Appointments
Whether you’re an early bird or a night owl, we provide business lending on your schedule. Our online loan portal reduces the application process timeline by 23 hours or more – saving you precious time to focus on running your company.
Check the background of this firm or your financial professional on FINRA's BrokerCheck.
Since no two paths are alike, there is no cookie-cutter solution to investments and retirement planning. At Spectra Investment Services, we believe your investment and retirement plans should be as unique as the path you took to get here.
Variety is the spice of life! Your rate floats up or down based on prime.
Enjoy one low rate for the life of the loan.
A home equity loan is a great way to consolidate high-interest debt.
Horace Daniel ChFEBC, CRPC
conferred by College for Financial Planning
LPL Financial Advisor
(301) 839-8826
Madea Badio
Program Coordinator
mbadio@spectracu.com
(301) 749-4806
*APR =Annual Percentage Rate
HOME EQUITY:
Not all borrowers will qualify for the lowest rates. Your rate will be determined at the time of your application and will be based on qualifications and credit history. Property insurance is a requirement to open the plan. All home equity loans are secured by your real property; property insurance sufficient to cover the balance of the loan is required during the life of the loan.
Closing costs to borrowers generally range from $1,000 - $2,000. The Credit Union will pay up to $1,500 in closing costs. Closing costs paid by the Credit Union must be repaid if the loan is closed within 36 months of origination. Investment and second homes are excluded from closing cost paid by the Credit Union.
Lines of Credit:
Minimum credit line is $10,000 and maximum is $500,000. Advance minimum is $100 per advance. Maximum rate is 18%. Unless otherwise noted, lines of credit have a 25 year total term, a 10-year draw period followed by a 15 year repayment period.
Fixed Home Equity Line of Credit –
Sample payment is $100 based on a minimum payment of 1% per $10,000 financed.
Variable Home Equity Line of Credit-
Changes to the rate will occur on the first day of each billing cycle.
Sample payment is $100 based on a minimum payment of 1% per $10,000 financed.
For Fixed Home Equity loan:
Loan term is 20 years in total
Sample payment is $113.61 monthly per $10,000 financed for 20 years.
For Second Homes, Vacation Homes, and Investment Property maximum loan amount is $100,000, and the Maximum LTV is 80%
** Add an additional 1.00% to the rate for all Second Homes, Vacation Homes, and Investment properties.
