Affinity Federal Credit Union NMLS# 463935

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¹ APR = Annual Percentage Rate. All Home Equity Lines of Credit (HELOCs) are subject to credit review and approval. The advertised APR is variable and subject to change without notice and is based on a maximum Combined Loan-To-Value (CLTV) ratio of 75%, with a maximum loan amount of $1,000,000. The fully indexed rate may be a variable APR as low as 8.25%, plus a margin that ranges from 0% to 2.75%, which varies depending on individual credit qualifications, credit limit amount, loan to value ratio and other criteria that may apply. The fully indexed rate includes a 0.25% discounted rate for automatic payments from an Affinity account. The rate without automatic payments will be higher. The variable APR is based on the Prime Rate (as published in the Wall Street Journal), which as of  5/09/2023, is at 8.25%. Therefore, depending on the date you apply, the advertised rate(s) may not be available. If the Prime Rate increases or decreases, the variable APR and minimum required payment will change accordingly. The standard minimum APR (floor rate) is 3.00% and the maximum APR (ceiling rate) assessed by Affinity cannot increase by more than 6% above the initial fully indexed rate. Offered rates are subject to change without notice. The maximum term of a HELOC is 30 years which consists of a 10-year draw period followed by a 20-year repayment period.

Home equity lines of credit are available in all states except Texas. Certain states may require a closing attorney. State specific fees may apply at closing. Homeowners’ insurance is required. Flood Insurance is required where necessary. Lender’s title Insurance may be required based on loan amount. Eligible properties include owner-occupied, 1-4 family residences, warrantable condominiums and townhomes. Investment properties, second homes, vacation homes, cooperatives, mobile homes, and purchase money transactions are excluded. Terms and conditions are subject to change.

² During the Draw Period of your Home Equity Line of Credit, you may elect to “lock in” or convert all or a portion of your outstanding variable-rate balance to a fixed Annual Percentage Rate over a set term. Your fixed interest rate, which does not include costs other than interest, will be determined by Affinity by adding 1% to your fully indexed rate at the time you exercise this option. The minimum amount that may be locked is $5,000 and the maximum term of the lock feature is 20 years. Depending on the rate and term chosen, an origination fee may apply to the balance of the locked portion and if so, this fee will be disclosed at the time that the lock feature is exercised. The minimum payment requirement for the locked-in balance is equal to the amount required to repay the balance in equal periodic installments during the term selected. You will be provided with the new payment terms of the lock-in balance at the time you lock-in. Locking in will only fix the rate and term that applies to that specific portion of the existing balance selected; future advances will be subject to the variable rate according to the terms of your loan. As the locked-in balance is paid down, additional credit will become available, up to the applicable credit limit. The maximum number of times the lock feature may be exercised is three (3). Affinity reserves the right to discontinue this feature at any time without notice. If this feature is discontinued, the balances that have already been locked in will continue to be locked at the rates and terms selected.

³ If the HELOC is less than $400,000, there are no upfront fees. If the HELOC is $400,000 or higher, the borrower will be required to pay for a full lender’s title insurance policy. For all HELOCs where state mortgage tax or other state fees are charged, the borrower will be responsible to pay this at closing and may take as an advance from the HELOC. There are no prepayment penalties, however, if borrower pays off and closes the line within the first 36 months, the borrower will be required to repay the third-party fees paid by Affinity, which may range between $250.00 and $5,000.00. Please contact a Loan Officer for additional details on additional prepayment options. Click on the respective program for complete pricing and terms: Traditional HELOC | Interest-Only HELOC