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Home Equity Rates
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Line of
Credit - Variable Rate
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Annual Percentage
Rate |
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80%
Loan to Value**
|
As
low as |
4.00%* |
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90%
Loan to Value** |
As
low as |
4.00%* |
|
Rates subject
to credit history, term and other factors.
*The Annual Percentage Rate (APR) is
variable and is subject to change monthly
based on Prime. The 80% LTV Line of Credit,
currently 4.00%, is based on Prime Rate
minus 1.50. The
90% LTV Line of Credit, currently 4.00%, is
based on Prime Rate minus
1.00. Prime Rate is “prime” as listed
in the “Money Rates” section of the Wall
Street Journal from the last business day of
the previous month. As of
August 29, 2008
PRIME is 5.00%. The rate floor is 4.00%.
Maximum APR during the life of the loan
is 18% APR. $5,000 minimum initial draw
required.
** Maximum loan to value may be reduced due to
declining home values. |
Second
Mortgage - Fixed Rate
|
|
Annual Percentage
Rate |
|
Terms up to 60 months |
Standard
Premier
Rate
Discount |
|
80%
Loan to Value** |
As
low as |
4.95% 4.70%
5.45% 5.20% |
|
90% Loan to Value** |
As
low as |
|
Rates subject to credit history, term, and
other factors. Rates can change daily.
Premier Discount: Members may receive a
0.25% rate reduction if they elect direct
deposit of their net pay into an ALEC
checking account.
** Maximum loan to value may be reduced due to
declining home values.
Rates effective 09/01/08. All loans subject
to credit approval. Home Equity loans are
available in Illinois and Wisconsin only and
limited to owner occupied properties.
ALEC will waive your
closing costs for fees including Property
Appraisal, Title Insurance, Recording Fees,
and Flood Certification. |
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