A Waterfront home equity loan can be used for a number of things:
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APR = Annual Percentage Rate. Rates are subject to change. Rates and maximum loan terms are dependent on credit qualifications and loan-to-value (LTV) percentage. Maximum loan amount is determined by the amount of equity in your home. Rates listed are the lowest available. Home equity line of credit has a variable rate based on Prime, as published in the Wall Street Journal, and subject to change during the term of the loan. The Margin will be based on the borrower’s credit score and the LTV. Home Equity or real estate secured loans are limited to properties located in the States of Washington and Oregon. Your actual rate is based on previous credit performance. Lowest rate shown is for well-qualified borrowers. The Floor Rate (or Minimum Rate) will be 3.25% APR and the maximum rate will be 18% APR. Changes to the interest rate are effective on the 1st day of February and August if applicable.
This HELOC program will have a Draw Period of 5 years and a Repayment Period is the remaining term of your loan as disclosed when your Line of Credit was established. The Draw Period is the time in which the borrower can take advances on their Line of Credit. During the Repayment Period the borrower cannot take advances on their Line of Credit. The minimum monthly payment will be established at the time of each advance (other than credit insurance premiums) to the amount necessary to fully amortize the account balance no later than the agreement maturity date. A late fee will be assessed if the payment if more than 10 days late. The late fee will be the greater of 5% of the payment or $15, whichever is greater.
Home equity loans may qualify for deductible interest. Consult your tax advisor for details. Homeowners insurance is required. Membership with Waterfront Credit Union is required.