Getting a Home Equity Loan from BrightStar CU is as easy as
1-2-3.
1. Submit an Application
First, simply complete a Home Equity Loan application. Apply at
any BrightStar CU branch location, or apply conveniently online. We'll normally
have a preliminary answer on your loan within 24 hours.
2. Provide Additional Information
We'll need to verify some additional information. We ask that you
provide us with a copy of your title insurance policy, warranty
deed, tax assessment, proof of your current mortgage balance, and
homeowner's and flood insurance. In some cases, additional information
may be required.
3. Close on Your New
Home Equity Loan
Once everything is in order, we'll arrange a closing for your
loan. We'll have everything ready to help make the process quick
and easy. Plus, we'll pay your closing costs-a savings of up to
$1200.
Apply for a Home Equity Loan »
Learn
about our First Mortgage Loan programs »
Our Home Equity Loans and Lines of Credit have
no annual fee and no application fee. Conditions and credit approval
apply. Offers and rates are subject to change or end at anytime.
The Annual Percentage Rates (APRs) are our current lowest rates;
actual rates may vary, depending upon the program you select,
individual credit history, loan to value ratio and other factors.
Consult your tax adviser to determine tax benefits, if any. There
are generally no closing costs on a new BrightStar CU Fixed Rate
Home Equity Loan of at least $30,000 or a HELOC; however, members
may be required to pay for an appraisal, which can range from
$75 - $550. For Fixed Rate Home Equity Loans under $30,000, call
our Mortgage Services department for a closing costs estimate.
HELOC APRs are variable and indexed to the
Prime Rate as published in the Wall Street Journal. The maximum
APR that may be imposed is 18%. On the HELOC special introductory
rate offer, after one year your rate will revert to a standard
rate–as low as Prime Rate minus 1% APR. The HELOC special
introductory rate requires a minimum initial advance of $10,000.
If refinancing an existing BrightStar Home Equity Line or Loan,
then you must take an additional $10,000 above amount required
to payoff existing account. In addition, you must maintain for
one year a balance equal to the initial advance of $10,000 (or
$10,000 above refinanced loan) less any monthly payments. This
offer is valid only for loans on a primary residence. Maximum
loan-to-value of 80%.
Property insurance is required for these loans, which may add additional costs for the borrower. Membership eligibility is required. Ask a representative for
complete details.
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