A Home Equity Line of Credit (HELOC) allows you to borrow money, using your home’s equity as collateral. Funds can be drawn from a Home Equity Line of Credit whenever the member needs it and can be used for anything the member wishes, such as home improvement, or debt consolidation.
- Minimum Loan Amount:
- Minimum – $10,000.00
- Maximum – Up to 90% of the appraised value.
- Rate:
- Home Equity Line of Credits have a variable rate.
- Introductory rate for 12 months, then based on equity position and prime rate.
- Home Equity Line of Credits have a variable rate.
- Terms:
- 10-year draw period and 10 year repayment period.
- Prepayment Penalties: None
- Closing Costs/Fees: Fees paid by the credit union if processing in conjunction with a 1st Mortgage loan.
- Appraisals: Required
- Additional Features:
- Debt Protection is not available.
- Interest paid may be tax deductible, members need to consult a tax advisor for details.
Benefits
- Saves you money with a low introductory rate.
- Saves you time with a convenient and easy online application or phone applications.
- Saves you money with the possibility of a tax deduction. Consult a tax advisor.
Target
For members who are homeowners that want to take care of expenses or pay off a loan when they aren’t sure of the exact total or just want to have money at your fingertips.