| Amount Used | Monthly Payment |
| $20,000 | $150 |
| $40,000 | $300 |
| $60,000 | $450 |
In addition to a low payment, there are no closing costs ** and you may qualify for a tax deduction. Put your plan into action today!
Accessing your line of credit is easy! Choose one or all four.
- Home Equity Visa card
- Home Equity checks
- Online transfer from your line of credit to your account
- Cashiers' check from your local branch
Why a home equity line of credit from Sound?
- No cash advance fees
- No annual fees
- Tax-deductible interest ***
Ready to apply? Start now with an online application. You can also pick up an application at your local branch, or request one be mailed to you by calling our Contact Center at 253-383-2016 or 800-562-8130.
*APR = Annual Percentage Rate. Subject to credit approval. Your rate and credit limit will be determined based on individual creditworthiness including income, debt ratio, employment and equity in your home. Rates as of 11/3/08 range between 5.00% and 8.00% APR. Home owners insurance required. A $295 early closure fee is applied if the loan is closed within the first 36 months. This plan has a variable rate feature and an APR (corresponding to the monthly periodic rate) and the minimum payment may change as a result. Equity in your home is based on tax assessed value or appraised value The annual percentage rate includes only interest and no other costs and is based on the value of on index. This index in the Prime Rate published in the Wall Street Journal and is current as of 10/1/08 and could change at any time. Must be a Sound Credit Union member to participate and anyone who lives or works in WA can join. Membership at Sound requires a savings account with a minimum balance of $25.
**Except appraisal if needed.
***Most home equity loans qualify for tax deductible interest. Consult your tax advisor for details.
|
Sound Credit Union |
|
|
Method of Interest Calculation |
Average Daily Balance |
|
Payment |
0.75% of balance (min. $50) |
|
Grace Period |
None |
|
Balance Transfer Fee |
None |
|
Cash Advance Fee |
$0 |
|
Late Payment Fee |
5% of
delinquent amount |
|
Over Limit Fee |
$50 |
|
Per Transaction Fee |
None |
|
Minimum Bal. for Finance Charge |
$1 |
|
Annual Fee |
$45 (Waived if $45 in interest paid during calendar year) |
Using your home to secure a loan is a big decision and we want to make sure you're comfortable with it. For that reason, when we receive your application for a Home Equity Line of Credit we'll give you a copy of "When Your Home Is On The Line: What You Should Know About Home Equity Lines of Credit," a consumer brochure published by the Federal Reserve Board. You may also obtain a copy of this brochure from the loan department at any time.
