Home Equity Loans - First Energy Family Credit Union

Home Equity Loan Rates

Rates as of May 2008

Say good-bye to application fees, title search fees, appraisal fees and credit report fees!
At FirstEnergy Family Credit Union, home equity loans are easy!

FEFCU’s Home Equity Loans offer you...

No closing costs*
No application fees
Low competitive rates – Your actual rate is determined by your personal credit history
Finance up to 80% of your home's value minus your first mortgage
Choose from 3 Terms – 5 years, 10 years and 20 years. Shorter loans mean lower interest rates. Longer loans mean smaller monthly payments.

Click here for a side-by-side comparison of FEFCU’S Home Equity Loan options to help you decide which is best for you.

Type of Collateral	Terms and Conditions	Maximum Length of Loan	Annual Percentage Rate (as low as)	Payment per $1000.00
Variable Rate	Amount: 80% of Appraisal less any outstanding mortgage Term: You may draw on your available balance for 5 years, after which you have 240 Months to repay. Rate: The current prime rate minus 1.5% as listed in the Wall Street Journal. The annual percentage rate can change quarterly on the first day of February, May, August and November. The rate cannot increase or decrease more than 2 percentage points in any one-year period. The maximum annual percentage rate that can apply is 18.00% (ceiling rate) and the lowest the rate will go it 4.00% (floor rate). Payments: $100.00 per month or an amount enough to pay off the balance of your loan within the remaining term of your loan. Advances: The maximum number of advances that you can obtain per quarter is three. Estimated Processing Time: 18-45 days	60 month draw period 240 Month repayment	Prime Rate less 1.5% = 4.00 %	$6.60
Fixed Rate	Amount: 80% of Appraisal less any outstanding mortgage Term: 5 years, 10 years Rate: The rate is indicated in the Annual Percentage Rate column, prime rate as indicated in the Wall Street Journal Estimated Processing Time: 18-45 days	5 year/60 Month	4.50 %	$18.65
		10 year/120 month	5.00 %	$10.61

*For a limited time, FEFCU will pay all processing fees up to $395.00. Processing fees include appraisal, flood determination, title search, attorney and lien search fees. $395.00 based on primary residence located in Summit County. Additional fees may apply based on the county in which the primary residence is located. To qualify for the limited time, “No Fee” special you must draw $20,000.00 for your first advance for 24 months. Actual rates, fees, and terms are based on those offered as of the date of application and are subject to change without notice. If you pay-off the loan for any reason within 24 months, a $395 early termination charge will apply to reimburse processing fees.

ALL RATES ARE SUBJECT TO CHANGE AT ANY TIME, WITHOUT NOTICE.

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