New Century’s Equity Line is a revolving line of credit based on equity in your home with a variable rate of interest. The Equity Line can be established for as little as $5,100 or as much as $250,000. You use it as you need it, or all at once. The first advance must be at least $5,100, but the subsequent advances can be for $500 or more, covering whatever need you may have advances can be requested throughout the draw period of 120 months.
As with any loan at the credit union, you can pay off your balances at anytime without penalty and still keep the Equity Line for future advances. Payments can be for any time period up to 180 months.Each year the credit union will recalculate your payment to insure pay-off as you requested at the time of the advance.
The variable rate Equity Line is indexed to the prime rate as published in the Wall Street Journal Prime Interest. Seven days before the first day of the new quarter (January, April, July and October) the next quarter interest rate will be calculated and notices mailed. Your rate will go up or down as the prime rate changes on a semi-annual basis. The minimum interest rate is 5.00% and the maximum will never be greater than 15.00%. The interest rate may be tax deductible, so it would be best to talk your tax consultant. Fees for establishing any Home Equity Loan will be collected at the time of application if necessary.
New Century’s Equity Line gives you the flexibility of a revolving line of credit with a variable interest rate much lower than most consumer loans. Contact one of our representatives and let us explain how New Century’s Equity Line can work for you.