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

Credit Cards

Mastercard TypeAPR %
(as low as)
World Card12.99*†
Gold Card10.90*
Standard Card10.90*

*Credit Card APR – Annual Percentage Rates effective: 12/10/2019 and are subject to change. Rates 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 12.99%-15.99%. 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 will lengthen the time it takes to pay off your loan.


See additional disclosures.

Auto Loans

Special loan rates as low as 1.74% APR when you use the Tower Car Buying Service, Powered by TRUECar®.

(1.74% APR assumes 36 month term, TrueCar rate discount, and all other rate discount qualifications* are met. Subject to loan qualifications.)


Annual Percentage rate is subject to change. 1.74% rate applies to vehicle purchases only. Includes discount for enrollment in automatic monthly loan payments. Additional discount for using the Tower Car Buying Service with TRUECar Guaranteed Savings certificate. Not all applicants will qualify for the lowest rate. All loans are subject to credit approval. Rates, terms and conditions vary based on creditworthiness and program requirements. Other qualifications may apply.

Auto loan payment example: $20,000 auto loan at 1.74% APR for 36 months will have monthly payments of approximately $570.58.
New Cars and Trucks
APR = Annual Percentage Rate.
Annual Percentage Rates effective: 12/10/2019 and is subject to change. 1.74% rate applies to vehicle purchases only. Includes discount for enrollment in automatic monthly loan payments. Additional discount for using the Tower Car Buying Service with TRUECar Guaranteed Savings certificate. Not all applicants will qualify for the lowest rate. All loans are subject to credit approval. Rates, terms and conditions vary based on creditworthiness and program requirements. Other qualifications may apply.
Term
(in months)
APR%
(as low as)
Monthly Payment
(per $1,000 borrowed)
361.99$28.64
482.99$22.13
602.99$17.96
723.24$15.30
844.74$14.01
Used Cars and Trucks
Term
(in months)
APR%
(as low as)
Monthly Payment
(per $1,000 borrowed)
362.49$28.86
483.49$22.35
603.49$18.19
723.74$15.53
845.24$14.25

Boat Loans

New Boats
Rates effective: 12/10/2019
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.
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)
363.74$29.41
483.74$22.46
603.74$18.30
723.74$15.53
846.25$14.73
1208.75$12.53
1449.00$11.38

 

Motorcycle Loans

New Motorcycles
Rates effective: 12/10/2019
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.
Term
(in months)
APR%
(as low as)
Monthly Payment
(per $1,000 borrowed)
363.49$29.30
483.49$22.35
603.49$18.19
Used Motorcycles
Term
(in months)
APR%
(as low as)
Monthly Payment
(per $1,000 borrowed)
363.99$29.52
483.99$22.57
603.99$18.41

 

Recreational Vehicle Loans

New Recreational Vehicles *
Rates effective: 12/10/2019
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.
Term
(in months)
APR%
(as low as)
Monthly Payment
(per $1,000 borrowed)
363.7429.41
483.7422.46
603.7418.30
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)
364.24$29.63
484.24$22.69
604.24$18.53
724.24$15.75
846.75$14.97
1209.25$12.80
1449.50$11.66

 

Personal Line of Credit

% Above IndexDaily Periodic Rate %APR%
(as low as)
Rates effective: 12/10/2019
APY = Annual Percentage Yield. APR = Annual Percentage Rate.
Rates are subject to change. Loan rates are based on your creditworthiness. See additional disclosures.
6.150.03123311.40

Signature Loan

Term
(in months)
APR%
(as low as)
Monthly Payment
(per $1,000 borrowed)
Rates effective: 12/10/2019
APY = Annual Percentage Yield. APR = Annual Percentage Rate. Rates are subject to change. Loan rates are based on your creditworthiness.
128.74$87.33
248.74$45.57
368.74$31.68
489.74$25.24
6010.74$21.61
7211.74$19.42

Share Secured & Certificate Secured Loans

Share Secured - Variable Rate
Rates effective: 12/10/2019
APY = Annual Percentage Yield. APR = Annual Percentage Rate. Rates are subject to change. See additional disclosures.
% Above Prime Share RateAPR%Monthly Payment
(per $1,000 borrowed)
3.003.45$84.90
Certificate Secured - Variable Rate (extended term)3% above Certificate
Certificate Secured - Fixed Rate3% above Certificate

Other Secured Loans

This loan type is for the purchase or refinance of: ATVs, jet skis, snowmobiles, pull behind trailers, travel trailers, truck campers, and UTVs.
Term
(in months)
APR %
(as low as)
Monthly Payment
(per $1,000 borrowed)
Rates effective: 12/10/2019
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.
367.04$30.90
487.04$23.96
607.04$19.82
727.29$17.19

Education Loans

Term
(in months)
Basis Points
Above Index
APR %Monthly Payment
(per $1,000 borrowed)
Rates effective: 12/10/2019
APY = Annual Percentage Yield. APR = Annual Percentage Rate. Rates are subject to change. Some loan rates are based on your creditworthiness and ability to pay. See additional disclosures.
1207.25$86.64
60758.00$20.28
1201508.75$12.53

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.

