Improve Your Home
Pay College Tuition
Pay for a Wedding
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.
All loans are subject to credit approval. Other rates and terms available.
1APR = Annual Percentage Rate. All loans are subject to credit and collateral approval. The APR is a variable rate based on the Wall Street Prime Rate as published the last business day of the month (APR 4.75% as of 12/2/19). 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%.
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 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. Other rates and terms are available.