Make the most of your home’s equity.
When people need cash for home improvements, debt consolidation, or education expenses, they often take out personal loans that have very high interest rates and upfront fees. Instead, unlock the equity in your home to help pay for those things.
A home equity line of credit (HELOC) is a far more efficient and affordable way to pay for large expenses.
Simply put, your equity is your home’s current value minus your outstanding mortgage. Usually, a HELOC is available once your mortgage approaches 20% equity in your home — although some institutions allow HELOCs with only 10-15% equity.
A HELOC is like a credit card that borrows against your home’s equity. And, like a credit card, applying for one may have an impact on your credit score.
Let’s say you have $50,000 in equity. That means you could borrow up to that amount for costly renovations, home remodeling, debt consolidation, education expenses, and more. We offer both fixed- and variable-rate HELOCs with varying term lengths. The ABNB money-saving difference?
- No closing costs
- No upfront fees
- No minimum draws
Once approved, depending on your HELOC type, you’ll have a set number of years to use your funds. After that, you’ll have a set number of years to pay it back with interest.
Tax-tip: Your HELOC may be tax deductible, so check with your tax professional for all the details.
A lot of people think that a home equity line of credit is the same as a home equity loan, but they’re not.
A HELOC is a credit line you can continually draw from as needed while a home equity loan is provided to you as a lump sum upfront. HELOCs only charge interest on the amount used — not the full amount of the line. A Home Equity loan means that you’ll pay back what you borrowed, plus interest.
Our online debt/payment protection process is simple, fast, and convenient. To file a Debt/Payment Protection claim call 800.621.6323 or visit Your Claim (cunamutual.com) . Our mobile-friendly site gives you 24/7 access to your claim, so you can start a new claim, see your claims status or benefits details, and view FAQs.
*APR = Annual Percentage Rate. APRs are fixed rates based on approved credit with an LTV of 80% to 100% and will not increase during the life of the loan. Available to members with qualifying credit. Some restrictions may apply. Closing costs will be applied if the loan is closed within the first two years. Membership required. Homeowners insurance required. Interest may be tax deductible, consult your tax advisor. Maximum annual percentage rate will not exceed 18.00% APR.
**APR = Annual Percentage Rate. APR is variable based on Prime Rate. Rates and terms subject to change without notice. Available to members with qualifying credit. Some restrictions may apply. Closing costs will be applied if the loan is closed within the first two years. Membership required. Homeowners insurance required. Interest may be tax deductible, consult your tax advisor. Maximum annual percentage rate will not exceed 18.00%APR.