TruMark Financial’s HELoC Select allows you to choose when you want to borrow and how to pay it back. It starts as a line of credit and then allows you to switch all or part of the balance to a fixed rate at any time, giving you a manageable payment. Whether you need funds for home improvements, consolidating debt, paying for education expenses, or taking a vacation, you’ll enjoy the convenience of choosing a payment option to meet your needs.
Additional benefits include:
Access your money as needed or use it all at once
Borrow up to 90% of your home’s value
Visa® Equity Access Card for fast access to your funds
Write checks directly from your home equity line of credit
Receive 20 free checks with the ability to reorder more
Borrow at a lower rate than most unsecured consumer loans
Make payments via automatic transfer, Account Management by Phone, online banking, the mail, the Member Service Center, or any branch location
(2) HELoC Select rate based on the highest The Wall Street Journal’s published prime rate and is adjusted on a monthly basis. Annual Percentage Rate (APR) may vary depending upon amount financed, credit score, lien position, and collateral location and applies to a loan-to-value (LTV) ratio of up to 80%. Rates are subject to change, increasing when the prime rate increases, decreasing when the prime rate decreases. Maximum APR is 18% and the rate floor is 2.99%. The minimum monthly payment is $50. Rate reflects a 0.25% discount for loan payment via automatic funds transfer from a TruMark Financial checking account. Otherwise, rate 0.25% higher. Rates vary by loan amounts.
(3) HELoC Select rate based on the highest The Wall Street Journal’s published prime rate and is adjusted on a monthly basis. Annual Percentage Rate (APR) may vary depending upon amount financed, credit score, lien position, and collateral location and applies to a loan-to-value (LTV) ratio of 81% – 90%. Rates are subject to change, increasing when the prime rate increases, decreasing when the prime rate decreases. Maximum APR is 18% and the rate floor is 3.49%. The minimum monthly payment is $50. Rate reflects a 0.25% discount for loan payment via automatic funds transfer from a TruMark Financial checking account. Otherwise, rate 0.25% higher. Rates vary by loan amounts.
(4) Annual Percentage Rate (APR) applies to minimum line amount of $5,000, is subject to change without notice, and applies to a loan-to-value (LTV) ratio of 80% for primary residence. Rates vary depending upon amount financed, credit score, lien position, and collateral. Minimum APR is 2.99%, maximum APR is 18%. Best available rate is prime rate minus 0.51% unless rates falls below the minimum APR. Rates reflect a 0.25% discount for loan payment via automatic funds transfer from a TruMark Financial checking account. Otherwise, APR is 0.25% higher. Property and/or flood insurance is required. APR is variable based on the highest Prime Rate published in The Wall Street Journal and is adjusted on a monthly basis. As of 3/15/2020 the Prime Rate was 3.25%. All loans/lines of credit are subject to approval and collateral evaluation. Fees and charges may apply. Additional restrictions, limitations, and exclusions may apply. You may elect to “lock in” or convert a portion of your variable-rate outstanding balance to a fixed APR over a set term. You may select the term of your lock feature from terms provided to you at the time you exercise this option. Offered rate will be based upon borrower’s creditworthiness and term selected. The minimum amount that may be locked in is $5,000. The minimum term of the lock feature is five years and the maximum term of the lock feature is 20 years. Please call TruMark Financial at 1-877-TRUMARK for further details. NMLS 404938
(5) HELoC Select rate based on the highest The Wall Street Journal’s published prime rate and is adjusted on a monthly basis. Annual Percentage Rate (APR) may vary depending upon amount financed, credit score, lien position, and collateral location, and applies to a loan-to-value (LTV) ratio of up to 80%. Rates are subject to change, increasing when the prime rate increases, decreasing when the prime rate decreases. Maximum APR is 18% and the rate floor is 3.74%. The minimum monthly payment is $50. Rate reflects a 0.25% discount for loan payment via automatic funds transfer from a TruMark Financial checking account. Otherwise, rate 0.25% higher. Rate for investment property only. Rates vary by loan amounts.
Available on 1-4 family primary or secondary residences. Property and/or flood insurance is required.
All loans and lines of credit are subject to approval and collateral evaluation. Fees and charges may apply. You may elect to “lock in” or convert a portion of your variable-rate outstanding balance to a fixed APR over a set term. You may select the term of your lock feature from terms provided to you at the time you exercise this option. Offered rate will be based upon borrower’s creditworthiness and term selected. The minimum amount that may be locked in is $5,000. The minimum term of the lock feature is five years and the maximum term of the lock feature is 20 years. Additional restrictions, limitations and exclusions may apply, offer subject to change, please contact a TruMark Financial Representative at 1-877-TRUMARK for further details and current rates.
The combined loan-to-value ratio is the sum of the balance outstanding on your first mortgage, if any, and the amount of your new home equity loan or credit line divided by the fair market value of your home. Loan over $300,000 require title insurance. Property must have a clean title and adequate appraisal to qualify. Per membership eligibility, you must maintain $5 in a savings account to utilize the credit union’s services.
The rate(s) shown are the lowest available for each of terms listed. The rate you receive will be determined by your credit worthiness at the time of application and the term of your loan. Loan subject to credit approval. Additional terms and rates available. Rates shown are for primary residences only. Please call 1-877-TRUMARK for further details. Equal Opportunity Lender. NMLS 404938
What is home equity?
Home equity is the difference between your home’s market value and the remaining balance owed on your mortgage.
If you own a home and have been making payments on your mortgage for years, then you may have built up a significant amount of equity. With a home equity line of credit, you can borrow against the value of your home. This could be a good strategy if you need extra money to pay for a large expense.
Why do I need a home equity line of credit?
Everybody has unexpected expenses, cash shortfalls, home repairs, or large purchases to make. Instead of cashing in stocks or other investments that may increase in value over time, you can use the equity in your home to open a TruMark Financial Home Equity Line of Credit (HELoC). TruMark Financial offers low rates and the flexibility of low monthly payments.
How do I choose between home loan products?
A home equity line of credit (HELoC) gives you the flexibility to use the funds on an “as-needed” basis. On the other hand, a home equity loan gives you a one-time draw with a fixed rate that is especially useful for a large initial purchase. Consult with TruMark Financial to find which loan is right for your situation.
How much equity do I need in my home to take out a HELoC?
The amount of equity you currently have in your home will determine the HELoC amount. Consult with TruMark Financial to determine your eligibility.
How do I refinance my home equity loan from elsewhere with TruMark Financial?
If you would like to refinance a fixed-rate home equity loan or home equity line of credit from elsewhere, you can apply online, over the phone, or at any TruMark Financial branch location.
Are there closing costs associated with a home equity loan or home equity line of credit?
TruMark Financial charges a low processing fee and an appraisal fee may be necessary, depending on the value and equity of the loan.
