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* APR means Annual Percentage Rate. The rate listed is valid as of April 1, 2024. OAS FCU’s Home Equity Line of Credit is a variable interest rate loan -indexed based on the Prime Rate, to which a margin is added- and therefore subject to change without notice on any of the following dates: the first day of January, April, July, or October each year. The rate on this loan will never exceed 18% APR. Based on the results of your credit evaluation, and the analysis of your repayment ability, you might be approved for a smaller loan than you request; your loan might also be denied. The rate listed is one of a range of rates for which you may qualify based on your credit evaluation and repayment ability. An OAS FCU Home Equity Line of Credit is available for owner-occupied properties only. OAS FCU will lend a maximum of 80% combined Loan-to- Value (CLTV) based on the appraised value of the property. The minimum Home Equity Line of Credit amount is $20,000 with an initial advance of $5,000. Later advances will be at least $500. The draw period will extend for the first five (5) years after the opening of the line of credit. Property insurance may be required for this loan. Appraisal, tax recording, and other closing costs apply and will be at your expense. Using a Good Faith Estimate, the closing costs for a $100,000 Home Equity Line of Credit (OAS FCU’s average HELOC amount) would be approximately $2,308. Depending on the property’s location, loan amount, and other factors, the combined closing costs will differ.
**Please consult a tax advisor on the tax deductibility of interest and possible tax credits.
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• OAS FCU is an Equal Opportunity Lender. We do business following the Federal Fair Housing Law and the Equal Credit Opportunity Act.
• OAS FCU is committed to providing exceptional service to our Member-Owners, and to each other.
• As a financial cooperative, we are committed to the Seven Cooperative Principles. Please visit the National Credit Union Foundation’s website for more information.
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