|Home Value:||Loan to Value||Lending Limit||1st Mortgage (if applicable)||Available Funds|
+ 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.