*The 7 business day closing is based upon all required documents being received at the time of submission. A review of the Credit eligibility, adequate property value without appraisal, and a clear title is also needed for qualification and zero closing costs. Other restrictions may also apply. APR = Annual Percentage Rate. Fast Forward HELOC APRs are variable, subject to change, and indexed to the Prime Rate as published in the money rate table of the Wall Street Journal + a margin for the life of the loan. Prime Rate as of 8/1/2019 is 5.25%. Our current lowest Annual Percentage Rate as of 8/1/2019 is 5.25% APR, which includes + 0.00 margin. Your actual rates may vary, depending upon credit history, loan amount and term, loan to value ratio, and other factors. The maximum APR that may be imposed is 18%. Maximum loan-to-value is 85%. The minimum loan amount is $10,000 and the maximum loan amount is $100,000. The term is up to 240 months. Pay interest only on the amount drawn or 1% of the balance. Membership with Freedom First is a requirement for this offer with a $5 share account. Property insurance, if applicable must be in effect on the property being secured and the said property must be in the FFCU membership area. The property must be owner occupied and cannot be in a flood zone. Please consult a tax adviser for further information regarding the deductibility of interest. All credit union loan programs, rates, term and conditions are subject to change at any time without notice. Contact a Freedom First Credit Union representative at (540) 389-0244 for complete details.
Funds Disbursement Revolving line of credit. Draw what you need when you need it. Draw period is the initial 120 months.
Interest Rate Adjustable rate, subject to adjustment every three months. Monthly payments during the first 120 months can be for interest only or 1% of the outstanding statement balance. When draw period expires, monthly payments increase to include principal plus interest for the next 120 months.
Terms 240 months: first 120 months is the draw period when members may take advances; second 120 months is repayment period.
Benefits Interest may be tax deductible. Useful when unsure of how much will be needed upfront.