Pay interest only on the amount drawn or 1% of the balance. The minimum loan amount is $10,000 and the maximum loan amount is $300,000. A review of the credit eligibility, adequate property value, and a clear title is also needed for qualification. For loan amounts over $100,000, estimated closing costs may range from $1,625 to $2,897. No closing costs for loan amounts of $100,000 and less except for legal fees, if required. Maximum loan-to-value as high as 90%, depending on creditworthiness. The maximum APR that may be imposed is 18.00%. HELOC APRs are variable and subject to change. Our current lowest APR for credit lines over $100,000 is 8.50%, which includes + 0.00 margin and for credit lines under $100,000 is 9.00%, which includes + 0.50 margin. Fees may reduce earnings.ħ The Annual Percentage Rate (APR) of a HELOC is indexed to the Prime Rate as published on the money rate table in the Wall Street Journal + a margin for the life of the loan. If the account is closed, the $5 will be returned. A one-time $5 deposit is required by Credit Union Bylaws for membership. If the account is closed before dividends are credited, any accrued dividend will not be credited. No dividend will be paid if the account ADB is below $200 for the month. For example, if the account ADB is $5,600 for the month, the entire $5,600 will be paid a dividend at the Tier 2 rate. The "Dividend Rate" for that tier will be used to pay the dividend on the entire ADB. The dividend Tier A method means that the dividend rate used will be based on the account ADB and the dividend rate for that ADB. The ADB is computed by adding the balance in the account for each day in the month and dividing that figure by the number of days in the month. Dividends on these accounts are calculated by using the account Average Daily Balance (ADB) and the Tier A dividend method. Annual Percentage Yield (APY) is variable and subject to change without prior notice. Fees may reduce earnings. APY could change after account opening.Ģ All Dividends on this Schedule are Posted and Compounded Monthly. Call us at 54 (local) or 86 (toll-free) with questions about what qualifies as an ACH deposit. ACH deposits may be any combination of your paycheck, social security check, dividend deposits, and other such automated deposits. "Direct Deposit" is defined as ACH deposits only and will not include check or cash deposits done either in-branch or remotely. The Monthly Account Fee will be waived for the first two consecutive months after the new account opening, regardless of Direct Deposit amount during that time. If Direct Deposit into the account drops below $1,000 for two consecutive months, the Monthly Account Fee of $9 will be charged for each month that Direct Deposit continues to remain below $1,000. Freedom Stash® checking accounts will pay perks on the last day of each month, based on account activity in that month on the condition that the member is enrolled in Direct Deposit of at least $1,000.
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