HOME EQUITY LOANS, FIXED OR ADJUSTABLE RATE!
Use your home's equity to finance all your plans, whatever they may be! With a Home Equity Loan from British Airways EFCU, you'll enjoy a competitive low rate, the choice of a fixed or adjustable rate, no closing costs (except any mortgage tax charged by certain states) and the interest may be tax deductible. Consult your tax adviser regarding deduct-ability.Home Equity Line of Credit: With a Home Equity Line of Credit the credit union grants you a line of credit of up to $100,000 based on 80% of the value of your home less your first mortgage. Payments are calculated over a 15 year period and each time you take an advance we recalculate the payment over 15 years. This is a 25 year mortgage and you can make advances against that line for 10 years with the remaining 15 years to payoff the loan. The interest rate is based on the 11th District cost of funds (index) plus 3.00% (margin). The interest rate can change only twice a year during the term, on January 1st and July 1st. The maximum rate will never be more than 5% above your initial rate.
Home Equity Loan: This is a closed-end loan with the full proceeds disbursed at closing. The rate is fixed for the full term of 12 years.
For full details visit or call the credit union or request an application by email to
ncolon@bacreditunion.org 
