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Tower Federal Credit Union offers low rates on credit cards, vehicle loans, mortgages, home equity loans and personal loans.

Credit Cards

Mastercard TypeAPR %
(as low as)
World Card10.99*†
Gold Card10.90*
Empower Card7.99*3

*Credit Card APR – Annual Percentage Rates effective: 5/23/2022 and are subject to change. Rates and credit lines based on creditworthiness and qualifications.


World Card Intro APR – The 1.99% Introductory APR is for 12 months as of account opening. After that, the Standard APR will be 10.99%-17.99%. Range of Rates effective: 5/23/2022. This APR will vary with the market based on the Prime Rate. Variable Rate World Mastercard: The Annual Percentage Rate(APR) may increase or decrease if the highest rate of interest identified as the ‘PrimeRate’ in the ‘Money Rates’ column of the Wall Street Journal increases or decreases. The APR will be equal to the Prime Rate in effect the first business day of the month preceding the rate change plus a margin of 7.74% – 12.74%.The interest rate can change quarterly in the first credit card cycle that occurs in the quarter following the rate change. The APR will never be more than 17.99%. Any increase may lengthen the time it takes to pay off your balance.

^The Intro Cash Back offer will appear as 10,000 bonus points added to the myTowerRewards account after the 3 month introductory period and can be redeemed for cash back.

1For Program Terms and Conditions, please visit myTowerRewards. Minimum $25 to redeem for cash back.


3Empower Mastercard Balance Transfer Intro APR –The 0% Introductory Annual Percentage Rate (APR) is for balances transferred from another lender within the first 60 days of account opening and applies for six (6) months from the date of the transfer. Balance transfer fee is 2.50% of the amount of each transfer. After that, the Standard APR will be 7.99%-17.99%. Range of Rates effective: 7/01/2020 and vary with the market based on the Prime Rate. Empower Mastercard Variable Rate- The Annual Percentage Rate (APR) may increase or decrease if the highest rate of interest identified as the ‘Prime Rate’ in the ‘Money Rates’ column of the Wall Street Journal increases or decreases. The APR will be equal to the Prime Rate in effect the first business day of the month preceding the rate change plus a margin of 4.74% – 14.74%. The interest rate can change quarterly in the first credit card cycle that occurs in the quarter following the rate change. The APR will never be more than 17.99%. Any increase may lengthen the time it takes to pay off your balance.

4The $50 will appear as a statement credit after the three-month introductory period.

5Foreign Transaction Fee of 1.00% per purchase.


See additional disclosures.

Auto Loans

For a Limited Time Only! Used Cars get the same great New Car Rates!
Rates as low as 1.49% APR* when you use the Tower Car Buying Service powered by TrueCar


* Annual Percentage Rate shown is as of May 1, 2022 and is subject to change. 1.49% APR applies to 36 month term new vehicle purchases only and includes a 0.25% discount for enrollment in automatic monthly loan payments and 0.25% discount for using the Tower Car Buying Service with TrueCar Guaranteed Savings certificate. Not all applicants will qualify for the lowest rate. All applications subject to verification of current employment. Rates, terms and conditions vary based on creditworthiness and program requirements. Other conditions including acceptable collateral apply.
New Cars and Trucks
Term
(in months)
APR%
(as low as)
Monthly Payment
(per $1,000 borrowed)
361.74$28.53
482.49$21.91
602.49$17.74
722.99$15.19
844.49$13.90
Used Cars and Trucks
Term
(in months)
APR%
(as low as)
Monthly Payment
(per $1,000 borrowed)
361.74$28.53
482.49$21.91
602.49$17.74
722.99$15.19
844.49$13.90
APR = Annual Percentage Rate.
Annual Percentage Rates effective: 5/23/2022 and is subject to change. Includes a 0.25% discount for enrollment in automatic monthly loan payments. Not all applicants will qualify for the lowest rate. All applications subject to verification of current employment. Rates, terms and conditions vary based on credit worthiness and program requirements. Other conditions including acceptable collateral apply.

Boat Loans

New Boats
Term
(in months)
APR%
(as low as)
Monthly Payment
(per $1,000 borrowed)
363.24$29.19
483.24$22.24
603.24$18.08
723.24$15.30
845.75$14.49
1208.25$12.27
1448.50$11.10
Used Boats
Term
(in months)
APR%
(as low as)
Monthly Payment
(per $1,000 borrowed)
363.24$29.19
483.24$22.24
603.24$18.08
723.24$15.30
845.75$14.49
1208.25$12.27
1448.50$11.10
Rates effective: 5/23/2022
APY = Annual Percentage Yield. APR = Annual Percentage Rate. Rates are subject to change. Loan rates are based on your creditworthiness. Lowest rate qualification also requires automatic monthly loan payments.

