|Home Equity Loans**||
|Home Equity Line of Credit (HELOC)***||
Note: Any loan amount less than $5,000 would have a maximum term of 48 months.
*Annual Percentage Rate (APR) based on credit, equity and term. Rates effective as of 1/2/2019.
**Annual Percentage Rate (APR) based on credit and equity. Adjustable rate tied to five-year treasury bill adjusted accordingly to terms on the promissory note.
***Annual Percentage Rate (APR) based on credit and equity. Variable rate tied to Prime Rate. Adjusted Quarterly.
Loan rates listed above show the best rate and apply to those with an excellent credit rating. Your rate may vary based on personal credit history. All rates subject to change without notice. Credit union membership is required to obtain Linn Area products. $5 minimum deposit required.
For a $30,000 loan for a term of 15 years with a 5.00% APR, the payment schedule will be as follows:
The borrower will make 62 payments of $237.24 at 5.00% APR; and then with a rate adjustment, the next 60 payments will be $259.35 at 7.00% APR. Then with a final rate adjustment, the last 58 payments are $271.50 at 9.00% APR.
The example assumes a credit score of 730 and a displays a worst-case scenario of a maximum rate adjustment per each adjustment period. Taxes and insurance premiums are not included in the payment example. Homeowners insurance required. All loans subject to approval. Rates, terms, and conditions are subject to change.
Home Equity Line of Credit (HELOC) Terms: Home equity lines of credit are variable rate loans for a term of up to 15 years. The annual percentage rate (APR) may vary after the account is opened with variable rate tied to Prime Rate and adjusted quarterly. Available rates and terms vary based on credit history and collateral. If an appraisal is required, the cost will be paid by the member, who is responsible for the fee whether or not the loan closes. Homeowners insurance required. The minimum monthly payments may not be sufficient to repay the principal outstanding on your line of credit at the end of your loan term. At the end of your loan term, you will be required to pay the entire remaining balance in a single payment or re-qualify to refinance. All loans subject to approval. Rates, terms, and conditions are subject to change.