BASKING RIDGE, N.J. – Affinity FCU has introduced a new Home Equity Line of Credit that gives homeowners four repayment options.
The credit union’s EasyFLEX HELOC allows members to borrow funds for up to 15 years from a pre-established amount as a single variable rate advance, and further divide the line into a maximum of three Fixed-Rate Equity Deals – or FREDs.
For example, if a member qualifies for $150,000 total, he or she could choose to borrow $40,000 as a variable rate advance in the first year, then access FREDs of $50,000 in the fifth year, $35,000 in the tenth year and $25,000 in the thirteenth year. Each FRED can be taken in 5-, 10-, 15-, or 20-year terms.
Members can access funds using any combination of the funds available, up to a limit of one HELOC and three FREDs. Each loan will have its own terms. When a member pays off a loan, the principal amount from that loan once again would be available to borrow as another loan, as part of the overall EasyFLEX Line of Credit.
