- Land Loans
- Home Equity Line of Credit (HELOC)
- Home Equity
- Adjustable Rate Mortgage (ARM)
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
- Choose your payment structure during the draw period: Interest-only or Traditional (principal + interest)
- Low variable rate
- Only pay when you use the money
- No application fee
- No prepayment/payoff penalty
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: if you take out a $50,000 loan with a 20-year term and a fixed rate of 6.000%, you would make monthly payments of $358.22. This payment example does not include taxes and insurance.
|Owner Occupied||5.500% – 6.500%, varies with Prime|
|Non-Owner Occupied||7.000% – 8.000%, varies with Prime|