Financial Blog: Protect Your Indepedence - Wheelhouse Credit Union

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Introductory rates as low as 7.99% APR* for the first 12 months(1). Home Equity Line of Credit. LEARN MORE. Copyright 2024 Wheelhouse Credit Union. Equal Housing Opportunity.

* APR = Annual Percentage Rate.
Rates are effective as of 10/01/2024 and are subject to change without notice. Rates are based on creditworthiness. Introductory rate is fixed for the first 12 months.

¹ Wheelhouse® Credit Union’s primary area of service is Southern California which includes San Diego County. Your home must be owner occupied and located in our service area. Introductory fixed APR is based on a combined loan-to-value (CLTV) and will remain in effect for 12 months from the date the Home Equity Line of Credit (HELOC) Agreement and Disclosure Statement was signed. Thereafter, the introductory APR will revert to a variable APR and will be adjusted on the first day of each billing cycle based on the WSJ Prime Rate + a margin up to 3.00% depending on loan parameters. As of 07/27/2023, the APR ranges from 9.50% – 11.50% APR. The maximum APR that can be applied is 18.00% and the minimum is 3.99%. Maximum credit limit subject to CLTV guidelines. Minimum credit line available is $25,000. You can obtain advances of credit for 10-years (Draw Period); the Draw Period will be followed by a Repayment Period as outlined in your HELOC Agreement. Property insurance is required. All loans are subject to credit approval, income verification, and satisfactory appraisal and collateral. Rates, terms, and fees are subject to change without notice. Please consult a tax advisor regarding the deductibility of interest. Download this PDF guide to learn more about What You Should Know About Home Equity Lines of Credit.
Draw Period: You can obtain advances of credit for 10-years (Draw Period). During the Draw Period, your minimum payment will equal the total of (a) the periodic finance charges, and other fees, charges and costs including without limitation, any other expenses or advances incurred by us under the Security Instrument and (b) accrued but unpaid interest for prior Billing Cycles. The Draw Period will be followed by a Repayment Period as outlined in your HELOC Agreement. During the Repayment Period, if any, your minimum payment will equal the fraction as outlined in your HELOC Agreement of your unpaid Account Balance at the end of the Draw Period, plus all periodic finance charges, and other fees, charges, and costs. All payments will be due monthly. The minimum payments may not be sufficient to fully repay the principal that is outstanding on your HELOC. If they are not, you will be required to pay the entire outstanding balance in a single payment and a balloon payment may result. Your minimum payments will not repay the principal that is outstanding on your line. You will be required to pay the entire outstanding balance in a single payment.

Minimum Payment Example: The information provided is based on an initial $10,000 advance at funding on an existing single-family home used as a primary residence. The assumed credit score is 720 with an assumed CLTV of 75% and a credit limit of $100,000.

During the 10-Year Draw Period
• 12 payments of $66.58 at an initial interest rate of 7.99%.
• 108 payments of $79.16 at a variable interest rate of 9.50%.

During the 20-Year Repayment Period
• 239 payments of $93.27 at a variable interest rate of 9.50%.
• 1 payment of $89.25 at a variable interest rate of 9.50%.

Other terms and conditions may apply. Equal Housing Opportunity. Membership required.

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Posted on May 28, 2020March 14, 2024 by Manix Phayvanh

Protect Your Independence

For most of us, having our own car gives us a sense of freedom. It allows us to go where we want, when we want. Having a car, however, can also be costly – especially if you have mechanical issues, lose your source of income but still have car payments, and/or if your car is stolen or totaled in an accident.

That’s when Payment Protection, Mechanical Repair Coverage (MRC) and Guaranteed Asset Protection (GAP) come in handy and can help protect your independence.

And the great news is that credit unions, like Wheelhouse, offer these products at a very low-cost compared to dealers. Here’s how they work:

Payment Protection^x

Payment Protection provides relief from the financial burden of delinquency, default, or foreclosure if death, disability or involuntary unemployment should unexpectedly happen to you. Payment Protection will pay your loan payments, relieving you and your family’s worries about paying loans during a time of reduced income.

Guaranteed Asset Protection^x

Guaranteed Asset Protection (GAP) protects your vehicle loan, should your car get stolen or totaled in an accident, GAP will help pay the difference between what you owe and the value of your vehicle.

Mechanical Repair Coverage^x

Mechanical Repair Coverage (MRC) can help deflect the risk of costly repairs. With different coverage levels and deductibles to choose from, you can find the plan that best fits your budget. MRC can come with rental reimbursement, emergency roadside assistance, and more.

What’s also great is that these products can be applied to other types of consumer loans, including credit cards, recreational vehicle and motorcycle loans, to name a few. Add protection to your loan when you apply through Wheelhouse today.

Speak to a Wheelhouse Representative About Your Options

^xPurchase of Payment Protection, Mechanical Repair Coverage (MRC) and Guaranteed Asset Protection (GAP) is voluntary and will not affect an application or the terms and conditions of a loan. Payment Protection, MRC and GAP are not insured by the NCUA nor an obligation or guaranteed by Wheelhouse Credit Union.

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