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Home Equity Loans

It's Your Money! Access the benefits within your home by using the equity in your house to fund education for your children, purchase a new vehicle, make improvements to your home, or to take a vacation. You may receive a tax benefit for doing so! (See your tax advisor to learn if you would qualify for a tax benefit.)

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Home Equity Loans

NEFCU offers Home Equities as fixed rate loans or as a revolving line of credit. You can choose the loan that is right for you so your payments stay manageable.

Home Equity Line of Credit (HELOC) - This variable rate revolving line of credit puts you in control. Need cash now? Take a lump sum just like a loan. Or get peace of mind just knowing your money is available when you need it - use it as a line of credit. You can also control your payments so it all stays manageable. If you borrow on day one, you can take up to 30 years to repay.

Flexible Payment Options*

Home Equity Line of Credit (HELOC): During the “Advance Period”, pay $12.00 per $1000.00 (or $50.00 as your minimum) of your outstanding principal balance for the remainder of your “Advance Period”.
Home Equity Line of Credit Interest-Only (HELOC Interest-Only): For the first 5 years make interest-only payments; then pay $12.00 per $1000.00 (or $50.00 as your minimum) of your outstanding principal balance for the remainder of your “Advance Period”.

*Or you can choose to pay down principal as well- it's your choice.

Home Equity Line of Credit²August 27 to September 15, 2010
Annual Percentage Rate³	Index¹	Margin	Loan to Value⁴
3.50%	3.25%	- 0.50	up to 80%
4.50%	3.25%	+1.25	80.01% - 85%
¹The Index is the Prime Rate published in the Wall Street Journal on the last Wednesday of each month. ²Generally, fees paid by NEFCU. If appraisal required, member-paid fees may range from $350 to $550. For Home Equities in first Mortgage position, members may be required to pay Title Examination and Title Insurance fees. ³All rates quoted are subject to change monthly, the maximum interest rate is 18% and the minimum interest rate is 3.50%. The rate may increase after the consummation of the loan. These are our posted rates; your rate could vary according to your credit. ⁴Maximum allowable loan to values may vary based on current market conditions. Call a loan officer for further details.

How much will my payments be?

Home Equity Plus

The proceeds of this loan are fully disbursed at the loan closing. Principal plus interest payments begin immediately for the term of the loan.

Home Equity Plus¹August 27 to September 15, 2010
Annual Percentage Rate²	Term	Monthly Payment per $1000³	Loan to value⁴
3.99% Fixed	5 years	$18.41	up to 80%
4.49% Fixed	10 years	$10.36	up to 80%
5.49% Fixed	15 years	$8.17	up to 80%
¹Generally, fees paid by NEFCU. If appraisal required, member-paid fees may range from $350 to $550. For Home Equities in first Mortgage position, members may be required to pay Title Examination and Title Insurance fees. ²These are our posted rates; your rate could vary according to your credit. ³The payment amount may be higher if escrows for property taxes, homeowner's insurance or mortgage insurance are applicable. ⁴Maximum allowable loan to values may vary based on current market conditions. Call a loan officer for further details.

CLTV is combined loan to value.

Home Equity Plus CLTV 80.01% to 85%¹August 27 to September 15, 2010
Annual Percentage Rate²	Term	Monthly Payment per $1000³	Loan to Value⁴
4.99% Fixed	5 years	$18.87	up to 85%
5.49% Fixed	10 years	$10.85	up to 85%
6.49% Fixed	15 years	$8.71	up to 85%
¹Generally, fees paid by NEFCU. If appraisal required, member-paid fees may range from $350 to $550. For Home Equities in first Mortgage position, members may be required to pay Title Examination and Title Insurance fees. ²These are our posted rates; your rate could vary according to your credit. ³The payment amount may be higher if escrows for property taxes, homeowner's insurance or mortgage insurance are applicable. ⁴Maximum allowable loan to values may vary based on current market conditions. Call a loan officer for further details.

How large a line of credit can I obtain?



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