The Home Equity Line Of Credit Program (HELP) has a fixed rate that allows members to obtain cash for the equity that they have accumulated in their homes. The program requires only interest payments to be made during the initial two year draw period and maintains the same interest rate (as of 3/15/10 it was 6.50%) for the remaining 13 year life of the loan. Best of all, there are no closing costs and all loans are processed in 1 week. To illustrate what your monthly payments would be with a fixed rate HELOC assuming that you only paid interest during the 2-year draw period we provide the following:

For a $50,000 used line:

MTHLY PAYMENT DURING 2 YR DRAW         $ 271

MTHLY PAYMENT DURING  FINAL 13 YRS     $ 476

For a $75,000 used line:

MTHLY PAYMENT DURING 2 YR DRAW         $ 406

MTHLY PAYMENT DURING  FINAL 13 YRS     $ 714

For a $100,000 used line:

MTHLY PAYMENT DURING 2 YR DRAW         $ 543

MTHLY PAYMENT DURING  FINAL 13 YRS    $ 951

Want a HELOC? Call Need-a-loan Linda today at 860-945-0611, ext 13.