Home Equity Plus Line of Credit

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Home Equity Plus Line of Credit4.49%*Variable**Based on the loan amount borrowed.

*Rates are stated as Annual Percentage Rate (APR) and are subject to change without notice. Rate depends on credit qualifications and approval. Best rate based on current index would be 4.49% APR or 5.25% APR based on individual credit qualifications beginning January 1, 2021.  Maximum rate of 18% APR.  Rates shown are for homeowners with maximum 80% CLTV (first mortgage balance plus HELOC limit divided by property value). The minimum loan amount is $10,000.  HELOC account holder must have direct deposit to a DuTrac Community Credit Union checking account with auto pay to the loan.  An appraisal fee may be required and can average between $150-$450. Property insurance is required.  Some restrictions may apply.  Finance charges begin to accrue on the day a draw is taken. No grace period applies. Membership is required by opening a $5.00 share savings account.

**May adjust quarterly based on 13 week Treasury Bill rounded up to the next 1/4% + Margin.  Rate may vary after account is opened.  You must pay certain fees to third parties and closing costs to open the plan. These fees generally total between $50.00 and $650.00. Closing cost may be waived if the loan is on auto-pay and you have your payroll on direct deposit with us.

The minimum payment may not reduce the principle that is outstanding on your plan. You may then be required to make a single balloon payment at the time your payoff period at the time of your last advance expires or the final payment date, whichever occurs first. Unless otherwise required by applicable law, we are under no obligation to refinance the balloon payment at that time. You may be required to make payments out of other assets you own or find a lender, which may be us, willing to lend you the money. If you refinance the balloon with us, you may have to pay some or all of the closing costs.