Home Equity Loans
As an owner of a home with equity, you have a great, low-cost resource available to help you finance the changes in your life. A home equity loan or line of credit can help you manage both planned and unexpected expenses - like home improvements, tuition, debt consolidation, car loans and medical bills.
If you want to access your home’s equity but maintain the security of a fixed rate and term, a PrimeTrust Equity Loan may be the right option for you. Our Equity Loan is available as a Second Mortgage solution to members that qualify, providing a one-time, lump sum cash disbursement.
Refinance your home and still have the option to tap into the available equity with a PrimeTrust Home Equity Line of Credit (HELOC). With the versatility of a variable rate and open-ended term mortgage, a PrimeTrust HELOC gives you the ability to access the money you need, right when you need it!
Our HELOC is available as both a first and second mortgage. So you can receive your money in one lump sum or it can be dispersed to you when needed. Additional payment flexibility allows you to choose interest-only monthly payments, and your equity balances may be renewed through payments or via PrimeTrust checking/savings transfers without any penalty.
Home Equity Loan Benefits
- Multiple home equity loan products, rates and terms are available
- No closing costs
- No loan application or origination fees ($300 early termination fee applies if HELOC closed within two years)
- Interest on your home equity product may be tax deductible (please consult your tax advisor regarding deductibility of interest)
- You may make payments from your PrimeTrust checking or savings account or by direct payroll deposit
- Manage your loan account and payments from the Web with PrimeTrust’s eBranch, Bill Pay, eStatement, and Mobile Banking tools
Home Equity Line of Credit Special
*Offer good May 1 to July 31, 2017. Subject to credit approval. Property insurance and property taxes to be paid by borrower. Other restrictions may apply, see credit union for details. Offer eligible for new loans; existing HELOC with a renewal date 9 months or less from application date; or an existing HELOC that increases by at least 50%. Fixed introductory rate of 1.990% APR in effect for the first 12 billing cycles. After intro period, variable rate equal to The Wall Street Journal prime rate plus 1.000%, current rate is 5.000% APR as of 4/10/17. Minimum $5,000 line. Maximum LTV of 90%. Ten year draw period followed by 15 year repayment period. Maximum APR is 18%. Minimum monthly payment equal to the interest that accrued on the outstanding balance during the preceding billing cycle or $50, whichever is greater. If the line is closed within the first 2 years, an early termination fee of $300 applies. Normal membership and lending qualifications apply. Equal housing lender. Federally insured by NCUA.