Minimum Payment Requirements. Under the terms of this Home Equity Line of Credit, you may obtain two types of credit advances: Variable Rate Advances; and Fixed Rate Advances. The advance requirements, the repayment requirements, and the applicable periodic interest rates for these two types of advances differ, as explained below. You may obtain Variable Rate Advances at any time, subject to your maximum credit limit, and the terms of your Agreement. You may also obtain Fixed Rate Advances at any time, subject to your maximum credit limit, the terms of your Agreement, and the limitations described in the next two sentences. The terms of each Fixed Rate Advance will depend on the terms that you request and the circumstances of your Account at the time of your request, and will be disclosed to you at the time of each advance. Your Account is limited to a maximum of three (3) outstanding Fixed Rate Advance balances at any time. Your minimum periodic payment for each billing cycle is the sum of the minimum periodic payments due for any Variable Rate Advance balance and any Fixed Rate Advance balance you have during that billing cycle, plus any other amounts that may be due under the terms of the agreement. Variable Rate Advances You can obtain credit advances for 120 months (the draw period). During the draw period, payments will be due on a monthly basis during any time that you have a balance on your account. At our option, we may extend the draw period. Your minimum monthly payment will be established at the close of each billing cycle at an amount equal to all accrued yet unpaid finance charges due, subject to the lesser of $100.00 or Your Account balance. After the draw period ends, you will no longer be able to obtain credit advances and you must repay your outstanding account balance (the repayment period). The length of the repayment period will be 180 months. During the repayment period, your minimum periodic payment will be established on the first day of the repayment period and any subsequent change in interest rate, to the amount necessary to fully amortize your then outstanding account balance by the agreement maturity date.
Minimum Payment Requirements. You must make monthly payments both during the draw period and the repayment period. Interest accrues on your total balance owing from the date of each advance and there is no time period within which any credit extended may be repaid without incurring a finance charge. At the time of each credit advance a payoff period will be established based upon the following chart for the outstanding balance then owed at the time of the last advance: Range of Balances Payoff Period Up to $10,000.00 60 Monthly Payments $5,000.01 to $20,000.00 96 Monthly Payments $20,000.01 and Above 120 Monthly Payments The length of the repayment period will depend on the balance at the time of the last advance you obtain before the draw period ends. The payoff period will always be the shorter of the payoff period for your outstanding balance or the time remaining to the maturity date. Your payment will be set to repay the balance after the advance, at the current annual percentage rate, within the payoff period. Your payment will be rounded up to the nearest dollar. Upon each advance, we will calculate your payments as specified in this paragraph. The payment will remain the same unless you obtain another credit advance. Your payments may also change if the annual percentage rate increases. We will check your account each year and if the annual percentage rate increases, we will review the effect the increase has had on your plan. If the annual percentage rate has increased so much that your payment is not sufficient to repay the balance within the payoff period, we will adjust your payment to repay the balance within the payoff period. Your payment will include any amounts past due and any amount by which you have exceeded your credit limit, and all other charges. Your payment will never be less than a minimum payment established by the Credit Union of $25.00 or, if the balance owing is less than $25.00, the remaining balance owing. You may receive advances by using your Home Equity Line of Credit that will not be paid off during the Draw Period. After the draw period ends, you will no longer be able to obtain credit advances and must repay the outstanding balance (the "repayment period") in monthly payments calculated in the same manner as your payments during the Draw Period.
Minimum Payment Requirements. For each Statement Period you must pay at least the minimum payment due shown on your statement by the payment due date shown on your statement.
