ƗAnnual Percentage Rate (APR) shown is for well qualified borrowers. All applications are subject to credit approval and the final rate may vary based on several factors, including creditworthiness or collateral used at the time of application. Membership is required. Advertised rates are subject to change without notice.
[1]The ChoiceLine loan is designed to offer a ten-year Variable Rate Draw Period followed by a ten-year Fixed Rate Repayment Period, with the option to take advances during the Draw Period and fix the rate and set the repayment term for this Fixed Rate Subaccount - see Predisclosure for details. Advertised rates are based on the maximum combined loan to value (CLTV) of 80%, the property is a primary residence and an initial draw of at least $5,000 is taken at closing. If the initial draw at closing is less than $5,000, standard closing costs will apply and the APR will increase relative to those applicable costs. Unique closing costs associated with the loan will not be covered (e.g., subordination agreements, lien releases, etc.) An appraisal, paid for by the borrower, may be required to determine the value of the property and is not a covered closing cost. ChoiceLine loans with a CLTV of up to 90% are also available at a higher rate. Property must be insured and located in Colorado. Consult a tax advisor for additional information regarding deductibility of interest.
*Variable rates are based on an index plus a margin and may change after account opening. The maximum APR for variable rate loans is 21%.
[2]Prime Rate as of 4/1/2020 is 3.25%. For loans that are tied to the Prime Rate, the index is the US Prime Rate identified in the Money Rates column of the Wall Street Journal. The APR can change monthly on the first day of the month based on the Prime Rate as of the last business day of the preceding month.
[3]The index for a deposit secured loan is the interest rate being paid on the account securing the loan at consummation. Deposit secured loans are not subject to a credit check and cannot be secured by a Smart Move CD, and any HSA or IRA Accounts (including savings, checking or CD).
