Collins CU - Equity

Equity Access Line Of Credit

Our "Equity Access" home equity credit line offers a great rate, low payments, no annual fee and low closing costs. Plus, you can conveniently get credit line advances, just by writing a check. You can use "Equity Access" over and over by making multiple advances and repayments during the five-year draw period.

There are two plans, depending on the advance amount.

Gold Equity Access Line	Super Flex Equity Access Line
Maximum advance is the higher of 90% of the tax assessed value or 80% of the appraisal, less prior liens.	Maximum advance is the higher of 100% of the tax assessed value or 90% of the appraisal, less prior liens.

Interest Rate	Interest Rate
The interest rate is 1/2 % below National Prime, variable quarterly. Rate will never go below 5.00% Current Rates	The interest rate is 1/2 % above National Prime, variable quarterly. Rate will never go below 6.00% Current Rates

Monthly payments: Payments are set at the monthly-accrued interest on the outstanding balance and will vary monthly as your outstanding balances changes.

Rate Caps: The rate will never go higher than 15%.

Closing Costs: These typically run $103.00 unless a new appraisal is requested.

Statement: Your transactions are reported on your monthly statement.

Fixed Rate Home Equity Loans

These loans offer a fixed interest rate for up to 3 or 5 years. The monthly payment can be based on a repayment period as long as 15 years.

Current Rates on Closed-End Home Equity Loans

Three Year Balloon Maximum advance is 90% of Assessed or 80% of Appraisal Maximum advance is 100% of Assessed or 90% of Appraisal	As low as 5.50% As low as 6.75%
Five Year Balloon Maximum advance is 90% of Assessed or 100% of Appraisal Maximum advance is 100% of Assessed or 90% of Appraisal	As low as 5.74% As low as 6.99%

Save money with tax deductible interest*
Available on any type of consumer loan
Minimal paperwork

Conditions
Mortgage on primary residence only

Closing costs typically run $99.00 (unless a new appraisal is requested)and may be paid in cash or added to the loan.

*Consult your tax advisor for specific rules as to deductibility.