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[Please note: This page is part of the Chicago CD Rates archive. Most of these deals on this page are not current and no longer available. Please check the date of the post before getting too excited and driving to a bank an hour away. If you have any doubts whether the deal is available, contact the bank or credit union. For a list of more current rates, visit our homepage.]
Prime minus 1.01% HELOC at Third Federal
Third Federal Savings & Loan is currently offering a low HELOC rate: Prime – 1.01%. This rate is avaialble on all balances from $50,000 to $200,000. Balances from $10,000 to $49,999 have the rate of Prime – 0.51%. The line can be up to a 80% loan-to-value. There is no minimum advance or draw, and there are no application fees, closing costs, annual fees, or prepayment penalties. The line has a 10-year draw plus a 10-year repayment.
One other interesting thing about Third Federal’s HELOCs: If you apply for a Third Federal HELOC, and you bring proof of a home equity line of credit with a lower rate, they’ll either beat it or give you $1000. Of course, the comparative HELOC must be for the same property, term, line amount and have the same prepayment or early termination policy, as well as having the same, or lower amount of fees or costs.
Third Federal Savings & Loan has branches in Ohio and Florida.
Prime minus .76% HELOC at Spencer Savings Bank
Spencer Savings Bank has one of the lower variable HELOC rates we’ve seen recently: Their “SpencerFlex” line of credit for owner-occupied properties is Prime – .76%. The home must be a 1-to-4-family New Jersey home, and the HELOC has a minimum conversion balance of $25,000. Lines in excess of $150,000 have application fees starting at $175, and all lines have a conversion fee of $75 (or $125 in the first year). There are also substantial early termination fees.
Spencer Savings Bank has 18 locations, all in New Jersey.
3.99% Intro HELOC at NASA FCU
NASA Federal Credit Union has a nice HELOC offer: 3.99% APR for the first six months, then Prime – .50% for the remainder of the line of credit. You can borrow up to 90% of your home’s value to a maximum of $100,000 or 80% up to $400,000. The HELOC also has no closing costs, points, or fees as long as the line of credit is kept open for 24 months.
NASA Federal Credit Union is open to everyone through membership in the National Space Society for as low as $18. NASA FCU has branches in Maryland, Virginia, and Washington, D.C.
2.99% Introductory HELOC at MassMutual FCU
MassMutual FCU has a good HELOC Introductory rate : 2.99% for three months for up to 80% loan-to-value. Up to 90% loan-to-value, the intro rate goes up to 3.99%. After the introductory period, the rate reverts to Prime plus .50%. There are no appraisal fees, annual fees, title fees or application fees with this offer, but it does require a MassMutual FCU checking account.
Mass Mutual FCU is open to employees of MassMutual Financial Group Companies, including Massachusetts Mutual Life Insurance Company and its subsidiaries. MassMutual FCU has three offices , all in Massachusetts.