Home Value: Loan to Value Lending Limit 1st Mortgage (if applicable) Available Funds
$200,000.00 X 75% = $150,000.00 -$100,000.00 =$50,000.00

+ What will my payment be and will they change?

  • A home equity is a Line of Credit that bases its rate off of the Wall Street Prime. Therefore, the rate is set by the Federal Reserve.
  • Your minimum payment will be the lesser of $50.00 or the amount needed to repay your balance with interest.
  • If you withdraw additional funds during the draw period or the interest rate changes, your monthly payment may change.
  • Your payments are recalculated after each draw to repay your principal balance over the remaining months of your repayment period.
  • The draw period is the fixed length of time during which you can access funds from your home equity line of credit. It runs 5 years from the date your loan closes. WCCU has the option to extend the draw period beyond 5 years into the repayment period.

+ What is the repayment period?

  • After your draw period ends, you’ll enter the repayment period. Your access to funds will end, but you’ll keep the same payment structure as in the draw period, principal -plus- interest payment tied to the variable rate.
  • The 10 years remaining on the 15 year loan will be the repayment period.