HOME EQUITY LINE OF CREDIT
Equity for emergencies
A Home Equity Line of Credit (HELOC) is a revolving line of credit that can be used in case of emergency or for short term expenses.
2.99% APR interest rate is something to celebrate!
- 2.99% APR for 6 months 1
- Borrow up to 100% of your home’s value
- No closing, appraisal, credit report, or origination fees on loan amounts under $250,000
Choose between these HELOC options:
- Standard HELOC – With our standard Home Equity Line of Credit, you pay 1% of the principal amount monthly (minimum $50)
- Interest-Only HELOC – With our interest-only HELOC, you pay the monthly interest on the amount you have borrowed (minimum $50)**
*University Credit Union HELOC's have a 10 year draw period followed by a 10 year repayment period. Minimum line of credit is $5,000 with a $100 minimum advance. Fees will be incurred if HELOC is closed within 24 months of its origination date. Homeowner insurance will be verified.
**Variable interest will be based on the prime rate plus a margin. For example, a prime rate of 4.50% plus a margin of 0.5% would result in an interest rate of 5% APR. Because prime is a variable rate; as it changes, the APR on your account will also change. The maximum APR that can apply is 18.00%. Minimum interest rate over the life of the loan is 3.74%. See rates table for current HELOC rates. Closing costs waived include origination, processing, underwriting, tax service, appraisal, credit report, and title fees.
1 After 6 months, a variable-rate APR as low as 4% will apply (depending on your credit and loan to value).