HELOC stands for “Home Equity Line of Credit.”
A HELOC is a revolving line of credit that is secured by the equity in your home.
It allows you to access funds as needed over a period of time.
Benefits
✓ Minimum loan amount of $10k
✓ Max loan amount is 80% of appraised value
✓ 7-year draw period & a 10-year repayment period
Best For
✓ Quick access to money without having to reapply
✓ Home Improvement
✓ Debt Consolidation
✓ Payoff Student Loans
✓ Home Improvements
✓ Other Large or Unexpected Home Purchases
Disclosure
Minimum loan of $10,000, maximum loan is 80% of appraised value minus any current liens. The term is 20 years, consisting of a 7-year draw period with interest-only payments followed by a 10-year repayment period, requiring principal and interest payments. This will likely increase your monthly payment during the repayment period. ACT 1st Federal Credit Union reserves the right to modify or end this offer at any time. Additional terms and conditions may apply. Subject to credit approval. ACT 1st Federal Credit Union Membership Required. Rates are based on an evaluation of credit history, combined loan-to-value ratio, loan term, and occupancy, so your rate may differ. Not all applicants will qualify for the lowest rates. APR as low as 8.25% as of Wednesday, May 1st, 2024. Interest rate is variable. Maximum APR that may be imposed under the plan is 18%. If you cancel or terminate your line of credit within the first 36 months of the date of funding, you will be assessed a prepayment /termination fee of $500.00. Interest will be charged at a variable APR based upon the Prime rate as published. Equal Housing Lender. NMLS# 654273.
