Why choose an SCCCU HELOC?
- 5.99% APR* Introductory Rate for the first year (owner-occupied properties only). After that, it converts to a standard rate of Prime to Prime +1.25%.
- No annual fee, processing fees, or documentation fees.**
- Credit limits range from $10,000 to $250,000, and because it’s a line of credit, use only what you need when you need it.
- Use your credit line when you need it for the first 10 years, and then you’ll get another 10 years to repay it.**
- The interest you pay may be tax deductible.+
*APR = Annual Percentage Rate. The 5.99% rate quoted is an introductory rate that is for the first 12 months of your loan and is available to owner-occupied properties only. After that, the rate will convert to either Prime or Prime + 1.25%, depending on creditworthiness. You can obtain a non-owner-occupied HELOC at a rate of Prime + .25% to Prime + 1.50%, but these loans do not qualify for the introductory rate offer. Loans have a 20-year term – a 10-year draw period, and then another 10 years to repay the loan amount.
**SCCCU doesn’t charge an annual fee or any processing fees to obtain a HELOC; however, members must pay the title/escrow fee (which is approximately $1,000).
+See your tax advisor for details.