Motorcycle Loans

New Motorcycles
Term
(in months)
APR%
(as low as)
Monthly Payment
(per $1,000 borrowed)
363.24$29.19
483.49$22.35
603.49$18.19
Used Motorcycles
Term
(in months)
APR%
(as low as)
Monthly Payment
(per $1,000 borrowed)
363.24$29.19
483.49$22.35
603.49$18.19
Rates effective: 5/23/2022
APY = Annual Percentage Yield. APR = Annual Percentage Rate.
Rates are subject to change. Loan rates are based on your creditworthiness. Lowest rate qualification also requires automatic monthly loan payments.

 

Recreational Vehicle Loans

New Recreational Vehicles *
Term
(in months)
APR%
(as low as)
Monthly Payment
(per $1,000 borrowed)
363.24$29.19
483.74$22.46
603.74$18.30
723.74$15.53
846.25$14.73
1208.75$12.53
1449.00$11.38
Used Recreational Vehicles *
Term
(in months)
APR%
(as low as)
Monthly Payment
(per $1,000 borrowed)
363.24$29.19
483.74$22.46
603.74$18.30
723.74$15.53
846.25$14.73
1208.75$12.53
1449.00$11.38
Rates effective: 5/23/2022
APY = Annual Percentage Yield. APR = Annual Percentage Rate.
Rates are subject to change. Loan rates are based on your creditworthiness. Lowest rate qualification also requires automatic monthly loan payments.
* Recreational Vehicles are vehicles which are driven and are equipped with living quarters. For other secured loans (i.e. travel trailers), please see the Other Secured Loan rates.

 

Personal Line of Credit

% Above IndexDaily Periodic Rate %APR%
(as low as)
6.150.0264389.65
Rates effective: 5/23/2022
APY = Annual Percentage Yield. APR = Annual Percentage Rate.
Rates are subject to change. Loan rates are based on your creditworthiness. See additional disclosures.

Signature Loan

Term
(in months)
APR%
(as low as)
Monthly Payment
(per $1,000 borrowed)
126.49$86.29
246.49$44.54
366.49$30.64
487.24$24.06
607.24$19.91
727.99$17.53
Rates effective: 5/23/2022
APY = Annual Percentage Yield. APR = Annual Percentage Rate. Rates are subject to change. Loan rates are based on your creditworthiness.

Home Improvement Loan

Term
(in months)
APR % *
(as low as)
Monthly Payment
(per $1,000 borrowed)
Up to 365.24$30.08
485.99$23.48
605.99$19.33
726.74$16.92
847.49$15.33
1207.49$11.86
*Annual Percentage Rates effective: 5/23/2022 and are subject to change. The rate shown includes a 0.25% discount for enrollment in automatic monthly loan payments. Not all applicants will qualify for the lowest rate. Rates, terms, and conditions may vary based on creditworthiness and program requirements. Proof of homeownership and copy of contractor’s estimate or comparable quote is required before funding. Loan funds must be used for the sole purpose of home improvements on a single family home, townhouse, or condo (mobile homes and multi-unit properties are excluded from this program). Owner-Occupied/Primary Residence only. All borrower(s) on the loan must have an ownership interest in the property being improved. Other qualifications may apply.

Share Secured & Certificate Secured Loans

Share Secured - Variable Rate3% above Prime Share Dividend Rate
Certificate Secured - Fixed Rate3% above Share Certificate Rate
Rates effective: 5/23/2022
APY = Annual Percentage Yield. APR = Annual Percentage Rate. Rates are subject to change.
Share Secured Loans
Any increase or decrease in APR will result in a change to the scheduled monthly payment. Any increase will take the form of higher payments.
Certificate Secured Loans
Bump-Up certificates are not eligible for CD Secured loans.
The maximum repayment term is the remaining term of the CD being used as collateral minus 1 month.

Other Secured Loans

This loan type is for the purchase or refinance of: ATVs, jet skis, snowmobiles, pull-behind trailers, travel trailers, UTVs and cash out refinances using an auto or truck with a clear title.
Term
(in months)
APR %
(as low as)
Monthly Payment
(per $1,000 borrowed)
367.04$30.90
487.04$23.96
607.04$19.82
727.29$17.19
Rates effective: 5/23/2022
APY = Annual Percentage Yield. APR = Annual Percentage Rate. Rates are subject to change. Loan rates are based on your creditworthiness. Lowest rate qualification also requires automatic monthly loan payments.

