What is the home equity loan or line interest rate based on?
- Rate = Prime Rate + a margin (based on the member credit score)
- Rate can adjust quarterly (January, April, July and October) after the first 6 months Introductory Rate
- 2% Cap Per Year (placed on loan so it cannot increase or decrease more than the 2 percentage points per year)
- Max interest rate can go as high as 18%
- Initial rate as low as 2.49% for the first 6 months