BASKING RIDGE, N.J. – Affinity FCU announced yesterday it has launched a new home equity product that is a closed-end, adjustable-rate loan. The 5/5 Flex offers a fixed rate for the first five years, then adjusts every five years after until the end of the term. The rate at each adjustment will be equal to the credit union’s home equity line of credit at that time. There is no prepayment penalty. The available terms are 10, 15 or 20 years. All options have the same interest rate.
Affinity FCU Pilots 5/5 Flex Home Equity Loan
January 10, 2007, 9:19 p.m. EST
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