Home Equity Line of Credit
A Home Equity Line of Credit* gives you the flexibility to borrow funds as you need them. The line can be reused as it is paid down, without applying for a new loan. Using your line of credit is as easy as writing a check. With ten years of revolving credit, your funds are available anytime up to your limit, and there are no annual fees and no closing costs.
An Advantage Home Equity Line of Credit (HELOC) offers:
- Low introductory rate
- Low standard rate, based on Prime
- Easily accessible line
- No need to reapply during draw period
- Tax deductible (Consult your tax advisor)
- Lines from $7,500
Introductory Rate 1.25%*
*Introductory rate applies for the first six monthly billing cycles. Thereafter, your Annual Percentage Rate can be as low as Prime Rate -.25% for the life of your loan.
Your Advantage Home Equity Line of Credit gives you low-cost funds to pay for:
- Home Improvement.
- Vehicle.
- Debt Consolidation.
- Vacation.
- Educational Expenses.
- And More!
An Advantage HELOC offers:
- 10 years of revolving credit to access anytime for any reason up to your limit
- 15 years after that to repay.
- Simply write checks from your HELOC
- No closing costs.
- Tax deductibility (check with your tax advisor).
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**The Introductory/special rate of 1.25% APR applies to balances for the first six monthly billing cycles after closing. After the introductory period the Annual Percentage Rate (APR) may vary quarterly and will be based on the highest Prime Rate published in The Wall Street Journal (3.25% as of December 17, 2008), for the life of the line of credit. Minimum line amount is $7,500. After your first six billing cycles your rate will be based on the conditions of your loan as follows. If your credit line is $7,500 to $24,999 your APR will be Prime Rate +.99%; If your credit line is $25,000 to $49,999 your APR will be Prime Rate +0%; If your credit line is $50,000 to $200,000 your APR will be Prime Rate -.25%. Closing cost fees paid to third parties range from $300 to $1,000. The APR for all lines will not exceed 15.0%.
Interest is tax deductible subject to certain limitations. Consult your tax advisor for details. Should you terminate your line for any reason prior to the third anniversary of the line, you will repay the credit union the third party fees incurred to open the line. Hazard, flood, and title insurance, if applicable, are required on your property. A home equity line is secured by a mortgage on your home.
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