Home Equity Rate Table
Rates effective as of 11/19/2008
Flex Home Equity Lines of Credit
| Line | APR | Minimum Line/Maximum Line | Minimum Draw Required at Closing |
| Prime Plus .25% | 4.25% | $15,000 / $500,000 | $ 0 |
The rate is set monthly based on the Prime Rate as advertised in the Wall Street Journal on the last business day of the previous month. The Prime Rate as of 10/31/08 is 4.00%: Discount .25% for auto pay from Metro Checking Account. Maximum lifetime annual percentage rate is 9.99% and minimum rate 4.25%. Early termination fee of $500.00 during first 36 months of the line applies. Draw period up to 10 years and 179 months repayment term. New lines only, existing Metro real estate lending products are not eligible. Refer to disclosure for additional terms and conditions and see “Guide” below for additional important information.
Fixed Home Equity Loans
Additional Home Equity terms available call 877-MY-METRO ext. 7589.
Monthly
| Term | Points | Interest Rate | APR* | Cost per $1000 |
| 20 Year | 0 | 6.875% | 6.875% | 7.68 |
| 15 Year | 0 | 6.625% | 6.625% | 8.78 |
| 10 Year | 0 | 6.250% | 6.250% | 11.23 |
| 5 Year | 0 | 5.875% | 5.875% | 19.27 |
Bi-Weekly
| Term | Points | Interest Rate | APR* | Cost per $1000 |
| 20 Year | 0 | 6.750% | 6.750% | 3.80 |
| 15 Year | 0 | 6.500% | 6.500% | 4.36 |
| 10 Year | 0 | 6.125% | 6.125% | 5.58 |
| 5 Year | 0 | 5.750% | 5.750% | 9.61 |
Fixed Seconds: Minimum amount of loan is $15,000.00 and maximum is $500,000.00. No Prepayment penalty. No closing costs with tax assessment. Offers are not applicable to existing Metro home equity rate and/or term refinances. All terms 1 to 20 years available. Bi-weekly loans require automatic payment transfer from a Metro Account.
Guide: No application fees and no annual fees. Property must be a primary residence at application and to remain in draw period. Valuations using tax assessments limited to maximum 65.00% combined loan-to value (CLTV) ratio; Borrowers may opt for an appraisal for a $200 non refundable fee. Maximum CLTV may be reduced based on loan risk characteristics. Rates on all Metro CU home equity products are automatically locked in at time of application for 30 days. Borrowers are responsible for recording fee ($75) and review fees ($60) associated with realty trusts, appraisal fees, overnight fees, etc. Existing Metro CU home equity rate and term refinances are not eligible for these no-closing cost products. Maximum financing: If Metro holds first lien 80.00% on Single Family, 75.00% on condos and 2 units, 70.00% 3-4 units. Reduce 5% if Metro does not hold first lien. No Closing Costs applies only to loan specific mortgage recording, flood certs, credit reports, and title protection. All other fees responsibility of borrowers. Loans over $250,000 require a full appraisal.