Mortgages

Rates are subject to change at anytime.

The rates and points listed below do not take into consideration possible adjustments based on an evaluation of the following:

Member’s credit score, Loan-to-Value, Combined Loan-to-Value, subordinate financing, occupancy, appraised value, down payment, property type, property use, and loan purpose; so rates and points may differ for individuals.

For more information on rates, or additional products, or to apply for a mortgage loan, speak to a loan advisor at 301-497-7000 or 866-56-TOWER.

Multiply the payment factor by each thousand dollars borrowed for the monthly payment.
Mortgage insurance premium, taxes and homeowners insurance not included, your actual payment obligation will be higher.

Take 0.25% off of Fixed Rates for Primary & Second Home Purchases
Jumbo Rates are the Same as Conforming

First Mortgage Rates - Fixed
Loan TypeRates
(as low as)
PointsAPR
(as low as)
Payment Factor
(per $1,000)
30 Year5.375%None5.419%$5.5997
30 Year5.250%0.500%5.293%$5.5220
30 Year5.125%1.250%5.167%$5.4449
30 Year - 100% Financing *5.625%None4.648%$5.7566
30 Year - 100% Financing *5.500%0.500%4.566%$5.6779
30 Year - 100% Financing *5.375%1.250%4.504%$5.5997
30 Year VA ***5.500%None5.544%$5.6779
30 Year VA ***5.375%0.500%5.418%$5.5997
30 Year VA ***5.250%1.250%5.292%$5.5220
20 Year5.500%None5.560%$6.8789
20 Year5.375%0.500%5.434%$6.8085
20 Year5.250%1.250%5.308%$6.7384
15 Year4.875%None4.945%$7.8430
15 Year4.750%0.500%4.819%$7.7783
15 Year4.625%0.750%4.693%$7.7140
10 Year4.500%None4.597%$10.3638
10 Year4.375%0.500%4.470%$10.3037
10 Year4.250%0.750%4.344%$10.2438
30 Year Jumbo5.375%None5.412%$5.5997
30 Year Jumbo5.250%0.500%5.286%$5.5220
30 Year Jumbo5.125%1.250%5.161%$5.4449
30 Year Jumbo - 100% Financing **5.625%None4.648%$5.7566
30 Year Jumbo - 100% Financing **5.500%0.500%4.566%$5.6779
30 Year Jumbo - 100% Financing **5.375%1.250%4.504%$5.5997
15 Year Jumbo4.875%None4.934%$7.8430
15 Year Jumbo4.750%0.500%4.808%$7.7783
15 Year Jumbo4.625%0.750%4.682%$7.7140
10 Year Jumbo4.500%None4.581%$10.3638
10 Year Jumbo4.375%0.500%4.455%$10.3037
10 Year Jumbo4.250%0.750%4.328%$10.2438
15 Year Land4.875%None4.945%$7.8430
15 Year Land4.750%0.500%4.819%$7.7783
15 Year Land4.625%0.750%4.693%$7.7140
First Mortgage Rates - Adjustable Rate
Loan TypeRates
(as low as)
PointsAPR
(as low as)
Payment Factor
(per $1,000)
5 Year ARM3.125%None4.082%$4.2838
5 Year ARM2.750%1.000%4.031%$4.0824
5 Year ARM - 100% Financing *3.375%None4.479%$4.4210
5 Year ARM - 100% Financing *3.000%1.000%4.426%$4.2160
7 Year ARM3.250%None3.981%$4.3521
7 Year ARM3.125%1.000%4.004%$4.2838
5 Year ARM Jumbo3.125%None4.233%$4.2838
5 Year ARM Jumbo2.750%1.000%4.178%$4.0824
5 Year ARM Jumbo - 100% Financing **3.375%None4.634%$4.4210
5 Year ARM Jumbo - 100% Financing **3.000%1.000%4.582%$4.2160
7 Year ARM Jumbo3.250%None4.104%$4.3521
7 Year ARM Jumbo3.125%1.000%4.126%$5.9891
Bridge Loan Rates
Loan TypeRatesPointsAPRPayment Factor
(per $1,000)
1 Year Balloon (no monthly payments)5.990%None4.819%598.908%
Current Rate Indexes
ARM Index 1 Year Treasury2.000%


Notes for First Mortgage Rates:

* 100% financing available for purchases of primary residences in MD, DC, VA, TX, CO and FL for loan amounts up to $647,200 and LTV’s of 97.01% to 100%. (Condominiums are excluded for FL.)


**100% Jumbo financing available for purchases of primary residences in MD, DC, and VA for loan amounts from $647,201 to $970,800 and LTV’s of 95.01% to 100%.


