Home Equity Line of Credit (HELOC) accounts work similarly to a credit card where you are approved for a maximum credit limit and can then spend the money as you need it. The rate on these accounts is variable and can change quarterly based on the Wall Street Journal Prime Rate. We also offer a fixed rate advance option.
A Home Equity Line of Credit can help you:
- Finance home improvements, remodels, or other home projects.
- Consolidate existing debts into one convenient monthly payment.
- Cover education costs, medical expenses, or major life events (like weddings or growing your family).
- Purchase a vacation home!
- Build the backyard oasis you’ve always wanted—yes, even that new pool!
- Establish a financial safety net for unexpected emergencies.
Features
- Access up to 97% of the value of your home
- No Annual Fee
- No prepayment penalties
- Low Closing Costs
- Revolving credit with a 5-year draw period
- 10-year repayment period
- Loan amounts up to $150K
- Interest may be tax-deductible (consult a tax advisor regarding the deductibility of interest)
- Fixed Rate Conversion Option
Credit Life and Disability Insurance
The credit union offers Credit Life and Credit Disability Insurance with most of our loan options. Credit Life Insurance will pay your remaining credit union loan debt in the event of your death, thus avoiding any financial burdens for your beneficiaries. * Credit Disability Insurance makes your credit union loan payments in the event you are unable to work due to a disability or injury that lasts more than 30 days.
Apply for a Home Equity Line of Credit Home Loan Rates