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Home Equity

Our Prime Cut Home Equity Loan is the choice way to borrow, with no annual fee and an incredibly lean rate¹. Dupaco will even pay up to $350 in closing costs! And if you have a home equity loan at another lender, we’ll help you flip it on over to your credit union.

As a credit union, we take the hard-earned money our members deposit with us and responsibly put it to work locally by providing your friends and neighbors low-cost loans for cars, homes, education, funding for small businesses, and more. Thanks to our valued savers and our unique cooperative structure, there’s no credit crunch here.

Home Equity Loan Rates03/01/2013
Loan Program	Rate
Prime Cut Home Equity 6-Month Introductory Rate	2.99% Introductory APR (will revert to 4.49% following introductory period)¹
Prime Cut Home Equity	4.49% APR (4.49% Floor)²
¹Home Equity Introductory Rate: Subject to credit qualification. Introductory Annual Percentage Rate (APR) is accurate as of 3/1/13, may vary after the account is opened, and is valid on new loans to Dupaco. Minimum $10,000 line of credit required on loan-to-value less than 85%. Closing costs paid by the credit union to a maximum of $350. There are no application, annual, maintenance, or transaction fees associated with this account; however, there may be an early termination charge applied if line is closed within 30 months of opening. Property insurance required. The 4.49% variable APR is based on qualifying for the 2.99% introductory APR; credit score must be 675 or above. 2.99% introductory APR expires 180 days after the date the account is opened, at which time your APR will convert to the Prime Interest Rate as published in The Wall Street Journal on the last business day of each calendar month, with a floor of 4.49% APR and a maximum of 21.00%. Offer expires 8/1/13. ²Home Equity Rate: Rate based on qualification. Minimum $10,000 line of credit required on loan-to-value less than 85% with $5,000 initial minimum advance. The APR may vary after the account is opened. Maximum APR 21%. The rate will be the Prime Rate as published in The Wall Street Journal on the last business day of each calendar month, plus an index with a floor rate of 4.49% (if applicable). The current fully indexed rate is 4.49% Annual Percentage Rate (APR). Closing costs paid by the credit union to a maximum of $350. There are no annual fees; however, there may be an early termination charge applied if line is closed within 30 months of opening. Consult your tax advisor concerning the deductibility of interest. Property insurance required.

So, what exactly is “equity”?
Equity is the difference between the appraised value of your home and what you owe on your mortgage. Equity is the part of your home’s value that belongs to you, not your lender. You can borrow against this equity in your home and use the money for whatever purpose you choose — improve your home, buy a new car, pay for college tuition, consolidate other loans, or send yourself on a well-earned vacation!

Why not a personal loan, instead?
Our home equity is a line of credit (a form of revolving credit) in which your home serves as collateral. It is a convenient way to borrow because, once established, you can take loan advances at any time during a 10-year draw period without having to reapply. Plus, with a home equity, you may be able to deduct the interest you pay from your taxable income. Remember to consult with your tax advisor concerning the deductibility of interest. These are perks you would not get with an ordinary personal loan.

How much can I borrow?
At Dupaco, you can establish a line of credit worth as little as $5,000. Contact Dupaco for the maximum amount of equity from which you can borrow against.

How is the rate determined?
The rate is tied to the Prime Interest Rate as published in The Wall Street Journal on the last business day of each month, plus or minus an index. The index is based on your credit score and the percentage of the equity in your home your credit line can access.

How do I access my Dupaco home equity line of credit?
Once your line of credit is established, you can advance funds directly into your account through:

online banking
home equity convenience checks
phone
visiting any branch in person

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For loan service or more information, visit any Dupaco location, or contact our Consumer Loan Department at (563) 557-7600 / 800-373-7600, ext. 202, or loans@dupaco.com.

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