BASKING RIDGE, N.J. — Affinity Federal Credit Union is allowing its members to flex some home equity muscle with its new 5/5/Flex closed-end, adjustable-rate loan.
The 5/5/Flex offers a fixed interest rate for the first five years and then adjusts every five years thereafter until the end of the term. The interest rate at each adjustment will be equal to the AFCU's home equity line of credit rate at that time. There is no pre-payment penalty and the available terms are 10, 15 or 20 years. All options will have the same low interest rate, the AFCU announced.
The program was developed based on input from AFCU's 118,000 members in N.J., Birkhahn added.
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