If you have a home and have been making payments on your mortgage for years, then you may have built up a significant amount of equity. A Home Equity Line of Credit (HELOC) is a great way to leverage the value of your home and ensure you have funds available for whatever you want, such as home improvements and additions, debt consolidation, education, family vacations, and more! Similar to a credit card, a Home Equity Line of Credit allows you to borrow what you need, as you need it, up until you reach your credit limit.
Home Equity Line of Credit Details2:
An APCO Employees Credit Union HELOC gives you the buying power you need to maximize life or simply provide a line of credit that’s ready in case an unexpected expense comes your way.
BECOME A MEMBER
1Introducing the APCO ECU Home Equity Line of Credit with an introductory rate as low as 1.99% APR. APR = Annual Percentage Rate. Closing cost will be waived with a minimum initial advance at closing of $10,000. 6 months after closing, the interest rate will convert to a variable rate that is based on the Prime Rate as published in the Wall Street Journal plus a margin determined by creditworthiness. Offer is good on new Home Equity Line of Credit applications submitted 9/1/2022-12/31/2022. All rates and offers are subject to change without notice. Offer is limited to owner occupied primary residences only. Adequate Homeowner’s insurance coverage is required. Terms and conditions apply. See lender for further information concerning fees, rates, and terms. Equal Housing Opportunity Lender. Federally Insured by NCUA.
2Terms and conditions apply. See lender for further information concerning fees, rates, and terms. Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan. Consult your tax advisor about deductibility. Adequate homeowner’s insurance coverage is required.
What is a Home Equity Line of Credit?
A Home Equity Line of Credit, also known as a HELOC, is a line of credit secured by your home that gives you a revolving credit line to use for large expenses. With a HELOC, your borrowing against the available equity in your home and the house is used for collateral for the line of credit. As you repay your outstanding balance, the amount of available credit is replenished – much like a credit card. This means you can continually borrower against the line of credit for the full life of the draw term.
What can I do with a HELOC?
Members can use a Home Equity Line of Credit (HELOC) for many things: Home Improvement, paying off high-interest debt, installing that dream swimming pool, buying a vehicle. Some members use a HELOC to buy a second property or a vacation home.
How is the payment calculated?
The payment calculation is $10 for every $1,000 borrowed. So if a member has a balance of $50,000, the monthly payment will be $500.
What is the maximum allowed?
Our maximum allowable combined loan to value is 85%.
Are there closing cost?
Closing cost is waived if a member takes an initial draw of $10,000 and keeps a balance on the HELOC for at least 90 days. Otherwise closing costs are estimated between $150 to $1,000.
Is there an annual fee?
There is no annual fee.
Is homeowners insurance required?
Proof of homeowners insurance is required.
Can I get an APCO Employees Credit Union Home Equity Line of Credit for property in any state?
No. Only Members who’s primary property is located in the state of Alabama are eligible for an APCO Employees Credit Union Home Equity Line of Credit.
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