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ESSA-LOC has a Fixed Rate Advance Option that allows you to convert all or a portion of your account balance to a fixed rate and term.
*This offer is available for new Home Equity Lines of Credit (HELOC). All loans are subject to credit and collateral approval.
The introductory APR of 3.49% will apply to the first (12) billing cycles after your Home Equity Line of Credit is opened, after which the APR will be a variable rate based on the Wall Street Prime Rate as published the last business day of the month (APR 5.50% as of 3/11/19). This is our standard APR; your approved APR may vary based on credit qualification and appraisal requirements. Maximum interest rate is 18.00%, with a floor of 4.00% after the 12-month introductory period. Existing ESSA HELOC customers require a new line of credit with a minimum $25,000 increase to qualify for this introductory APR promotion.
This account includes a Fixed Rate Advance option. The fixed rate is determined at the time each Fixed Rate Advance is established based on a separate rate schedule. A $75 rate lock fee applies when each advance is established. This fee is waived when a Fixed Rate Advance is established at closing.
Line must be secured by an owner-occupied 1- to 2-family dwelling, not currently listed for sale, maximum LTV of 80%. Minimum line amount is $10,000 and maximum line amount is $500,000. Line can be drawn on for a 10-year period with the required minimum monthly payment, the greater of, $100 or monthly interest. After the 10-year draw any outstanding loan balance is amortized over 240 months with the variable APR. Annual fee is $25 (waived for the first year).
Approved borrower is responsible for mortgage recording fees at account opening which range from $73 to $200 and are based on collateral location. Property insurance and flood insurance, if applicable, are required. This is a variable rate which may increase. This offer is accurate as of 3/15/19 and may be discontinued at any time without notice.
Other rates and terms are available.