Home Equity Line of CreditApply for a Home Equity Line of Credit Online
- Loan minimum $5,000
- Loan maximum $50,000
- Variable rate tied to prime rate as determine by the "money section" of the Wall Street Journal
- Rate subject to change semi-annually
- Minimum rate four percent
- Maximum rate 15 percent
- Loan to value ratio 80 percent
- 15-year plan
- Seven-year draw/eight-year repayment
- Interest-only payments the first seven years (or $100 monthly minimum)
- $25 annual fee/$25 application fee
- Closing costs $300
Conveniently apply online! Please be prepared to provide proof of income (i.e. your last two pay stubs, most recent W-2 or a statement from your financial institution showing two or more regular direct deposits). Proof of income can be emailed to firstname.lastname@example.org. NIU employees (only) are welcome to fill out the NIU's income verification form.
Loan processing takes approximately 24-48 hours to respond to a request. We make every effort to determine how we can help your financial well-being. In the instance we are not able to offer the loan requested, we will sometimes counteroffer a product or service we feel would help you.