Personal Banking

Home Equity Loans

A SharePoint Home Equity loan offers great rates, flexible terms and convenient access to the funds you need to accomplish your dreams and goals. Home Equity loans are a great solution for home owners that would like to tap into the equity they have built to finance an education, consolidate debt, fund home remodeling, or even buy a new car. Home Equity loans offer a more competitive rate, and because interest paid on a Home Equity loan can be tax deductible, the dollars stretch even further (consult a tax advisor regarding the deduction of interest).

SharePoint offers specific loan products to take advantage of the equity you've built in your home to access competitive rates:

Home Equity Line of Credit: Variable rate loan
Equity in your home can serve as the basis for a line of credit - no loan payments are due until you actually utilize it, and payments vary as they are based on the amount you borrow and are indexed to the Prime Rate. You have the freedom to access your Home Equity Line of Credit whenever needed.

Home Equity Loan: Fixed rate loan
Your home's equity can also be used to secure a lump sum of money for immediate use. The interest rate is fixed and your payments will be the same each month.

Applying for a SharePoint Home Equity loan is fast, easy and convenient:

*All loans are subject to credit approval and income verification. HELOC will have a variable rate indexed to the Prime rate. HELOC will never exceed 21.75% APR and will never exceed the highest allowable rate for this type of agreement as determined by applicable state or federal law. HELOCs may only be written for homes in MN and WI. Property must be the primary residence or a non-investment second/vacation home. SharePoint will pay $150 towards closing costs. Member will be responsible for the appraisal fee, applicable mortgage registration tax, and additional costs not fully covered by the $150 credit. The average appraisal cost ranges from $125-$400 but actual costs may vary by Appraisal Company and will be the responsibility of the member. Average mortgage registration tax ranges from $10-$250. Average additional costs not fully covered by the $150 credit range from $5-$100. Property insurance required for Home Equity Loans and Credit Lines. Rates and terms are subject to change. Ask a SharePoint Representative for more details.**Contact a tax advisor regarding the deduction of home loan interest.

Next Steps

Type Term APR*
15 Year Fixed 3.119
30 Year Fixed 3.818

Freedom Mortgage
8 yrs or less 96 mo 3.250
9-12 yrs 144 mo 3.500

Home Equity
80% LTV 60 mo 2.990
100% LTV 60 mo 5.990
80% LTV 120 mo 4.490
100% LTV 120 mo 6.990
80% LTV 180 mo 5.250
100% LTV 180 mo 9.250

Variable Rate
80% LTV* 180 mo 3.500
90% LTV 180 mo 6.500
*Index: Prime + 2%

*APR = Annual Percentage Rate and is subject to change.


Disclosures   |   Privacy & Security Policies   |   Site Map
Register for MasterCard® SecureCode™
©2016 SharePoint Credit Union. All Rights Reserved.
SharePoint Credit Union - 5300 Hyland Greens Drive, Bloomington, MN 55437
NMLS #527701