Home Loans
Home Equity Loans
Benton County Schools Credit Union offers Closed-end Home Equity Loans and Home Equity Lines of Credit (HELOC). Using the equity in your home is a great way to finance home improvements, education expenses, or even vacations. In many cases, the interest paid is tax deductible (consult a tax advisor to be sure).
General Policy Information:
Loan Value: 85% of Real Market Value from most recent Property Tax Statement OR 90% of Independent Appraised Value by a credit union approved appraiser
Documents required from member to begin processing:
Application
Most recent Property Tax Statement
W2s or current pay stubs (last two years tax returns if self-employed)
First Mortgage Balance Statement (if applicable)
Homeowners Insurance Policy
Fees and charges:
You must pay certain fees to third parties to open a Home Equity or HELOC plan. These fees generally total between $0.00 and $1,000.00. If you ask, we will provide you with an itemization of the fees you will have to pay third parties. There are no transaction fees to use the HELOC Account, annual fees to keep it open, or any other fee associated with the use of this account. BCSCU does not charge loan origination or application fees.
Home Equity Rates
Home Equity Line of Credit Loans – April 1, 2024
| APR* | Daily Periodic Rate | Loan Term | Margin | Minimum APR* |
|---|---|---|---|---|
| 5-Year Draw Period | ||||
| 10-Year Draw Period |
Home Equity Lump Sum – Effective April 8, 2024
| Term of Loan | Interest Rate (APR) | # of Payments | Amount of Monthly Payment Example* |
|---|---|---|---|
| 6 Years | $ | ||
| – | – | 1 | $ |
| 10 Years | $ | ||
| – | – | 1 | $ |
| 15 Years | $ | ||
| – | – | 1 | $ |
*Example payments are based on $10,000.00 loan.
Mortgage Loans
Benton County Schools Credit Union is here to help you finance your home. Whether it is your first mortgage or a refinance, we are a mortgage lender our members trust!
We offer both fixed rate and adjustable rate purchase and refinance Mortgage Loans. We don’t charge points and we don’t require private mortgage insurance (PMI). What you can expect from us is a quick turn-around time with LOW closing costs. Additionally, because the servicing stays with us, you’ll experience the same personable staff you’re used to! For terms and conditions and an application packet, please contact our loan department.
We can be reached at (541) 754-7765 or toll free (800) 807-7893.
Mortgage Rates
First Mortgage Rates as of April 22, 2024
| Term | APR |
|---|---|
| 15-Year Fixed New Loan - Some restrictions apply | |
| 15-Year Fixed Refinance - Some restrictions apply | |
| 30-Year Fixed New Loan - Some restrictions apply | |
| 30-Year Fixed Refinance - Some restrictions apply | |
| 3-1 ARM - Starting Rate | |
| 5-1 ARM - Starting Rate |
We offer both fixed rate and adjustable rate purchase and refinance Mortgage Loans. We don’t charge points and we don’t require private mortgage insurance (PMI). We provide LOW CLOSING COSTS and quick turn-around!
For more information, contact our loan department. We can be reached at (541) 754-7765 or toll free (800) 807-7893.