From home improvements to much-needed vacations, flexibly finance any plan with a line of credit that’s backed by your equity.
Key Features
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Competitive Rates
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Anytime Funds
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Revolving Credit
- Turn the equity in your home into ongoing, affordable financing
- Competitive rates for several ongoing or seasonal needs
- The existing equity in your home is used as collateral backing
- Accommodating repayment terms that work uniquely for you
- Funds available anytime without reapplying; apply once, then use repeatedly thereafter
- Revolving credit — as principal is repaid, more becomes available for use
- Funds easily available via in-person or automated phone and online transfers to a specified St. Mary’s Credit Union checking account
- Set up automatic payments to be deducted from your account monthly
- The interest paid might be tax deductible1
- Quick, local decision-making and processing
- Attentive, friendly service from start to finish
- The property must be a 1-4 family owner occupied residence
- The interest rate is adjustable and tied to the Prime Rate as published in The Wall Street Journal minus 50 basis points (-0.50%) for the life of the loan, subject to minimum interest rate of 3.25%APR and maximum rate of 12.00%APR
- 10 year interest only draw period, followed by a 15 year repayment period
- Ideal for several ongoing or seasonal needs:
- Education expenses
- Major life events
- Major home improvements
- Debt consolidation
- Emergency reserve
- And much more
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Use the existing equity in your home - up to 80% of the value - as collateral
1Consult a tax advisor.