All loans are subject to application and credit approval. Not all applicants will qualify for 100% financing. Private mortgage insurance, homeowner’s insurance, flood insurance (if applicable) required. Other terms and conditions will apply.


*** 30 Year VA financing available in MD and VA only.

Second/Vacation home loans are available for most products.

Mobile Home/Manufactured Home loans are available for fixed rates only. An additional .50% will be added to the rate.

Jumbo loans are available for loan amounts from $647,201 to $1,000,000.

Investment Property loans are available for fixed rate 15, 20, 30 year terms. The following will be added:
For LTV ≤ 75% add 1.00% to the rate and 1 origination point
For LTV 75.01-80% add 1.00% to the rate and 2 origination points
For rate/term refinance transactions, the maximum LTV is 75% (cash-out not available)
Investment Property loans have a maximum loan limit of $647,200.
(Some restrictions apply)

APR for Conforming loans is based on a loan amount of $647,200 and $1,704 in other fees.
APR for VA loans is based on a loan amount of $750,000 and $0.00 in other fees.
APR for Jumbo 100% loans is based on a loan amount of $970,800 and $1,904 in other fees.
APR for Jumbo loans is based on a loan amount of $1,000,000 and $1,904 in other fees.

 

Home Equity Loans

Rates are subject to change at anytime.
APR = Annual Percentage Rate.
Multiply the payment factor by each thousand dollars borrowed for the monthly payment.

Home Equity Rates
Loan TypeRatesAPRAnnual Percentage Rate (APR) reflects the actual cost of a loan and includes the interest rate, private mortgage insurance, points, origination fee and some other fees.Payment Factor
(per $1,000)
Fixed
15 Year - up to 80% LTV / CLTV5.990%5.990%$8.4332
15 Year - from 80.01% to 100% LTV / CLTV6.990%6.990%$8.9827
10 Year - up to 80% LTV / CLTV5.250%5.250%$10.7292
10 Year - from 80.01% to 100% LTV / CLTV6.250%6.250%$11.2280
7 Year - up to 80% LTV / CLTV4.750%4.751%$14.0167
7 Year - from 80.01% to 100% LTV / CLTV5.750%5.751%$14.4890
5 Year - up to 80% LTV / CLTV4.500%4.501%$18.6430
5 Year - from 80.01% to 100% LTV / CLTV5.500%5.501%$19.1012
30 Year Amortization / 15 Year Balloon
30/15 up to 80% LTV / CLTV5.990%5.990%$5.9891
30/15 from 80.01% to 100% LTV / CLTV6.990%6.990%$6.6463
Line of Credit Adjustable Rate
Home Equity Line of Credit up to 80% LTV / CLTV3.500%3.500%$2.9167
Home Equity Line of Credit from 80.01% to 100% LTV / CLTV5.000%5.000%$4.1667

Home Equity Loans
Maximum loan amount for a 5 year and 7 year term is $100,000

Maximum loan amount for a 10 year and 15 year term is:
$250,000 for LTV / CLTV > 80%
$350,000 for LTV / CLTV < 80%

APR for 5 year and 7 year terms is based on a loan amount of $100,000 and $4.00 in other fees
APR for 10 year and 15 year terms is based on a loan amount of $250,000 and $4.00 in other fees


30 Year Amortization / 15 Year Balloon Loans
30 yr. amortization / 15 yr. balloon loans must be paid at maturity with a lump sum or balloon payment

APR for 30 yr. amortization / 15 yr. balloon loan is based on a loan amount of $250,000 and $4.00 in other fees


Home Equity Line of Credit (HELOC)
HELOC minimum monthly payment will be based on the outstanding balance.

For a HELOC up to 80% LTV / CLTV, maximum loan amount is $350,000, variable rate is based on Prime rate minus 0.50%

For a HELOC 80.01 – 100% LTV / CLTV, maximum loan Amount is $250,000, variable rate is based on Prime rate plus 1.00%

APR can change each quarter. The maximum APR is 18%

Current Prime rate : 4.00%


Closing Costs
For loan amounts up to $250,000, closing cost typically range between $500 and $3,000. Homeowner’s insurance is required.

Closing costs paid by Tower on Member’s behalf must be repaid if line of credit or loan is closed within the first 24 months.

Closing costs depend on the property location, property type, occupancy and loan amount.


General Home Equity Disclosures
Combined loan/line amounts secured by subject property may not exceed $1.35 million for LTV’s / CLTV’s > 80%.

Available in all states except Texas


Rates effective: 5/23/2022

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