AVAILABILITY OF TERMS: Program, rates, terms and conditions are subject to change without notice.

VARIABLE RATE FEATURE: The plan has a variable rate feature, with a floor of 4.00% and a ceiling of 18.00%, and the annual percentage rate (corresponding to the periodic rate) and the amount of monthly payments can change as a result. Increases in the ANNUAL PERCENTAGE RATE will result in higher payments. If there is still a balance due at maturity, you will then be required to pay the entire balance in a single payment at maturity. The annual percentage rate includes only interest and no other cost. The annual percentage rate is based on the value of an index. The index is the Prime rate which is the base rate for corporate loans at large U.S. Money Center Commercial Banks (rounded to the nearest 1/4 of 1%) and is the highest Prime Rate published in the Wall Street Journal. To determine the annual percentage rate that will apply to your line, we may add a margin to the value or the index. As of July 1, 2020 the HELOC rate is 4.00% with an APR of 4.03%.

RATE CHANGES: The annual percentage rate can change semi-annually, beginning on the first day of January or July. Your APR will never be more than 18.00% or less than 4.03%.

MINIMUM PAYMENT REQUIREMENTS: The length of the draw period is five years and may be renewed annually. The length of the repayment period is ten years which will be 120 payments. Payments will be due monthly. The Minimum Periodic Payment calculated on your Account Balance will be the amount necessary to repay in full the Account Balance plus all interest at the then-existing interest rate as determined at the time of each advance in 120 equal monthly payments beginning 30 days after the date of such advance. There will be a $100 minimum monthly payment requirement in order to avoid negative amortization.

ESTIMATED MINIMUM/MAXIMUM RATE PAYMENT EXAMPLES: If you had an outstanding balance of $10,000, the minimum payment at the minimum ANNUAL PERCENTAGE RATE of 4.00% would be $101.25. If you had an outstanding balance of $10,000.00 the minimum payment at the maximum ANNUAL PERCENTAGE RATE of 18.00% would be $180.19. This annual percentage rate could be reached as soon as the first change date.

SECURITY INTEREST: We will take a mortgage on your home. You must provide an enforceable first or second lien security interest in your primary residence with at least $10,000 of equity. The ratio of the new loan plus all other debt secured by your residence compared to the fair market value of your residence and must not exceed 85%. Titled mobile homes, since they are considered to be movable property, will not be eligible for a HELOC loan. Only immobilized mobile homes with real estate (land) attached as collateral will be eligible. You could lose your home if you do not meet the obligations in your agreement with us.

FEES AND CHARGES: To open and maintain a line of credit, you must pay certain fees to third parties. If you ask, we will give you an itemization of the fees you will have to pay to third parties. Property insurance, including flood insurance if applicable, is required and are not included in the closing cost. Additional terms, conditions, and restrictions apply. An appraisal is required to determine value. Appraisal fees start at $450 and are a prepaid expense of the applicant.

CLOSING COST: The minimum estimated closing costs for your Home Equity Line of Credit will be approximately $450.00 to $2,000.00. The cost of closing in other parishes in Louisiana will vary. We may pay third parties closing cost on your behalf if you make a minimum initial draw of $10,000.00 with the exception of the appraisal fee. We may pay ½ of all third parties closing costs on your behalf if you make a minimum initial draw of $5,000.00 - $9,999.99 with the exception of the appraisal fee. If your line is closed within 36 months of the loan closing the amounts paid to third parties as part of the closing costs on your behalf will be added to the balance owed to the Credit Union.

LATE CHARGES: If a scheduled payment is in default 15 days or more, you will be charged equal to 4.00% of the amount of the scheduled payment in default, not to exceed $100.00.

MINIMUM DRAW AND BALANCE REQUIREMENTS: There is no minimum initial credit advance requirement; however the minimum future credit advance you can receive is $500.00 or your remaining available credit whichever is less.

TAX DEDUCTIBILITY: You should consult a tax advisor regarding the deductibility of interest and charges for the line.

Equal Housing Lender. Membership and Eligibility Required. NMLS #410998