Home Equity Line of Credit

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What is a Home Equity Line of Credit?

A HELOC allows a homeowner to access the equity that has accumulated in their home. In other words, if you owe less than your home is worth, you may be eligible for a HELOC. To calculate the amount you can borrow, the Credit Union will compare the amount you owe to the value of your home. A HELOC is a revolving line of credit, which means you can access funds when you need it – and borrow again after you pay it back!

Would I have to pay anything out of pocket?

The Credit Union will cover the first $500 of closing costs for your HELOC. This means in most cases; you won’t owe any closing costs. In the instance your closing costs exceed $500, you always have the option to pay your closing costs with the loan proceeds – no out of pocket cost to you!

How long does the process take?

The Credit Union works to close your HELOC as quickly as possible, so most of the time you will have access to your funds within 1-2 weeks. The process can move quicker when all required documentation is submitted in a timely manner.

What do I need to get started?

The application is quick and easy! Once you apply, start gathering your verification of income and homeowner’s insurance policy – this will speed up your loan process.

What can I use a HELOC for?

Whatever you want! Use it for needed repairs, remodeling, consolidating debt, or even pay for college! When you access your HELOC, the Credit Union can deposit the funds into your account or issue a check to a third party.

What would my payment be?

Use our calculator today to find out!

Loan Calculator

With no closing costs*, great lower rate**, and a quick and easy application process, why not dream big? Let's achieve it together! Apply Now

APR = Annual Percentage Rate. Offer is subject to change, and restrictions may apply. *Closing costs will be waived up to the first $500. Closing costs range from $500-$1200. Any costs exceeding $500 will be payable by the member. **Interest rate is variable and will be determined by the Wall Street Journal Prime Rate and range from 4% - 18%. Prime + 0% is only valid on new HELOCs. ***The length of repayment period will be 15 years, and monthly payments must be made during both the draw and repayment periods.