Home Equity Loan Types and Rates
Our Powerhouse Loan is ideal for Kern Schools Members who are planning large, fixed expenses and know the exact amount needed to borrow against the equity in their home. The Powerhouse Loan offers features such as:
• Low fixed rate for the life of the loan
• One-time, lump-sum distribution of loan amount
• No prepayment penalty
• Low $100 application fee
Home Equity Line of Credit: HELOC*
Are you planning to make big renovations to your home? Prepare for unexpected expenses with a secure Home Equity Line of Credit. You can borrow against the equity in your home through a variable rate line of credit.
• Competitive rates
• Flexible terms
• No transaction fees
• No annual fees
• Low $100 application fee
Rates Effective As Of 2/01/2017. ALL RATES, TERMS AND CONDITIONS SUBJECT TO CHANGE. Rates and terms will vary based on the credit worthiness of individual applicants.
|Loan Type||Annual Percentage Rate||Maximum Term**||Maximum Loan-To-Value|
|Powerhouse 80||6.000%||20 Years||80%|
|Powerhouse 85||5.000%||15 Years||85%|
|Powerhouse 90||4.000%||10 Years||90%|
**Payment Example: A $35,000 loan at 6.035% would have 240 monthly payments of $250.75. Property must be owner occupied. A full appraisal may be required based on the loan amount or combined loan to value.
Rates Effective As Of 06/01/2017. ALL RATES, TERMS AND CONDITIONS SUBJECT TO CHANGE. Rates and terms will vary based on the credit worthiness of individual applicants.
|Loan Type||Adjustable+ Annual Percentage Rate||Max Repayment||Max Loan Amount||Draw Period|
|Heloc Equity I||4.042%||15 Years||Up to 80% CLTV||First 8 Years|
|Heloc Equity II+||4.027%||25 Years||Up to 75% CLTV||First 10 Years|
The above Annual Percentage Rates were calculated using a loan of $35,000.
Interest only loan, balloon payment will result at maturity of the loan.
+Additional information about our Adjustable Rate Mortgage (ARM)-The APR, interest rate, and principal and interest payment are subject to increase/decrease and will change after the loan is closed due to market-driven changes to the index. The APR cannot increase more than 2% per year, and not more than 6% over the life of the loan. However, the APR will never exceed the maximum rate allowed by law, which is currently 18%.
*Property must be owner occupied. Hazard insurance is required on the property being used as collateral. Interest may be tax deductible, consult your tax advisor for more information. A full appraisal may be required based on the loan amount or combined loan to value.
How Much Home Can You Afford?
Use our online mortgage calculators to find a payment that you’re comfortable with, or easily compare loan options and payments with our free online Loan Consultant. Stop by our Home Loan Center today and talk with an experienced loan professional about what option best fits your needs.
The information provided by this calculator is intended for illustrative purposes only and is not intended to purport actual user-defined parameters. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results.