Home Equity Line of Credit
Tap into your home's equity anytime
A Home Equity Line of Credit gives you access to funds for large purchases, emergencies, or even college tuition
There are many reasons to get a Home Equity Line of Credit (HELOC), including some you may not have thought of before:
- Consolidate Debt
- College Tuition
- Home Improvements
- Medical Expenses
- Vacation Planning
- Appliance or Auto Repair
- Emergency/Rainy Day Fund
No matter the reason, we're here to help you make the most of your home's equity!
Funds Disbursement
Revolving line of credit. Draw what you need when you need it. Draw period is the initial 120 months.
Interest Rate
Adjustable rate, subject to adjustment with changes to the Prime Rate. Monthly payments during the first 120 months can be for interest only or 1% of the outstanding statement balance. When draw period expires, monthly payments increase to include principal plus interest for the next 120 months.
Terms
Maximum term of 240 months: Members may take advances during the first 120-month draw period and are required to make monthly payments based on the balance of the credit line. Once the draw period ends, members repay the balance of the credit line based on a 120-month amortized schedule.
On qualifying credit lines below $100,000, fixed introductory rate for the first 13 months and no closing costs, except for legal fees, if required. Up to 80% Loan-to-Value.
For lines of credit over $100,000, up to 90% Loan-to-Value.
Benefits
Interest may be tax deductible. Useful when unsure of how much will be needed upfront. Please consult a tax adviser for further information regarding the deductibility of interest.
Frequently Asked Questions
Looking for some additional assistance? See if our FAQs can help!
Relationship Review
Meet one-on-one with our expert team to see if we can save you money on payments, find you a better rate, or simply answer your questions.
The Annual Percentage Rate (APR) of a HELOC is indexed to the Prime Rate as published on the money rate table in the Wall Street Journal + a margin for the life of the loan. Prime Rate as of 11/8/2024 is 7.75%. Our current lowest APR for credit lines over $100,000 is 7.75%, which includes + 0.00 margin and for credit lines under $100,000 is 8.25%, which includes + 0.50 margin. HELOC APRs are variable and subject to change. The maximum APR that may be imposed is 18.00%. Maximum loan-to-value as high as 90%, depending on creditworthiness. No closing costs for loan amounts of $100,000 and less except for legal fees, if required. For loan amounts over $100,000, estimated closing costs may range from $1,625 to $2,897. A review of the credit eligibility, adequate property value , and a clear title is also needed for qualification. Other restrictions may apply. The minimum loan amount is $10,000 and the maximum loan amount is $300,000. The term is up to 240 months. Pay interest only on the amount drawn or 1% of the balance. Membership with Freedom First is a requirement for this offer with a $5 share account. Property insurance, if applicable, must be in effect on the property being secured and the said property must be in the Freedom First Credit Union membership area. The property must be owner occupied . Please consult a tax adviser for further information regarding the deductibility of interest. All credit union loan programs, rates, term and conditions are subject to change at any time without notice. Contact a Freedom First Credit Union representative at (540) 389-0244 for complete details.
For qualifying credit lines of $100,000 or less, an introductory rate as low as 7.50% fixed APR applies for the first thirteen (13) months of the loan. After the introductory period, the APR will revert back to the original rate indexed to the Prime Rate. Your actual rates may vary, depending on credit history, loan amount and term, loan to value ratio, and other factors. Maximum loan-to-value as high as 80%, depending on creditworthiness. No closing costs for loan amounts of $100,000 and less except for legal fees, if required. Contact a Freedom First Credit Union representative at (540) 389-0244 for more details.