Is your home loan meeting your current needs?
Many factors can change in the years after you take out your original mortgage or home equity loan, and many of them are a good reason to consider home equity refinancing. Our staff is trained to help you find the lending solution that best meets your individual needs.
Apply March 1 — April 30, 2019 and Pay No Closing Costs and No Mortgage Tax.*
Refinancing your home loan from another lender can help you:
- Reduce your monthly payment
- Lock in a lower interest rate
- Switch from an adjustable rate to a fixed rate for more stability or vice versa, to realize the advantages of an adjustable rate
- Borrow additional funds for a new project
- Shorten or extend payoff terms
Ready to Refinance? APPLY NOW
|Home Equity Loan Rates|
|Effective Date: Thursday, April 25th, 2019|
|Term||APR* (Fixed Rates as low as)||Monthly Payment per $1000|
|1st LIEN-HOLDER POSITION|
|5 Year (60 month)||3.75%||$18.31|
|10 Year (120 month)||4.24%||$10.24|
|15 Year (180 month)||4.75%||$7.78|
|2nd LIEN-HOLDER POSITION|
|5 Year (60 month)||4.24%||$18.53|
|10 Year (120 month)||5.25%||$10.73|
|15 Year (180 month)||5.99%||$8.44|
|Minimum Loan Amount: $10,000 | Maximum Loan Amount: $250,000|
Maximum Loan to Value (LTV) up to 80%
|Home Equity Line of Credit|
|Premier Plan*||Preferred Plan*|
Variable Rate Plan:
Variable Rate Plan:
|Initial rate is discounted for the first 36 months, thereafter prime rate
plus 0% for the life of the loan.
|Initial rate is discounted for the first 36 months, thereafter prime rate plus 1.00% for the life of the loan.|
|Annual interest rate review, 2% annual adjustment cap with a maximum rate of 15.00%, and a floor of 4.00%, except for the introductory rate offered||Annual interest rate review, 2% annual adjustment cap with a maximum rate of 15.00%, and a floor rate of 5.00%, except for the introductory rate offered.|
*Current Prime Rate as of January 2, 2019 is 5.50%.
25 Year Repayment Period | 10 Year Draw Period
Minimum Line of Credit Amount: $10,000 | Maximum Line of Credit Amount: $250,000
*Closing costs including the New York State Mortgage Tax will be paid by TCT Federal Credit Union on behalf of the borrower on Home Equity Loans and Lines of Credit up to $100,000. This is a special limited time offer available March 1 — April 30, 2019. Existing TCT loans do not qualify for this special offer. All Lines of Credit require a minimum initial advance of $10,000. If the HELOC or Home Equity Loan is paid and closed within 3 years of the closing date, the borrower will be required to reimburse the Credit Union for all closing costs paid on their behalf which will be added to the payoff amount of the loan.