Summer Plans

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Got Some Big Summer Plans?

Your Home's Got You Covered Two Ways

 

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With FedChoice, you can put your home’s value to good use today. With a Home Equity or Renovation Loan, you can finance your home renovation, dream vacation, or even your higher education with the equity your home has already built. With low rates and flexible terms, it’s one of the smartest and safest ways to borrow and spend. 

 

Your home’s got your summer spending covered!
  • Rates as low as 3.49% APR*
  • Borrow $10K–$250K*
  • Flexible Payment Terms
  • Fast Approval Process
  • No Prepayment Penalties*

And, with our Renovation Loan, you may borrow based on the value of your home after a renovation project is completed. This option comes with a FREE concierge service through RenoFi, a company dedicated to helping homeowners through the renovation process.

Log into online banking to apply or call 301.699.6126 to speak with a FedChoice Real Estate representative.

Apply Today!

* APR: Annual Percentage Rate. Maximum APR is 18%. Rates and terms based on credit criteria; your rate may differ. All loans subject to credit approval. All rates are quoted on approved credit APRs. Loan approval is subject to credit, income, and property valuation. FedChoice Federal Credit Union’s normal underwriting requirements apply. Must be owner-occupied primary residence. May be a first or second lien, no pre-payment penalty. Property insurance required. Minimum/Maximum Loan Amount: The minimum loan amount is $10,000. The maximum loan amount is $250,000. Loan Payment examples do not include amounts for taxes and insurance (if applicable) and the actual payment obligation may be greater. On average, closing costs may vary depending upon the amount of the loan, terms, property value, etc. Consult your tax advisor regarding the deductibility of interest and charges. Offer subject to change without notice. Consumer mortgage loans only. This is not an offer to extend consumer credit as defined by Section 1026.2 of Regulation Z. A loan application is required to be submitted to FedChoice Federal Credit Union subject to these terms, conditions, disclosures, and requirements to potentially take advantage of this offer. FedChoice NMLS #399841.

*Home Equity Loans: The fixed APR is as low as 3.49% as of 5/1/2022, and subject to change without notice. Fixed-Rate Loans: The interest rate charged, and the APR are constant for the life of the loan. Finance charges begin on the date the loan is made. Interest will continue to accrue until the first payment has been received, which is due within 30 days of settlement but subject to change. First lien Smart Choice Home Equity Fixed Rate loans are limited to a maximum loan to value of 80%. Maximum Combined Loan to Value (CLTV) is 90% for second liens. Home Equity Loan Payment Example: Assuming a $50,000 loan amount, a 10-year term, and a 3.49% APR, you would make 120 monthly payments of $495.00.

*Home Equity Lines-of-Credit (HELOCs): The variable APR is as low as 3.50% as of 5/1/2022, and subject to change without notice. Variable rates are subject to increase throughout the 10-year draw as well as during the 15-year repayment periods (the full term of the loan). Maximum Combined Loan to Value (CLTV) is 90%. HELOC Payment ExamplesFor our HELOC Classic, payments are 1.25% of the outstanding balance as of the last advance. During the repayment period, payments are 1.25% of the outstanding balance as of the date the repayment period started. (Payments do not adjust or reduce). Payment Example: Balance $10,000.00* 1.25% = Monthly Payment $125.00. For our HELOC Gold, during the draw period, payments are interest only unless member chooses to pay more to reduce the principle. During the repayment period, payments are 1.25% of the outstanding balance as of the date the repayment period started (payments do not adjust or reduce). Payment Example: Balance $10,000.00* 1.25% = Monthly Payment $125.00.

*RenoFi Home Renovation Loans: The variable APR is as low as 3.50% as of 5/1/2022, and subject to change without notice. Variable rates are subject to increase throughout the 10-year draw as well as during the 15-year repayment periods (the full term of the loan).RenoFi Home Renovation Loan Payment Example: During draw period; payments are interest only unless member chooses to pay more to reduce the principle. During repayment period, payments are 1.25% of the outstanding balance as of the date the repayment period started (payments do not adjust or reduce). Payment Example: Balance $10,000.00* 1.25% = Monthly Payment $125.00. FedChoice NMLS #399841 provides Home Renovation Loans by partnership with Renovation Finance, LLC DBA RenoFi NMLS #1802847. The amount borrowed for renovation together with any other mortgages cannot exceed 90% of the after-renovation property value on 1-to-4 family owner-occupied primary properties. Among the ineligible property types are investment properties (defined as non-owner-occupied), co-ops, mobile homes, and manufactured houses. Flood insurance may be required. Fees and charges may apply. 

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