*APR = Annual Percentage Rate
1 HOME EQUITY LOANS: Your interest rate will be based on the available equity in your home, the amount of your loan, your credit score and history, property type, and product chosen. Other programs, rates, and terms may be available. Approval subject to our usual credit criteria and clear title. Proof of homeowner’s insurance sufficient to cover all outstanding mortgages, including your SCCU home equity loan, required. Certain restrictions may apply.
For adjustable rate equity lines (HELOC: Home Equity Line Of Credit), the Annual Percentage Rate (APR) varies monthly and is based on the value of an index plus a margin. Index = highest Prime Rate currently published by the Wall Street Journal “Money Rates” table on the last business day of each month, with a margin based on individual credit score. Rates are subject to increase after consummation, and can change without notice.
2 PAYMENT DEFERRAL: Optional. Qualified borrowers only, available for terms up to 84 months. First payment may be deferred up to 120 days; your deferment may be 120 days or less. When selecting the 120 days no payment option, your interest accrues from date of the contract, and will continue to accumulate on a daily basis. This will result in one or more of your initial payments being applied only to interest, until all accumulated interest is satisfied, and not reduce your principal balance. This will extend the length and payoff date of your loan term.