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TrueCore Federal Credit Union

Home Equity Loans

What is a Home Equity Loan?


A home equity loan is a type of loan in which the borrower uses the equity of his or her home as collateral. The loan amount is based on the value of your property as determined by an appraisal of the property, ordered by TrueCore.  Home equity loans are often used to finance major expenses such as home repairs, medical bills, or college education.

Interest-Only Home Equity Line of Credit

 

 
TrueCore offers a Home Equity Line of Credit (HELOC) with an interest-only repayment feature, now with an even longer term. It provides you flexibility and lower payments than a traditional line of credit.

Other benefits include:
  • No annual fee
  • No minimum balance
  • 25-year term (a 10-year 'draw' period, followed by a 15-year repayment period)
  • You can use the funds when you need them during the draw period, and repay only the interest owed on the amount borrowed. You have the option to repay principal during the draw period without penalty.
  • At the end of the draw period, repayment includes principal and interest.
Interested in the I-O HELOC? Call or text 740-345-6608, or email info@truecore.org.

For current rates and complete details, visit www.truecore.org. The interest rate is variable and can change monthly. Payments will vary based on balance, rate and remaining term. Minimum line of credit is $5,000. Loans are subject to credit approval and program guidelines. Interest rates and program terms are subject to change without notice. Member pays no fees if the loan is above $25,000, unless the loan is paid in full and closed within 36 months, then the member is responsible for repaying all fees associated with obtaining the loan. Equal Housing Lender. Federally insured by the NCUA. TrueCore Federal Credit Union, 215 Deo Drive, Newark, Ohio 43055. NMLS#470044


 Home Equity Rates

Loan Type Term As low as
Fixed Rate Home Equity
80% LTV*
Up to 60 Months 3.75% APR
Fixed Rate Home Equity
Up to 80% LTV*
61 - 120 Months 4.25% APR
Fixed Rate Home Equity
Up to 80% LTV*
121 - 180 Months 4.75% APR
Interest-only Home Equity Line of Credit
Up to 80% LTV**
10 year draw
15 year amortization
3.25%
Interest-only Home Equity Line of Credit
85% LTV**
10 year draw
15 year amortization

Rates as low as 3.75%
(Prime + .50%) Today's Prime Rate = 3.25%

Interest-only Home Equity Line of Credit
90% LTV**
10 year draw
15 year amortization
Rates as low as 4.25%
(Prime + 1%) Today's Prime Rate = 3.25%
*Fixed second mortgage loans. Annual Percentage Rate (APR) as low as 3.75% for qualified members. Rates may vary based upon one or more of the following: credit rating and value of collateral. Minimum APR is 3.75%.  Maximum (loan to value) LTV is 80%, 85%-90% LTV with a rate increase of .50% (85%) or 1.00% (90%). Owner occupied properties only. Rates are subject to change. Example - $915.24 payment on a $50,000 loan, 60 months with a 3.75% rate.  Member pays no closing costs if the loan is above $25,000, unless the loan is paid in full and closed within 36 months. If the loan is paid in full and closed within 36 months, the member is responsible for repaying all fees associated with obtaining the loan.  Equal Housing Lender. TrueCore Federal Credit Union, 215 Deo Drive, Newark, Ohio 43055. NMLS# 470044 

**The interest rate is variable and is based upon an index plus a margin. The interest rate will vary with Prime Rate (the index) as published in the Wall Street Journal. As of December 31, 2020, the variable rates for Home Equity Lines of Credit range from 3.00% to 18.00%. Higher rates may apply due to an increase in the Prime Rate, a credit limit below $25,000, and/or a low credit score. The rate will not vary above 18% or below 3.00%. Loans are subject to credit approval and program guidelines. Interest rates and program terms are subject to change without notice. Property insurance is required. Member pays no closing costs if the loan is above $25,000, unless the loan is paid in full and closed within 36 months. If the loan is paid in full and closed within 36 months, the member is responsible for repaying all fees associated with obtaining the loan. Equal Housing Lender. Federally insured by the NCUA. TrueCore Federal Credit Union, 215 Deo Drive, Newark, Ohio 43055. NMLS# 470044

Revised October 1, 2021
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