HOME EQUITY / HELOC

Home Equity & HELOC Disclosure:

Exclusions: Non-owner-occupied properties are not eligible. Only 1- 4 units owner-occupied are eligible.

Closing Costs With Initial Draw Waiver: Offer available for a limited time and subject to change or end without notice. HELOC: Closing costs up to $500 waived for a HELOC with a minimum initial draw of $10,000 made at closing upon approval. Fees can range from $400 to $4000. Home Equity Loan: Closing costs and origination fees up to $500 waived for a Home Equity Loan with a minimum initial draw of $10,000 made at closing upon approval. Fees can range from $400 to $4,000. Transfer taxes, if applicable, are the responsibility of the borrower and are not included in the waiver. SkyOne FCU has the right to rescind this promotional offer at any time without notice at its discretion.

Rate Information: APR=Annual Percentage Rate. See Home Equity Loan and Line of Credit Rates. Advertised rates for Home Equity Line of Credit (HELOC) and Home Equity Loan include a 0.25% Autopay (automatic payment) discount. Without Autopay, rates are .25% higher. Not all applicants will qualify for the lowest rate. The annual percentage rate (APR) is the cost of credit over the term of the loan expressed as an annual rate. Rate, points and APR may be adjusted based on several factors, including, but not limited to, loan amount, loan type, occupancy type, property type, loan to value and your credit score. Your final rate and points may be higher or lower than those quoted based on information relating to these factors, which may be determined after you apply. Fees, costs, and monthly payment on your specific loan transaction may vary and could include additional fees and costs. For example, loans with LTVs more than 80% typically require mortgage insurance which will increase both your APR and monthly payment.

HELOC: Subject to credit approval. Rates, loan amounts, and terms are based on standard underwriting factors including Combined Loan-to-Value (CLTV) and are subject to change. 1) Maximum Credit Limit: $300,000 or 80% of appraised value less liens, whichever is less. 2) Minimum Credit Limit: $10,000. 3) TRANSACTION REQUIREMENTS: Requires minimum draw of $10,000 at time of closing. 4) RATE INFORMATION: Variable APR based on The Wall Street Journal Prime Rate (the “Index”) plus a margin. This variable rate may vary with changes in the Prime Rate. The maximum Annual Percentage Rate that can apply to a Home Equity Line of Credit is 18%. Your Annual Percentage Rate will not go below 5.5% at any time during the term of the loan. 5) MAXIMUM RATE & PAYMENT EXAMPLE: If you had an outstanding balance of $10,000, the minimum payment at maximum Annual Percentage Rate of 18% with a 20 year repayment would be $161.04. 6) Homeowners insurance is required, and flood insurance may be required. 7) Closing costs typically range from $400 to $4,000, depending upon the property’s location. Third party fees may occur.

Home Equity Loan: Subject to credit approval. Rates, loan amounts, and terms are based on standard underwriting factors including Combined Loan-to-Value (CLTV) and are subject to change 1) Maximum loan amount: $300,000 or 80% of appraised value less liens, whichever is less. 2) Minimum loan amount: $10,000. 3) Payment example: a $50,000 Home Equity Loan with a 120-month term with a rate of 7.25% APR has a monthly payment of $587.01. 4) Homeowners insurance is required, and flood insurance may be required. 5) Closing costs typically range from $400 to $4,000, depending upon the property’s location. Third party fees may occur.

Tax Deduction. Consult a professional tax advisor regarding the deductibility of interest charges.

Equal Housing Lender

Paycheck Perks:

This disclosure describes the Paycheck Perks Program (“Program”), an optional rewards program offered by SkyOne Federal Credit Union (“SkyOne,” “we,” “our,” or “us”).

Paycheck Perks is a rewards program that offers eligible members enhanced account benefits based on the amount of qualifying direct deposits received each month and participation in the Program.

Program benefits may include:

• Enhanced Perk Central savings account benefits
• Increased deposit balance limits eligible for premium rates in Perk Central
• Certificate rate enhancements
• Home Equity (HE) Loan and Home Equity Line of Credit (HELOC) closing cost credits

Benefits vary based on your qualifying direct deposit activity and Program tier. Enrollment alone does not guarantee eligibility for all benefits.

Enrollment Required

You must enroll in Paycheck Perks to receive Program benefits. Members who do not enroll will not receive Paycheck Perks benefits, even if they otherwise meet direct deposit requirements. Members currently enrolled in Paycheck Perks will remain enrolled unless they choose to opt out or cancel the program.

Eligibility Requirements

To participate in Paycheck Perks, you must:

1. Be a consumer member of SkyOne Federal Credit Union.
2. Maintain an eligible payment account with SkyOne.
3. Enroll in the Program.
4. Receive qualifying direct deposits as described below.

Business accounts are not eligible.

