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Bethpage Federal Credit Union Home Equity Loan Rates
A home equity line of credit, or HELOC, is a way to access the equity in your home to pay for home improvements, debt consolidation, medical bills and more. But not all HELOCs are created equal.
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To help you find the most suitable option. We researched the top HELOC options and came up with a list of the best HELOC lenders. We’ll review all the features of each HELOC and outline the costs you may incur.
In this article, we’ll look at four lenders (with honorable mentions) that offer some of the best HELOC features available. Each lender offers slightly different services that benefit different borrowers.
Connexus, a credit union open to all banking and lending services including home equity loans and home equity lines of credit.
The minimum loan amount is $5,000. And supporting a combined loan-to-value (CLTV) ratio of up to 90% makes Connexus a great choice for those with little equity in their homes. The extended 15-year draw period allows you to use your line of credit longer than many HELOCs.
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✍️Note: Total loan to value ratio or CLTV is the ratio between the total loans secured by the property and the current value of the property. The higher the CLTV, the more equity you can borrow for the required amount.
You must be a member of Connexus Credit Union to qualify for a HELOC. If you don’t meet any of the basic requirements, you can qualify by donating $5 to Connexus.
Connexus also charges closing costs. The exact amount you will pay depends on the value of your credit limit and the country in which you live. The maximum charge is $2,000, while the minimum is $175.
Connexus offers an introductory rate of 4.5% on HELOCs for the first six months and 6.99% thereafter (introductory APR for HELOCs above 80% CLTV is 6.99%).
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This rate varies and may change semi-annually, but the APR is capped at a maximum of 16%.
If you choose an interest-only HELOC, you’ll only pay monthly interest for the first 15 years. If you choose a traditional HELOC, you’ll pay 1.5% of the credit limit used each month.
The banking giant has a history of over 200 years, offering a wide range of services. This includes mortgages and HELOCs.
Bank of America HELOCs have the lowest fees in the industry. There is no application fee. Annual payments or closing costs, and the APR offered is reasonably low.
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With a credit limit of up to one million dollars. With a 20-year repayment period and discounted interest rates, Bank of America HELOCs can be a good option for people looking to get a larger line of credit (eg, more than $500,000).
Bank of America gives you easy access to your money, including checking, online banking and using your ATM card.
Bank of America charges zero fees or HELOC closing costs of up to $1 million, but only if you close your HELOC within three years. You will pay an early closing fee of $450.
The introductory APR is 6.24% for the first six months, which increases to 9.6% after six months. Bank of America offers several discount rates.
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These APRs vary, with Bank of America setting a minimum rate of 1.99% and a maximum of 24%.
Bank of America also allows you to transfer some or all of your HELOC balance to a fixed-rate loan with a fixed repayment period. You can open up to 3 fixed interest loan programs at the same time.
This full-service credit union offers a wide variety of lending, investment and banking products. Including mortgages and HELOCs, members of this credit union are located in the New York area. It is open to all but Texas residents.
Bethpage’s HELOCs offer comes with a 12-month introductory rate lock and no fees. This makes it an attractive option for those looking to save money on a HELOC.
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Lines of credit are available for $10,000 and up to a million dollars. Still, you’ll need to be fairly fair, as Bethpage requires a CLTV ratio of 75% or less to qualify for the introductory APR.
Bethpage does not charge for appraisals or closing costs for lines of credit up to $500,000. In addition, you may be required to pay a fee, although Bethpage does not specify how much these will be.
If you choose to close your line of credit within three years, you will be required to pay Bethpage for closing costs based on the value of your line of credit. It can range from $500 to $15,000.
Bethpage offers an unbeatable introductory rate of 6.99% for 12 months (6 months is usually standard). To qualify for this rate, your CLTV must be 75% or less and your credit limit must be at least $25,000.
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When does the introductory period end The variable rate is 7.5% Bethpage advertises a minimum rate of 3.25% and a maximum of 18%.
Bethpage also offers to convert your HELOC balance into a fixed rate loan. You can take out up to three fixed rate plans on your HELOC with payment terms of 5, 10 or 20 years.
This bank provides a wide range of services to the general public. Small business owners and large organizations include mortgages and HELOCs.
PNC offers HELOCs up to $1 million and supports CLTV ratios of up to 90%, but that’s where it really stands out. To help you get the best APR, they offer you the option to switch between variable and fixed rates as needed. And offers discounted rates for automatic payments.
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This can save you money in interest over the life of your credit line, unfortunately there are transfer fees to switch from variable to fixed and vice versa.
If you close your line of credit within 3 years, you must pay PNC’s closing costs.
Although PNC does not publish specific interest rates, changing to a fixed rate plan PNC also offers a reverse transfer from a fixed rate plan to a variable one. This allows you to profit from the rise and fall of interest rates.
For example, suppose interest rates rise. So you switch your line of credit balance to an 8% fixed interest plan. When the variable goes up to 10%, you are safe. If the rate drops to 6% variable, you can convert the fixed 8% plan back to variable.
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The downside is that PNC charges $100 for each transfer. So you’ll want to make sure the potential interest savings outweigh the fees.
If you’re looking for another lender that offers a higher CLTV and a variety of credit lines, a HELOC offered by Alliant Credit Union may be a viable option.
The main downside to Alliant—and the reason it’s not higher on our list—is limited availability. HELOCs from Alliant are available in 25 states plus only Washington, D.C., leaving half the country uninsured.
If you’re in a covered area, a HELOC from Alliant can be a good alternative to Conexus.
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Alliant does not charge termination fees. Within the maximum credit limit of $250,000. If the said standard is exceeded they will charge a fixed fee of $1,000.
Alliant charges a $50 annual fee, which is waived in your first year. They also charge a $200 cancellation fee if you close your account within a year.
Alliant publishes an APR starting at 7.75%. This rate varies and may change on a monthly basis according to Alliant. This is different from the semi-annual schedule that other lenders use.
And while Alliant doesn’t offer fixed-rate plans, it will finance your HELOC, which can help lower your interest rate and increase your credit limit.
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Below is a comparison of the top 5 HELOC lenders we reviewed in this article. All of these lenders offer interest-only HELOCs. But beyond that, many of the features of a HELOC are different.
* It’s worth noting that published CLTV depends on your state laws (for example, Texas limits CLTV to 80%) and your creditworthiness.
A low APR is always a good selling point, but because a HELOC is a variable APR product, the APR you get today could easily increase next month.
It’s worth noting that under the National Credit Union Association Act (NCUA), credit unions are required to keep HELOC interest rates at 18%.
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For example, a California homeowner with a large amount of equity may need to choose a lender with a line of credit up to $1 million. Meanwhile, homeowners in rural areas should choose lenders with less capital that offer lower initial loans.
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