HELOC - Andrews Federal Credit Union

[Bo Kim]

*Reposting on the Maryland forum*

Hi all,

I am looking to get a HELOC on my primary to expand my rental portfolio and I came across Andrews Federal Credit Union with the following terms (property is in CA):

The contact said they can go as high as 100% LTV after approval of appraisal ($450). As for fees other than appraisal, they estimated $600-800, but I current haven't received the breakdown.

Curious if anyone has any experience w/ AndrewsFCU that they would like to share (FYI - I have done a search on BP and PM'd those who said they have experience w/ AFCU).

Thanks!

Bo

Home Equity Line of Credit

Choose a Home Equity Line of Credit for greater flexibility with easy access to funds on an ongoing basis. Qualify today and enjoy:

• Introductory rate of 1.90% APR for the first 6 months
• Variable rates as low as 4.00% APR after the introductory period
• Borrow up to 95% of your home’s value
• Interest-only payments during the draw period (minimum of $10,000)
• Credit Lines $10,000 - $350,000
  
  *Upon expiration of the introductory rate, all balances will accrue interest at the variable APR (Annual Percentage Rate) in effect for your account. Variable rate is based on The Wall Street Journal Prime Rate plus/minus a margin, adjusted quarterly. The minimum APR is 4.00% with a maximum APR of 18.00%. Subject to credit and property approval. Minimum loan amount is $25,000. Maximum loan amount will be based on the amount of equity available, based on the appraised value of your home (loans with a loan-to-value ratio of 90% or more are limited to a maximum $200,000 credit line). Rates, terms and conditions vary based on creditworthiness and qualifications and are subject to change. Property insurance is, and flood insurance may be, required. Consult your tax advisor regarding the deductibility of interest. Additional restrictions may apply. Rates and APRs are subject to change without notice.