First Mortgage Rates - Fixed
Loan TypeRates
(as low as)
PointsAPR
(as low as)
Payment Factor
(per $1,000)
30 Year3.500%None3.540%$4.4904
30 Year3.375%0.500%3.414%$4.4210
30 Year3.250%1.250%3.288%$4.3521
30 Year - 100% Financing *3.750%None4.148%$4.6312
30 Year - 100% Financing *3.625%0.500%4.064%$4.5605
30 Year - 100% Financing *3.500%1.250%4.000%$4.4904
30 Year VA ***3.625%None3.665%$4.5605
30 Year VA ***3.500%0.500%3.540%$4.4904
30 Year VA ***3.375%1.250%3.414%$4.4210
20 Year3.375%None3.564%$5.7356
20 Year3.250%0.500%3.432%$5.6720
20 Year3.125%1.250%3.301%$5.6088
15 Year3.125%None3.194%$6.9661
15 Year3.000%0.500%3.068%$6.9058
15 Year2.875%0.750%2.940%$6.8459
10 Year2.875%None2.972%$9.5985
10 Year2.750%0.500%2.846%$9.5411
10 Year2.625%0.750%2.720%$9.4839
30 Year Jumbo3.500%None3.529%$4.4904
30 Year Jumbo3.375%0.500%3.404%$4.4210
30 Year Jumbo3.250%1.250%3.278%$4.3521
30 Year Jumbo - 100% Financing **3.750%None4.144%$4.6312
30 Year Jumbo - 100% Financing **3.625%0.500%4.060%$4.5605
30 Year Jumbo - 100% Financing **3.500%1.250%3.995%$4.4904
15 Year Jumbo3.125%None3.175%$6.9661
15 Year Jumbo3.000%0.500%3.342%$6.9058
15 Year Jumbo2.875%0.750%2.924%$6.8459
10 Year Jumbo2.875%None2.946%$9.5985
10 Year Jumbo2.750%0.500%2.820%$9.5411
10 Year Jumbo2.625%0.750%2.693%$9.4839
15 Year Land3.500%None3.571%$7.1488
15 Year Land3.375%0.500%3.446%$7.0876
15 Year Land3.250%0.750%3.320%$7.0267
First Mortgage Rates - Adjustable Rate
Loan TypeRates
(as low as)
PointsAPR
(as low as)
Payment Factor
(per $1,000)
5 Year ARM3.125%None3.978%$4.2838
5 Year ARM2.750%1.000%3.926%$4.0824
5 Year ARM - 100% Financing *3.375%None4.407%$4.4210
5 Year ARM - 100% Financing *3.000%1.000%4.356%$4.2160
7 Year ARM3.250%None3.895%$4.3521
7 Year ARM3.125%1.000%3.917%$4.2838
5 Year ARM Jumbo3.125%None4.121%$4.2838
5 Year ARM Jumbo2.750%1.000%4.063%$4.0824
5 Year ARM Jumbo - 100% Financing **3.375%None4.559%$4.4210
5 Year ARM Jumbo - 100% Financing **3.000%1.000%4.506%$4.2160
7 Year ARM Jumbo3.250%None4.010%$4.3521
7 Year ARM Jumbo3.125%1.000%4.033%$4.2838
Bridge Loan Rates
Loan TypeRatesPointsAPRPayment Factor
(per $1,000)
1 Year Balloon (no monthly payments)7.875%None8.864%N/A
Current Rate Indexes
ARM Index 1 Year Treasury1.630%


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 $484,350 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 $484,351 to $625,500 and LTV’s of 95.01% to 100%.


*** 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 $484,351 to $850,000.

Investment Property Home loans are available for fixed rates only, excluding the 10 year term, the following will be added to the rate:
For LTV ≤ 75% add 1.125%
For LTV 75.01-80% add 1.625%
For refinance transactions, the maximum LTV is 75%
Investment Property financing not available in Massachusetts and Washington DC
(Some restrictions apply)

APR for Conforming loans is based on a loan amount of $484,350 and $1,674 in other fees.
APR for Jumbo 100% loans is based on a loan amount of $625,500 and $1,874 in other fees.
APR for Jumbo loans is based on a loan amount of $850,000 and $1,874 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 / CLTV5.250%5.501%$18.9860
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 / CLTV4.250%4.250%$3.5417
Home Equity Line of Credit from 80.01% to 100% LTV / CLTV5.750%5.750%$4.7917

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%
$318,000 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
Home Equity Line of Credit minimum monthly payment will be based on the outstanding balance.

For Home Equity Line of Credit up to 80% LTV / CLTV, variable rate is based on Prime rate minus 0.50%

For Home Equity Line of Credit 80.01 – 100% LTV / CLTV, variable rate is based on Prime rate plus 1.00%

APR can change each quarter.

The maximum APR is 18.00%

Rates are subject to increase after consummation.

Current Prime rate : 4.75%


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 $1.25 million for LTV’s / CLTV’s > 80%.

Available in all states except Texas


Rates effective: 12/10/2019