SecurityLine - Home Equity Line-of-Credit Prime Choice and Prime Choice Plus - Home Equity Lines-of-Credit Use the hidden equity in your home to pay for such expenses as college tuition, home remodeling, consolidating your bills, or for that vacation you've been putting off! Prime Choice With Prime Choice home equity line-of-credit, the rate is the Prime Rate and you have a low monthly payment - only 1% of your balance. You may borrow up to $150,000 and may access the funds using checks, PAL (online banking) or in person. Prime Choice features a 10-year draw period and a 15-year payback so the funds are ready for you when you need them. This is a variable interest rate loan which changes quarterly. It features a 2.5% rate cap per year* so your payments stay affordable, even in a rising rate environment. Prime Choice Plus Prime Choice Plus home equity line-of-credit features a rate which is the Prime Rate, and an affordable interest only monthly payment. You may borrow up to $150,000 and may access the funds using checks, PAL (online banking) or in person. Prime Choice Plus features a 10-year draw period and a 15-year payback so the funds are ready for you when you need them. Like Prime Choice above, this is a variable interest rate loan which changes quarterly. It features a 2.5% rate cap per year* so your payments stay affordable, even in a rising rate environment. *APR=Annual Percentage Rate. Maximum Annual Percentage Rate is 16%. Fees may affect APR. All loans subject to credit approval and rates may change without notice. Variable rate is equal to the prime rate as listed in WesCorp market rates. Loan available for up to 90% loan-to-value on owner occupied primary residence only. Application and closing cost fees subject to local state and county fees and regulations. NOTE: As of March 2008, Spectrum home equity lines-of-credit are available in CA, WA, MD, AZ, CO, VA, NV and FL. Spectrum FCU is an equal housing lender. A Word About Home Equity Lines-of-Credit (HELOCs) A home equity line-of-credit, or HELOC, is a revolving credit line secured by a portion of the value of the equity in your home. It is presently unavailable to members residing in Texas per Texas State law which does not allow home equity loans (see LoanStar). A HELOC is instantly replenished as paid and always available to you! You determine how much you need to borrow at any time so the money is there for you to use when you need it! A HELOC can secure your future financing needs for home improvements, college educations, vacations and other large purchases. For debt consolidations, home equity lines offer these valuable benefits: Consolidate your high rate consumer loans and save on higher interest finance charges Have one much lower monthly payment Regain flexibility... and tax savings (consult your tax advisor for details). Additionally, Spectrum HELOCs benefit you: Low Variable Rate, Low Minimum Monthly Payments Interest Rate Caps That Protect you - your rate can never increase more than 2.5% over any 12-month period or exceed 16% APR over the life of the loan Generous Credit Lines up to $150,000 Up To 90% Loan To Value No Prepayment Penalties And your Spectrum HELOC is easy to access! You can write a check (provided to you at no cost!), get a cash advance in person, or over the phone.