must: (1) be an LAPFCU member, (2) meet the lending requirements established by LAPFCU to qualify for this debt protection and (3) be an active-duty sworn law enforcement officer or civilian in qualifying areas we serve. Minimum loan balance amount of $10,000 or a new activated $10,000 line of credit required to qualify (must be used within 30 days of account opening). Maximum coverage for a single loan is $400,000. The maximum combined loan amount is $850,000 for all of the borrower’s loans. The End of Watch Debt Protection may not be purchased outright. This debt cancellation benefit applies to all loans from LAPFCU and only in the case of death while on duty, some exceptions do apply. All loans are subject to credit approval and to applicable LAPFCU policies. Other restrictions may apply. Visit lapfcu.org/eow or call (877) 695-2732 for complete details.
2APR = Annual Percentage Rate. 5.99% introductory APR will continue for twelve (12) months. After the introductory APR, a 9.25% variable APR (effective rate date of March 1, 2024) for Home Equity Lines of Credit. Minimum loan amount of $25,000 and a minimum draw of $5,000 at funding. Variable rates may increase or decrease daily during the term of the agreement and is tied to the (WSJ) Prime Rate + 0.75% margin. Minimum APR of 2.90% and a maximum APR cap of 18%. Property hazard insurance is required. Closing costs are waived for loan amounts of $250,000 or less. For loan amounts greater than $250,000, the estimated closing costs can range from $2,000 to $3,000 depending on the loan amount. For 1-unit SFR and PUD, up to 80% combined loan to value for owner occupied or second home properties located in California only. For Condos, up to 75% combined loan to value for owner occupied or second home properties located in California only. All loans are subject to creditworthiness. $500.00 fee for early termination if closed prior to two (2) years. The HELOC term is 25 years (10-year draw period of interest only payments followed by a 15-year repay period of principal and interest payments). All rates and terms are subject to change without notice. Other restrictions may apply, ask for details. 0224-091