Fixed Rate Home Equity Loans
Wish to refinance your home with us, or to take out a second mortgage? An OTIS Fixed Rate Home Equity Loan may be right for you!
Did you know that you can utilize the equity in your home to:
- Tackle home maintenance projects?
- Cover unexpected expenses that exceed your emergency fund?
- Consolidate and pay off higher-interest debt at a lower interest rate?
- Finance higher education or a wedding?
- And more!
Home equity loans allow you to borrow a fixed amount for a fixed term (up to 20 years) at fixed rate based on the equity of your home. Your payment and interest rate will not change throughout the term of the loan.
We lend up to 80% of the appraised value of your home, minus any other mortgages you may have. Interest rates are based on the length of time financed and your credit score. A weekly payment structure can cut your overall interest cost.
Fees associated with a Home Equity Loan at OTIS are minimal. They include an appraisal, title search, flood determination and recording of the deed. The total cost is approximately $650. We have no application fee, no credit check fee, and no other processing fees of any kind.
|Kariss||Loan Officer||Extension 128|
|Lindsay||Loan Officer||Extension 103|
|Caitlin||Loan Officer||Extension 108|
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Real Estate Loan Rates (Refinance or Second Mortgage)
Secured by Real Estate
Rates effective 9/25/2020
|Loan Term||Annual Percentage Rate||Sample Payments per $10,000 borrowed|
|1-5 years as low as||2.50% APR*||$178.00 for 60 months|
|5-10 years as low as||3.40% APR*||$99.00 for 120 months|
|11-15 years as low as||4.35% APR*||$76.00 for 180 months|
|16-20 years as low as||4.75% APR*||$65.00 for 240 months|
Home Equity Line of Credit
Rates effective 3/16/2020
|Variable Rate as low as||3.25% APR**||Minimum payment: $100 or 1.50% of balance after latest advance, whichever is greater.|
An appraisal may be required at a cost of $300. Additional fees include a title search, flood determination, and recording of the deed. The total charges associated with HELOCs amount to approximately $600.
*(APR) Annual Percentage Rate. Above Real Estate Rates are subject to change without notice. No finance charge fees apply.
** Annual Percentage Rate of Home Equity may vary monthly. The rate is the Wall Street Journal Prime Rate as published on the last business day of the month. The maximum annual percentage rate that may be imposed on a Home Equity Loan is 18.00% APR. No finance charge fees apply, membership eligibility required, and property insurance required. Minimum advance of $500.
It's Easy to Apply!
Just stop in at the credit union and talk to one of our friendly loan officers to see if you qualify.*
*Please bring your current mortgage statement, current deed, pay stub (if joint, for both), insurance policy with premium and property tax bill.