Fixed Rate Home Equity

*APR=Annual Percentage Rate. Rates are subject to change at any time. Your initial APR for a Home Equity Line of Credit will be calculated by adding the appropriate margin to the prevailing Prime Rate (index) as published in the Money Rates column of the Wall Street Journal as of the date your documents are prepared. The initial rate will remain in effect until the first rate change date as described below. The subsequent APR is a variable rate based on the highest Prime Rate as listed in the Money Rates Section of the Wall Street Journal on the first business day of the month which was 4.50% on 01/01/2018. On the House Home Equity Line of Credit: The rate is Prime Rate plus 1/2% with a floor rate of 4.00% for credit lines with a loan to value (LTV) ratio of 80% or less, Prime Rate plus 2% with a floor rate of 6.00% for credit lines with a 80.01%-90% LTV. The rate may vary twice a year on January 20th and July 20th up to 1% annually and a maximum of 6% above the initial rate during the life of the loan. Five-year draw period and fifteen-year repayment period. An Early Reimbursement fee may be charged on Home Equity Lines of Credit if the line of credit is paid in full and closed within 24 months of the opening date. The maximum cost will not exceed two-hundred and fifty dollars. An early reimbursement fee will not be charged if Great Lakes Credit Union terminates the Credit Line Account. There is a fifty dollar annual fee after the first year.

Second Mortgage Loan: Once established, the APR is fixed for the term of the loan. Stated rates may change at any time. Loan terms are 5,10 and 20 years.

For all home equity/second mortgage products, credit lines or loan amounts are available from $10,000 to $500,000 with an LTV up to 90%. Closing costs will be waived up to $500 unless the loan is used to purchase the real estate used as collateral on the loan. Property insurance is required. Flood insurance may be required. Consult your tax advisor about the deductibility of interest. Valid for owner-occupied single-family residences, town homes and condominiums. Available in IL, WI, CA, and AZ.