HELOC's - (Home Equity Line of Credit)
If you want to borrow money, a HELOC (Home Equity Line of Credit) is a smart solution. It allows you to get money without draining your savings. Our HELOC has become one of our most popular mortgage products because it enables our members to be prepared for expected or unexpected events in their lives. Use your HELOC proceeds for a vacation, home improvements, tuition costs, wedding expenses or simply for a "rainy day" fund. Although at times it may seem that your house is a gigantic money vacuum, your home actually repays your investment. The equity you create with every penny you spend on your house provides a generous cash supply for you to use.
Select from 3 Initial Fixed Rate options at 80% LTV:
|1 Year Fixed at 1.99%||3 Years Fixed at 3.99%||5 Years Fixed at 5.00%|
|Borrow up to 80% of the value of your home.||Borrow up to 80% of the value of your home.||Borrow up to 80% of the value of your home.|
|Floor Rate of 4%||Floor Rate of 4%||Floor Rate of 4%||
Or borrow up to 100% of the value of your home.
|WSJ Prime plus 1%|
|Borrow up to 100% of the value of your home.|
|Floor Rate of 5%|
- No Closing Costs*
- Choice of Initial Fixed Term Options
- Lines starting at $20,000
- Maximum loan amount $150,000
- 10-Year Draw Period with Interest Only payments** (Min payment $50)
- 15 year payback of principal and interest after draw period
- Borrow up to 80% or 100% of the value of your home, minus your first mortgage. (Restrictions may apply)**
- Homeowner's insurance is required.
*LTV greater than 80% or any loan amount over $250,000 require an appraisal (appraisal fee will apply)
**Please contact the credit union for details.
Principal Residences only. Not available for purchases.
APR = Annual Percentage Rate. Rates and conditions are subject to change without notice.