A home equity line of credit (HELOC) is a revolving line of credit that allows you to use the equity in your home when you need it. You won’t pay any interest until you use your HELOC funds.
- Your loan stays at the Credit Union, we don’t sell our servicing
- 10 year draw period, followed by 20 year repayment period
- Low variable rate
- Only pay when you use the money
- No application fee
- No prepayment/payoff penalty
- Choose your payment structure during the draw period: Interest-only or Traditional (principal + interest)
Click here to compare options with our Mortgage calculators.
Annual Percentage Rate (APR). Estimated. Expresses the total cost of the loan, including both the interest rate and applicable up-front fees, as a rate. Calculation based on an immediate one-time draw of of $50,000, fees as noted, and other up-front-fees (appraisal, title, origination, etc.) of $500. Assumes fees are financed. Assumes no delay in funding nor any delay in initial payments.
Payment Example HELOC: if you take out a $50,000 loan with a 20-year term and a fixed rate of 7.000%, you would make monthly payments of $387.65. This payment example does not include taxes and insurance.
Payment Example Home Equity Fixed: if you take out a $150,000 loan with a 15-year term and a fixed rate of 7.000%, you would make monthly payments of $1,348.24. *This payment example does not include taxes and insurance.
|Owner Occupied HELOC||6.250% – 7.750%, varies with Prime||6.375% – 7.883%|
|Non-Owner Occupied HELOC||6.250% – 9.250%, varies with Prime||6.500% – 9.531%|