Qualifying Direct Deposit Requirement: A minimum cumulative monthly direct deposit of $2,500 is required to earn the maximum dividend rate on balances between $0.00 and $100,000. Direct deposit means an electronic deposit of payroll, pension, Social Security, or government benefits made through the Automated Clearing House (ACH) network, Real Time Payments (RTP) network, or person-to-person (P2P) network transfers. Internal account transfers, ATM deposits, mobile deposits, and wire transfers do not qualify.

SkyOne reserves the right to determine whether a deposit qualifies as a direct deposit for Program purposes.

Program Tiers

Your Program tier is determined monthly based on the total amount of qualifying direct deposits received during the applicable month.

Complete Tier benefits can be reviewed on the Paycheck Perks page.

Tiers are determined at the end of each month based on the total amount of qualifying direct deposits received during the month. Changes in your direct deposit activity may increase, reduce, or eliminate Program benefits in future months. Direct deposits may be made into any share account within the membership.

*Balances above the applicable cap earn the standard rate disclosed in the Perk Central Account Disclosure.

**Certificate bonuses apply only to eligible regular and IRA certificates funded with new money and do not apply to promotional, special, or flex Certificates. Certificate benefits are determined at account opening and remain in effect for the certificate term.

***Loan approval, underwriting requirements, and eligibility conditions apply. Benefits cannot be combined with other closing cost promotions. The greater available benefit will be applied.

Perk Central Benefits

Introductory Rate Eligibility

The introductory Perk Central Annual Percentage Yield (APY) is available only when all of the following conditions are met:

• You are enrolled in Paycheck Perks;
• You have an eligible payment/checking account;
• You maintain at least $2,500 in qualifying monthly direct deposits; and
• You open a new eligible Perk Central account.

The introductory APY currently offered is 5.00% APY, with a corresponding dividend rate of 4.889%, and is subject to change or discontinuation without notice for future accounts. During the introductory period, there is no maximum balance limit for funds earning the introductory APY. After the introductory period, balances above the Balance Cap, based on tier, will earn the applicable standard tiered APY.

Introductory Term

The introductory APY is available for up to five (5) consecutive months starting the month the following conditions are met:

• You are enrolled in Paycheck Perks;
• You have an eligible payment/checking account; and
• You open a new eligible Perk Central account.

The introductory period expires at the end of the fifth calendar month after the qualification conditions are met. Any partial opening month counts as the first month of the promotional period.

You will receive the introductory rate for every month the minimum direct deposit requirement is met. If the required minimum monthly direct deposit is not met at any time during the introductory period, the Perk Central account will earn the Regular Savings Account APY shown on the current rate sheet for that month.

If the required minimum monthly direct deposit is met again during the introductory period, the introductory rate will resume. However, the introductory period will continue to end on the original expiration date and will not be extended due to any month in which the minimum direct deposit requirement was not met.

Important Limitations

• New money is required for introductory rate eligibility.
• Only one introductory Perk Central promotion is permitted per membership.
• Failure to meet qualifying requirements may result in loss of the introductory APY.
• Once the introductory period ends, the account will earn the applicable standard rate in effect at that time.
• APYs are variable and may change after account opening without notice.

Current rates and account disclosures are available on our Rates page.

Certificate Benefits

Members who qualify for Advantage or Ultimate tiers may be eligible for a certificate APY increase on eligible regular share certificates and IRA certificates funded with new money. The bonus rate is determined at certificate opening and will remain in effect for the certificate term, even if your Paycheck Perks tier changes later.

Promotional, special, and flex certificates are not eligible unless specifically disclosed. No additional bump-up on 2-5 year certificates can be applied.

Home Equity Benefits

Members who qualify for Advantage or Ultimate tiers may be eligible for a closing cost credit when opening an eligible Home Equity Loan or Home Equity Line of Credit (HELOC).

If another promotion provides a greater benefit, SkyOne will apply the promotion that provides the larger benefit. Promotions may not be combined.

Participation in Paycheck Perks does not guarantee loan approval. Credit approval, underwriting standards, and all other loan requirements continue to apply.

Benefit Timing

Program tiers are evaluated monthly based on qualifying direct deposit activity for the applicable calendar month. Changes in direct deposit activity may increase, reduce, or eliminate future benefits.

Benefits associated with certificates and loans are determined at account opening and generally will not change during the certificate term or loan process, even if your Program tier changes later.

Fees

There is no fee to enroll in or participate in the Paycheck Perks Program.

Standard account, service, loan, and certificate fees continue to apply as disclosed in applicable account agreements and Schedule of Service Charges.

Right to Change or Terminate the Program

SkyOne reserves the right to:

• Modify Program requirements,
• Change tiers,
• Change benefits,
• Change rates,
• Suspend enrollment, or
• Terminate the Program

at any time, subject to applicable law and regulatory requirements. Any changes that legally require advance notice will be provided as required by law.

Cancel the Program

You may cancel your enrollment in Paycheck Perks at any time by contacting SkyOne:

• By phone at 800-421-7111
• Through online banking secure message
• Through online chat
• In person at a branch
• Through other methods made available by SkyOne

Canceling may result in the loss of Program benefits.

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