Home Equity Line of Credit Rates
Effective as of August 12, 2021| LTV | 12-Mo Intro Fixed APR* | Standard Variable APR* | Monthly Payment |
|---|---|---|---|
| Up to 80% Loan to Value | 1.49% APR | Currently 4.00% APR | $100 Min. Interest-Only Payments for 10-Year Draw Period |
| *APR=Annual Percentage Rate. Rates are subject to change. The introductory APR is for 12 months. The standard, post-introductory APR will be a fully indexed, variable rate based on the Prime Rate and may adjust on a semi-annual basis. The Prime Rate is obtained from the Wall Street Journal. We offer Prime less 0.25%. The minimum standard APR is 4.00% and the maximum APR is 14.00%. Your approval is subject to your creditworthiness and the verification of collateral. The minimum monthly payment is $100. Adequate property and flood insurance are required, if applicable. The Credit Union will pay all initial closing costs. The homeowner is responsible for the cost of the Home Appraisal. If the HELOC is paid off and closed within 24 months of the original note date, closing costs must be reimbursed to the Credit Union by the borrower. Closing costs vary and generally range between $850 to $1,000 on a $20,000 line of credit. | |||
Serving VA Employees Since 1936
Central Credit Union of Maryland was founded in 1936 by VAMHCS employees, for employees. We’ve evolved to meet the wide variety of financial needs of our members. From FREE Checking and Share Savings to attractive low rate financing for your home, auto and, personal loan needs.
We are proud to celebrate over 80 years of serving employees like YOU!
What is a Home Equity Line of Credit?
A Home Equity Line of Credit, HELOC, is a Line of Credit that’s available for a set time frame called a draw period. During this draw period, you can withdraw funds up to your approved limit as you need them to cover anything from home repairs, higher-rate debts, or, to cover any unexpected expenses. During the draw period, a $100 interest-only minimum payment is due monthly. When the draw period expires you will enter a repayment period when you are required to payback the outstanding balance that you borrowed as well as any interest owed. You may be able to renew the Line of Credit. Contact the credit union to inquire as certain conditions apply.
What to Expect When Applying for a HELOC
How do I Calculate my Loan-to-Value (LTV) Ratio?
Your home’s equity increases as you pay down your mortgage balance and as the value of your home increases.
Determining Your Loan-to-Value
To calculate your LTV, divide your mortgage balance by the value of your home.
Example: Assume your mortgage balance is $120,000 and home is worth $200,000. That means that you have an LTV of 60% ($120,000 / $200,000) and $60,000 in home equity. You could borrow up to $20,000 (80% LTV) with Central Credit Union.
VAMHCS Employees get Exceptional Service
Over the past 80 years we’ve helped thousands of VA Maryland Health Care System employees and their families achieve their financial dreams.
Now it's your turn. We are not a bank. We're your credit union. Come experience Banking Freedom and discover why we have been the trusted financial institution of the VAMHCS for nearly a century.
