APR = Annual Percentage Rate. Subject to credit approval. HELOC rates are based on the Wall Street Journal (WSJ) Prime rate 8.500% plus a margin of .50% for CLTV less than 50% or add 1.00% for CLTV higher than 50%. Minimum floor rate is 4.000% and maximum rate is 12.00%. Rate may change based on credit score as reported by the credit bureau. Rate is subject to change on the 1st day of the following month when the prime rate changes. Draw period is 10 years with interest-only payments. After the draw period ends, payments become full amortized, principal and interest until payoff in 15 years. One-time mandatory draw is $7,500 after close. Consult your tax advisor for potential tax breaks. The periodic rate is determined by adding a margin to the index value; the sum is divided by the number of days in a year (365). The APR is obtained by multiplying the periodic rate by the number of days in a year (365). The finance charge is the cost you pay for credit and the finance charge on each new advance (draw) begins on the date of the advance and continues until the advance has been paid in full. South Bay Credit Union membership is required. The promotion period can end at any time. Contact us for a free consultation.