All About The APCO Home Equity Line of Credit

All About The APCO Home Equity Line of Credit

We sat down with Preston Holder, Lending Manager at APCO Employees Credit Union, to learn all about the APCO Home Equity Line of Credit (or HELOC for short). Read on to learn more about the benefits of a HELOC, the process and some ways APCO Members utilize their HELOCs.

Here’s What You Need to Know:


Q. What exactly is a Home Equity Line of Credit or HELOC, for short?
A. I get this question all the time! A Home Equity Line of Credit or HELOC is a line of credit that Members can take advantage of for an extended period of time, generally up to 10 years.
For our Members who have been making payments on their mortgage for years, they may have built up a significant amount of equity. A HELOC is a great way to leverage the value of their home as it allows them to borrow what they need, as they need it, up until they reach their credit limit.


Q. What are some ways our APCO Members are utilizing their HELOC?
A. Our Members are using their APCO HELOC in a variety of ways. They are using a HELOC for home improvements, vacations, purchasing a new or used car or boat, educational expenses, purchasing land or a vacation home or to build that dream garage or swimming pool. Some Members just simply want to have a dependable line of credit in these uncertain times we find ourselves in and value the flexibility it offers.


Q. What are some key benefits of a HELOC?
A. One key benefit of a HELOC is purchasing power! After the initial underwriting and approval process, Members can utilize their HELOC time and time again. When an immediate monetary need presents itself, Members do not have to go through the process of qualifying for “another loan”. The HELOC is available and ready to go.

Unlike a traditional closed-end loan that offers a set dollar amount back to the Member only one time, a HELOC requires only one closing with unlimited draw access for an extended period of time, typically 10 years. This allows our Members flexibility to use their HELOC for various needs over time.


Q. If our APCO Members are interested in applying for a HELOC, what steps would they need to take to get started, and what does the process look like after applying?
A. Members can apply for a HELOC at our website here. The application process generally takes about 20 minutes to complete.

Members can also be prepared to present W2s from the 2 most recent years along with their most recent paystub or income benefits statement letter. Self-employed borrowers will need to provide 2 most recent years of completed tax returns. Members will also need to provide proof of homeowners insurance on the subject property.

After applying online, an APCO loan officer will reach out to the Member to answer any questions and go over the HELOC process.

For More Information

If you’re interested in a Home Equity Line of Credit, visit our HELOC page to learn more and see more frequently asked questions. If we can answer any other questions, reach out at 1-800-249-2726 or through our contact form here.