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Home Equity Rates

Line of Credit -  Variable Rate

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Annual Percentage Rate    

80% Loan to Value            

                                                     As low as 

4.00%*

90% Loan to Value

                                                     As low as 

4.00%*

Rates subject to credit history, term and other factors. *The Annual Percentage Rate (APR) is variable and is subject to change monthly based on Prime. The 80% LTV Line of Credit, currently 4.00%, is based on Prime Rate minus 1.50. The 90% LTV Line of Credit, currently 4.00%, is based on Prime Rate minus 1.00. Prime Rate is “prime” as listed in the “Money Rates” section of the Wall Street Journal from the last business day of the previous month. As of April 30, 2008 PRIME is 5.00%. The rate floor is 4.00%. Maximum APR during the life of the loan is 18% APR. $5,000 minimum initial draw required.

Second Mortgage - Fixed Rate

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Annual Percentage Rate    

Terms up to 60 months

Standard            Premier

Rate              Discount

80% Loan to Value

                                                     As low as 

4.95%              4.70%   

5.45%              5.20%   

 90% Loan to Value                                                      As low as 

Rates subject to credit history, term, and other factors. Rates can change daily. Premier Discount: Members may receive a 0.25% rate reduction if they elect direct deposit of their net pay into an ALEC checking account.

 

Rates effective 05/01/08. All loans subject to credit approval. Home Equity loans are available in Illinois and Wisconsin only and limited to owner occupied properties. ALEC will waive your closing costs for fees including Property Appraisal, Title Insurance, Recording Fees, and Flood Certification.

 


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