Easy Equity FAQs
Frequently Asked Questions about Easy Equity can be found below. If you don't see an answer to your question contact us and we'd be happy to help!
When do I begin to pay interest on my Easy Equity Loan?
Interest begins to accrue on your balance on the day the money is drawn.
How often does the interest rate change on my Easy Equity Loan?
The interest rate may change as often as quarterly.
How is my payment calculated on my Easy Equity Loan?
Your minimum monthly payment will be calculated at 1% of the balance at the time the last draw was taken. For example:
- Your current balance is $2,500. You take a draw of $300 to bring your new balance to $2,800. Your minimum monthly payment will be $28.
- After your last draw, your loan balance was $4,000. You have paid your loan down to a current balance of $3,000. The minimum payment due is $40. Your minimum payment will not change until you take a new draw on the account.
When the draw period expires, your minimum payment is established, and will not change until the balance is paid in full.
Who can I contact if I have more questions?
Our Mortgage Servicing team is happy to help! We are located in Menomonie, Wisconsin and are available Monday through Friday from 8:30 a.m. to 5 p.m. CST. Our contact information is (800) 924-0022 ext. 7200 or [email protected]WESTconsincu.org.