Saint Michaels Federal Credit Union

Home Equity Lines of Credit Disclosures

Interest Rates and Interest Charges
Annual Percentage Rate (APR)4.75%
Payment Terms
examples based on $10,000 Outstanding Balance
Under the monthly payment option, if you made only the minimum monthly payment and took no other credit advances, it would take 15 years to pay off a credit advance of $10,000.00 at an ANNUAL PERCENTAGE RATE of 4.75%. During that period , you would make 60 payments varying between $66.65 followed by 119 payments of $77.61, with a final payment of $78.33.
Annual Feenone
Penalty FeesLate Payment: 3% of the late amount of principal & interest if over 15 days late
Returned Payment: $25.00

Please refer to page 2 of your HOME EQUITY LINE OF CREDIT CONTRACT under number 24 for detailed information regarding suspension of credit and reduction of line of credit.

*Alimony, child support, or separate maintenance income need not be revealed if you don’t wish to have it considered for repaying this obligation
*Member should retain a copy of this disclosure
*Terms accurate as of 11/3/14
*The credit union will acquire a security interest in the member’s dwelling, which the member could lose in the event of default
*Member should consult a tax advisor concerning the deductibility of interest paid under the plan.
*All rates are subject to change without notice. Please contact a member service representative at (508) 674-3861
*Your line of credit may be terminated for engaging in fraud, fail to make payments and your action or inaction adversely affects the collateral or our rights in the collateral. Advances are limited to $500.00 in each transaction and available credit limits.
*Rate is variable
*Maximum APR that may apply on variable rate plan is 18%
*Property insurance is required
*Based on prime rate