Interest-Only Home Equity Line of Credit (HELOC)
Refinance a higher-payment HELOC from another financial institution with Teachers.
Interest-only HELOC Adjustable rates
- Minimum loan amount: $25,000
- Maximum loan amount: $1,000,000
- For HELOC loans over $500,000:
- Loan must be in first position
- Available for primary residence only
- Member Responsibility: Certain fees may apply
Flexible Payment Structure
- Lower initial monthly payments for the first 10 years (interest-only repayment)
- After the draw period, balance converts to principal + interest payments
- Total Loan Term: 30 years
- 10-year interest-only draw period
- 20-year repayment period.
Additional Features
- Potential tax advantages (consult your tax advisor)
- No closing costs for most loans
- Can be used to refinance an existing HELOC from another institution
*APR: ANNUAL PERCENTAGE RATE. ALL RATES AND TERMS ARE SUBJECT TO CHANGE WITHOUT NOTICE. TERM: 120 MONTHS. DAILY PERIODIC RATE IS 0.0075%. HELOC MAX $500,000 (UP TO 80% OF HOME VALUE, RATE SHOWN FOR 80% MAX. LTV). LINES $25,000 TO $50,000 REQUIRE $15,000 MIN. ADVANCE & MUST MAINTAIN A BALANCE OF $10,000 FOR 36 MONTHS TO AVOID REPAYMENT OF CLOSING COSTS. LINES $50,001 - $100,000: $30,000 ADVANCE & MAINTAIN A BALANCE OF $20,000 FOR 36 MOS. TO AVOID REPAYMENT OF CLOSING COSTS. LINES $100,001 - $200,000: $60,000 ADVANCE & MAINTAIN A BALANCE OF $40,000 FOR 36 MOS. TO AVOID REPAYMENT OF CLOSING COSTS. LINES $200,001 - $500,000: $150,000 ADVANCE & MAINTAIN A BALANCE OF $100,000 FOR 36 MOS. TO AVOID REPAYMENT OF CLOSING COSTS. VARIABLE RATE EQUAL TO THE WALL STREET JOURNAL PRIME RATE AS PUBLISHED 30 DAYS PRIOR TO INTEREST RATE ADJUSTMENT DATE, APPLIED AT LOAN ORIGINATION. AFTER 12 MONTH PERIOD, A 1% MAXIMUM RATE ADJUSTMENT IS ALLOWED PER MONTH. RATE WILL NOT EXCEED 18% OVER THE LIFE OF THE LOAN. APPRAISAL WILL BE REQUIRED. PRIMARY RESIDENCE – NEW YORK ONLY. ASK FOR DETAILS. MEMBERSHIP CONDITIONS MAY APPLY.