LOS ANGELES — Los Angeles FCU here didn't need a Federal Reserve rate cut to offer a great deal on Home Equity line of Credit loans (HELOCs). LAFCU is featuring a 3.49% introductory rate for six months and a ten-year draw and still finds plenty of takers. With no points and no annual fees, members can finance up to 80% of home value and take advantage of possible tax benefits.
Ron Welcome, assistant vice president of lending for the CU, told Credit Union Times that "we're finding our business to be pretty steady these past few months on HELOCs and second trust deeds. But we are also seeing some denials due to the drop in home values among some members who have refinanced previously."
LAFCU funded $1.3 million in equity lines of credit in December 2007, Welcome reported. That was a big year-end spike compared to November–which pulled in just $608,000–and October, which netted $750,000.
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