Affinity Federal Credit Union | Home Equity

Whether planning home improvements, consolidating debt, or taking a dream vacation, the equity you have in your home could be the solution. With a 5.99% intro APR for 12 months, then a variable rate as low as 7.875% APR, a Home Equity Line of Credit (HELOC) from Affinity gives you the key to getting more out of your home. Plus, you can lock in your rate up to three times during the draw period, combining the versatility of a line of credit with the stability of a fixed-rate loan. HELOCs are available in all states except Texas.

Two Repayment Options:

Traditional HELOC

Principal and interest payments during the draw period and repayment.

Apply

Interest-Only HELOC

Pay interest only during the draw period. During repayment, payments are amortized to pay the balance in full over the remaining term.

Apply

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With a HELOC, you can also:

Draw available funds for up to 10 years from the date you open your line.
After the draw period ends, repayment term is 20 years.
Advance funds at your convenience on your time. Transfer funds when you log in to your AFCU account or with convenient checks just for your HELOC.
Funds become available as you repay principal during the draw period.
For no fee, convert balances of $5,000 or more to a fixed rate and choose a repayment term that fits your budget—up to 20 years². You can lock-in balances to a fixed rate up to three times during the draw period of your loan without needing to reapply.

ADDITIONAL BENEFITS

1

Affinity Offers No Fees³

With Affinity's HELOC, you will find no application fee, appraisal fee, or annual fees.

2

A Fast and Easy Way to Access Funds

Low interest rates for home improvements, education expenses, medical bills, emergency expenses, a vacation, special occasion you’ve been planning or a new car!

3

Lower Monthly Payments

Consolidating balances from other loans and credit cards to a low-rate could result in a lower, more manageable monthly payment.

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. A 5.99% introductory rate applies to HELOC balances for the first 12 months from the date of account opening. After the introductory period, the fully indexed rate applies to any new or existing balances. The fully indexed rate is a variable APR as low as 7.875%, which includes the Index (Prime Rate) plus a margin that ranges from -0.125% to 1.50%, which varies depending on individual credit qualifications, credit limit amount, loan-to-value ratio, and other criteria that may apply. The maximum allowed Combined Loan-to-Value ratio (CLTV) of 75% and maximum loan amount of $1,000,000 are based on credit worthiness and individual loan qualification. The advertised rate of 7.875% includes a 0.25% reduction off the standard interest rate when you set up automatic payments from an Affinity account, in addition to a first lien rate discount of 0.125% when Affinity holds the first lien against the subject property. Without automatic payments or first lien status, the rate will be higher. Any eligible rate discounts do not apply to the Introductory rate. The variable APR is based on the Prime Rate (as published in the Wall Street Journal), which as of 09/24/2024, is at 8.00%. 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 requirements 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. Introductory rate is only available for new loans.

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 securing your fully indexed rate at the time you exercise this option. Funds cannot be locked in at the introductory rate. 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