Bay Area Credit Union - Home Equity Loans


	Home Equity Loans Your house has you covered for the good things in life. Compared to other borrowing options, the benefits of a Bay Area Credit Union Home Equity Line-of-Credit are hard to beat. MOST HOMEOWNERS QUALIFY FOR AT LEAST $5000! Find out HOW MUCH YOU QUALIFY FOR! Contact a Financial Services Rep. today.

	4-MONTH INTRO RATE AS-LOW-AS 4.95% APR!* CURRENT RATE AS-LOW-AS 8.00% APR!* APPLY ONLINE How does a Bay Area Home Equity Line-of-Credit work? With a Bay Area Home Equity Line-of-Credit, you can borrow up to 90% of the appraised value of your home less any existing mortgage. As you repay your loan, the funds become availabe again for your use. Plus in many cases the interest you pay is tax deductible. Will I receive the lowest rate offered?** The Introductory Rate and the Current Rate you qualify for will be reflective of your credit history. Members with an excellent credit history will receive our very best rate. Members just starting to build their credit or members with credit problems will receive rates consistent with their credit history. Does the rate change?* The Introductory APR is available for the first four months after your loan closes. After the four-month introductory period the Current Rate is in affect. The Current Rate changes with the Prime Rate as published in the Wall Street Journal. Are there Closing Costs?* No, you pay no closing costs or application fees. How do I access my available credit line? Your credit line is available to you 24-hours a day. You can use Audio Access or Home Banking to transfer an advance to your Bay Area Checking, Savings or Money Market account. At your option, we will provide you with checks to access your Home Equity Line-of-Credit.		What is a good use of my HOME'S EQUITY? Pay for home improvements Finance a college education Arrange a special vacation Consolidate high interest debt Purchase big-ticket items ...or whatever else you choose! Can I make Interest Only payments? Yes. You may select our Interest-Only payment option. How do I apply? You can apply ONLINE using our secure server or you can stop into the credit union and a Financial Service Representative will gladly help you. What if I'm unable to make my loan payment?** Protect your home and the future of the people you love. We offer competitive rates on payment protection plans - if you were to pass away or become disabled, your payment protection would reduce or pay off the balance of your loan. Intro Rate and Current Rate are based on your credit history. Current Rate is based on the Prime Rate ( as published in the Wall Street Journal) minus .25%. Current Rate changes with the Prime Rate with a maximum rate of 18% There is no limit on the amount the rate can change in 12 months. A minimum initial draw of $5000 required to qualify for Intro rate. Draws are available for a 10-year period with a 10-year repayment period after the final draw date. Home Equity Line-of-Credit carries a $50 annual fee which is waived the first year. Property insurance may be required in connection with this plan. If you close your HELOC within the first two years, you are responsible for a $300 closing costs reimbursement. Consult your tax advisor to determine your tax benefits. *Interest Only: A balloon principal payment is required at the end of the loan term or a refinance of the amount owed.