Home Equity Line of Credit
Introducing the Advantage Home Equity Line of Credit (HELOC)1,2
Flexibility | Lower initial payments | Interest savings | Repayment options | No fees
Whether you’ve paid down your mortgage or gained ground with rising home values, using the equity in your home can be a valuable financial tool. And unlike higher rate loans and credit cards, the equity in your home is one of the most cost-effective ways to cover life’s expenses like accumulated debt, higher education, weddings, home improvements – you get the idea!
Enjoy These Key Features:1
- Up to 100% of your home’s value with loan amounts as high as $250,000
- Interest savings with rates as low as Prime + 1% APR
- Lower payments during an initial 10-year draw period with interest-only options available
- Flexibility to access funds over time
Discover the benefits:
Similar to a credit card, a HELOC is a revolving line of credit – you only pay back the funds you’ve used, and as you repay, your balance once again becomes available. The difference? A HELOC allows you to borrow funds at a much lower interest rate.
The Advantage Home Equity Line of Credit gives you a 10-year draw period to access funds. With the opportunity to allocate funds for specific purposes or projects over time you’ll benefit from being able to budget for planned expenses and have the ability to cover unexpected needs that may arise during this period.
Get Started
If you’re a member, you can apply online anytime or give us a call at (800) 849-8431 to apply with an experienced loan officer.
Not a member yet? It’s easy to apply online.
For additional information, call (800) 849-8431 or contact us online.
1Credit Union Membership eligibility and credit qualifications apply. APR=Annual Percentage Rate. The prime rate is the highest prime rate published in the Money Rates Table of the Wall Street Journal on the last business day of each month. Prime is a variable rate; as the prime rate increases or decreases so will the APR, which affects your monthly payment. The payment could then change during the next billing cycle. The current prime rate is 7.50%, current as of December 19, 2024 – with a maximum APR of 18.00%. Rates as low as Prime + 1% APR. The rate may vary depending on each individual’s credit history and underwriting factors. Not all applicants will qualify, nor will all applicants qualify for the lowest rate. Credit is contingent on the equity in your home. The specific terms, including the interest rate, will be disclosed in the loan agreement. Subject to applicable laws, regulations, and lending guidelines. Any modifications to these laws and regulations may impact the terms and conditions of the HELOC. We reserve the right to modify or terminate the HELOC at any time, subject to applicable laws and regulations. We will provide notice to you in accordance with legal requirements. A home equity line of credit is secured by a first or second mortgage lien on your home, which must be one-to-four family residential real estate. This type of credit is not available for investment or rental property. The minimum line of credit amount is $20,000 up to a maximum of $250,000. Maximum loan to value is 100%. 25-year term, consisting of a 10-year draw period followed by a 15-year repayment period. All loan fees and closing costs for opening the plan total between $900.00 and $3,000.00. Flood and/or property hazard insurance will be required. Other restrictions may apply. Interest-Only Option – will require a monthly minimum payment of the interest your loan has accrued. However, your principal balance will remain the same until you make additional payments for principle. Members who choose to proceed with an Interest-Only Home Equity Line of Credit may experience significant monthly payment increases when the line of credit enters into the repayment phase, which could result in a balloon payment. Consult a tax advisor for information regarding the deductibility of interest and charges. Programs, rates, terms, and conditions are subject to change at any time without notice.
2HELOCs not available in the State of Texas.
