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Rates
Home Equity Line of Credit 1.99% APR* - No closing costs
- No annual fee
- No application fee
- Just access to the equity in your home!
HELOC Special 1.99% APR - Fixed for 12 months!Rates effective April 15, 2022| Account Type | Rate | APR | Minimum Balance | Loan Amount | Maximum Loan Amount | | | | 12 Months Fixed - 1.99% APR* | 1.99% | 1.99%* | $10,000 minimum credit line, but, no minimum balance required. | $10,000 | 80% Combined Loan-to-Value (CLTV) |  | | *HELOC discounted rate of 1.99% APR (Annual Percentage Rate) is fixed for the first 12 months. After the 12 months, the rate will vary based on the Wall Street Journal Prime Rate published on the last business day of the month. Prime Rate as of 5/5/2022 is 4.00% APR. The APR may increase after the loan is closed; maximum APR is 18% or the maximum permitted by law.
The minimum line of credit is $10,000 and the maximum line of credit is 80% Combined Loan to Value (CLTV). During the 10-year draw period, a Home Equity Line of Credit with a balance of $10,000 and an APR of 1.99% for the first 12 billing cycles will result in 12 interest only payments of $16.36. After the promotional period, if you took a single $10,000 advance and the annual percentage rate were 4.000%, it would take 20 years to pay off the advance if you made only the minimum payment. During the draw period you would make 120 monthly payments of $32.88, followed by 120 monthly payments of $101.26 during the repayment period.
To be eligible for a no closing cost promotion with a discounted rate of 1.99% APR (fixed for the first 12 months), your maximum CLTV must be based on your home’s tax assessed value. Costs paid by the lender would average $500-$700. If the HELOC is terminated within 36 months of establishment, the borrower will be obligated to reimburse costs paid on their behalf.
A tax adviser should be consulted regarding deductibility of interest or charges for HELOCs.
HELOC is available for: 1-4 family owner-occupied primary residences or condos. Property cannot be listed for sale. Property insurance is required. Flood insurance is required if the property is in a flood zone. NHFCU may lend to members only. Promotion starts 04/15/2022 and all rates, terms, and conditions are subject to change or be discontinued without notice.
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