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Home Equity Line of Credit

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How Does a HELOC Work?

  1. When you’re approved for your HELOC, you’ll be able to access that amount for the duration of your 10-year draw period.

  2. Accessing the funds is as easy as transferring the amount to your checking account.

  3. If you access the line, you’ll begin monthly payments. As you make those payments, that money is again available for you to use.

  4. Once your 10-year draw period is done, you enter the final 5-year repayment phase. No further draws are allowed and you have 5 years to payoff any remaining balance.

  5. If you never use the line, you never pay anything back!

 

The Benefits of a Heritage Family HELOC

Yes, I'd Like to Apply!

 

Disclosures

1 APR = Annual Percentage Rate. Promotional APR is subject to credit approval and will terminate at the end of the 24-month promotional period. Non promotional rates are variable and subject to credit qualifications and will be indexed to the Prime Rate published in the Wall Street Journal (7.50% as of 12.19.2024). Rates take effect the first day of the following month, subject to a maximum APR of 18%. Promotional offer subject to change or terminate at the discretion of HFCU. Additional terms and conditions may apply. Call 888.252.8932 or see below for details. Loan payment example for a $50,000 line of credit at 8.25% APR for 180 months would be approximately $485.00 a month.

2 All rates subject to change without notice. Initial $25.00 deposit for membership required. Additional restrictions apply.

3 Rates "as low as." Introductory APR is applicable for the first 24 monthly billing cycles. After 24 month promotional period ends, rate automatically adjusts to a variable interest rate, based on the Prime rate as published by the Wall Street Journal. Lowest possible rate is 4.00% Annual Percentage Rate (APR) if the WSJ Prime Rate allows that. Actual promotional rates and variable rates may be higher. All loans subject to approval.

4 If a property requires a full appraisal or title search, these costs will not be covered by Heritage Family Credit Union. If a borrower has already closed on a Home Equity product within the last 12 months, the borrower will be responsible for the full closing costs on the second loan. Covered closing costs depend on the location of the property, property type, and the amount of the Home Equity Line of Credit. Some exclusions and restrictions apply. All mortgage loans subject to credit approval. This offer is subject to change or cancellation without notice.

5 The WSJ Prime rate is the base interest rate on corporate loans as published regularly in the Wall Street Journal.

6 APR = Annual Percentage Rate. Rate listed is lowest possible rate, and only applicable if the Wall Street Journal Prime Rate drops low enough to allow that. Actual rate is based on your credit history and underwriting approval. Actual rate may be higher. Not all borrowers will qualify for the lowest rate. Lowest floor rate applies to new lines of credit only. Existing lines of credit are not changed from the parameters at the time of closing. Rate subject to change at any time. Equal Opportunity Lender.