Borrow Rates
Prime Rate
Home Equity Line of Credit (HELOC)
Introductory Rate of the Wall Street Journal U.S. Prime Rate minus 1.51% for the first six (6) statement cycles. After 6 statement billing cycles, the rate and APR revert to the rate of Prime minus .50% for the remainder of the life of the Line. No promotional rates are offered on Second Home or Investment property types. We calculate the Introductory FINANCE CHARGE by multiplying each daily balance of your account by a daily periodic rate of 0.01915% (ANNUAL PERCENTAGE RATE 5.99%), subject to adjustment as provided below, and then by adding together the products of all the daily calculations in the billing period. The sum of this calculation is your finance charge for that billing cycle. All standard HUB Checking Account terms and conditions apply. Auto pay from HUB Checking Account is required to receive introductory rate. This introductory rate is available for new home equity lines only. Increases/refinances of an existing HELOC at Direct Federal do not qualify.
The rate listed is the Annual Percentage Rate (APR) which is variable and is equal to The Wall Street Journal Prime Rate minus 0.50%, subject to a minimum rate of 3.00% and a maximum rate of 18% or the maximum rate permitted by law, whichever is less. Prime as of 12/19/2024 was 7.50%. This APR is available for new home equity lines only. Line must be secured by a 1-4 family home or condo. Primary residences only. The maximum combined loan-to-value is 80%. A $395 fee will be assessed if the line is closed within the first two years. Rates are subject to change. Property insurance will be required. Subject to credit approval.
The rate listed is the Annual Percentage Rate (APR) which is variable and is equal to the Wall Street Journal Prime Rate (the Index) minus .50% (the Margin), subject to a minimum rate of 3.00% and a maximum rate of 18.00%, or the maximum rate permitted by law, whichever is less. Rate can change monthly. All HELOC’s have a 15 Year Draw period and a 15 Year Repayment period. For this rate, the Line must be secured by a 1-4 Family Residential Home or Condo. Primary residences only. Maximum LTV is 80%. Maximum Line amount is $500,000. Prime rate as of 12/19/2024 is 7.50%. All rates subject to change without notice. Property insurance required. Subject to Credit Approval, other conditions may apply.
Equity is determined based on the current year assessed value. An appraisal will be required for Line amounts greater than or equal to $400,000. The appraisal is paid for by the applicant. Appraisal fees can range from $500 to $1,100 (or greater depending upon the property type).
Homes in a trust will require a trust review (to determine it meets our required guidelines). Any fees incurred for the trust will be paid by the applicant.