Home Equity Line of Credit (HELOC)

Mortgage rates and home equity line of credit rates are so low now we just found another great deal. Third Federal Savings & Loan is offering a home equity line of credit (HELOC) with a 2.99% APR for balances larger than $50,000. The HELOC rate of 2.99% is prime minus .25 percent. For HELOC balances under $50,000 the rate is 3.25% APR, prime minus .00 percent.

These rates are not introductory rates or teaser rates, the rate you receive when you open the line of credit is the rate you receive for the life of the line of credit.

HELOC benefits:

• NO Application Fee
• NO Closing Cost
• NO Doc/Stamp Tax (Florida)
• NO Origination Fee
• NO Pre-Payment Penalty
• NO First-Year Annual Fee

There isn’t a minimum advance or draw required when opening the line of credit. ThirdFederal also guaranteed to be the lowest rate anywhere or ThirdFederal will give you $1,000.

This post was featured on http://greenerpastures.responsiblepersonalfinance.com/2009/04/08/the-money-hacks-carnival-59-the-duct-tape-edition/