Home Equity Line of Credit
A Home Equity Line of Credit (HELOC) is a great option, whether you are improving your home or consolidating debts. Payments are based on 15-year repayment terms. As you pay the balance down, that equity is available for you to borrow again quickly and easily. We have low variable rates, and a "Sticky Rate" option that won't change until July 1, 2024. Ready to get started? Contact us today.
Have more questions? Read on for more information about the process:
Q: How long does it take to get a HELOC?
A: The entire process usually takes 2-3 weeks from the time we receive your completed application until you have the funds in hand.
Q: What documents are required?
A: We need the following documents:
- Completed, signed mortgage loan application
- Mortgage statement showing the current balance on your 1st mortgage
- Insurance information verifying the coverage limits and cost of your home owners’ insurance
- Paystub or W2 showing YTD income for all borrowers
- Information regarding HOA dues, if applicable
Q: Will I need to get an appraisal?
A: That depends. We subscribe to a service that allows us to get an estimated value on your home quickly and at no cost. If that gives enough value to proceed, then no appraisal is required. If our estimate does not come in high enough, you may ask us to order a full appraisal. The appraisal fee of approximately $400 must be paid in advance, and will add about 7-10 days to the loan process.
Q: What is the cost for a HELOC?
A: Costs typically run about $250 for a HELOC if an appraisal is not required, or $650 if an appraisal is needed.
Variable annual percentage rate (apr) as low as the Prime rate +0%, currently 5.50% apr. After fixed rate period (if any), rate adjusts quarterly. Maximum apr 18%. Estimated closing costs typically range from $195 to $500. See credit union for full details. Rates, terms, and conditions are subject to change without notice. All loans are subject to creditworthiness.