An Alpine Credit Union HELOC is a great way to access your home’s equity. A HELOC is an open line of credit that allows you to use the available credit limit at any time. This line of credit is great for home improvement projects and debt consolidation.
Benefits of using Alpine Credit Union’s Mortgage Department:
- No Origination Fees on HELOC’s
- Low Variable Rates
- Local Approval and Underwriting
- Loan Term up to 15 years
- Fast Closing and Approval Process
Contact our Mortgage Department at:
Phone: (801) 492-6400
Fax: (801) 492-6409
Assistant Branch Manager
- Variable rate loans may not exceed maximum APR of 18%
- Variable rate loans will not go below 3.5%
- Home must be located in Utah
- Homeowner must provide home owners insurance policy before closing
- Federal law requires a three business day rescission period. After the rescission period expires, funds will be disbursed unless Alpine Credit Union receives written notice that the right to rescind has been exercised.
PAYMENT INFORMATION: You can obtain credit advances for 5 years. This period is called the “draw period.” At our option, we may renew or extend the draw period. After the draw period ends the repayment period will begin. The length of the repayment period will depend on the balance at the time of the last advance you obtain before the draw period ends. You will be required to make monthly payments during both the draw and repayment periods. At the time of the credit advance, a payoff period of 120 monthly payments will be used to calculate your payment.
The payoff period will always be the shorter of the payoff period for your outstanding balance or the time remaining to the maturity date. Your payment will be set to repay the balance after the advance, at the current annual percentage rate, within the payoff period. Your payment will be rounded up to the nearest dollar. Your payment will remain the same unless you obtain another credit advance. Your payment may also change if the annual percentage rate increases or decreases. Each time the annual percentage rate changes, we will adjust your payment to repay the balance within the original payoff period. Your payment will include any amounts past due and any amount by which you have exceeded your credit limit, and all other charges. Your payment will never be less than the smaller of $100.00 or the full amount you owe.
TRANSACTION REQUIREMENTS: The minimum credit advance that you can receive is $1,000 for the first advance.
PERIODIC RATE AND CORRESPONDING ANNUAL PERCENTAGE RATE: We will determine the periodic rate and the corresponding annual percentage rate as follows. We start with and independent index (the “Index”), which is the Wall Street Journal Prime Rate. When a range of rates has been published, the highest rate will be used. We will use the most recent index value available to us as of 10 days before the date of any annual percentage rate adjustment. To determine the periodic rate that will apply to your account; we add a margin, as disclosed above, to the value of the index. Then we divide this sum by the number of days in a year (365). To obtain the annual percentage rate we will multiply the periodic rate by the number of days in a year (365). This result is the annual percentage rate.
The annual percentage rate can change quarterly on the first day of January, April, July, and October. The rate cannot increase or decrease more than 2.0 percentage points in any one year period. The maximum ANNUAL PERCENTAGE RATE that can apply is 18.0% or the maximum permitted by law, whichever is less. However, under no circumstances will your ANNUAL PERCENTAGE RATE go below 3.5% at any time during the term of the plan. Other potential tax implications may also be involved.
- Late Charges: If your payment is more than 15 days late, we may charge you 5% of the interest due.
- Non-Sufficient Funds Charge: We will charge you a fee of $20.00 if you pay your account with an insufficient funds check.
- Over the Credit Limit Fee: We will charge your account $20.00 if you request an advance that would exceed your credit limit.
- Check Printing Fee: We will charge you $25.00 per order for printing checks or sharedrafts to be used to obtain advances under this plan.