Home Equity Line of Credit
People Helping People.
Features
- Annual percentage rate as low as prime minus 0.25%
- HELOC limit up to 100% of home's value
- Fixed introductory rate for one year
- Interest only payment option available**
- No minimum draw, annual fee, or inactivity fee
Benefits
- Quick access to funds for making purchases
- Possible tax deductions on interest paid***
- Debt consolidation
- Home improvement projects
- Start a business
- Pay for school
The Consumer Financial Protection Bureau booklet can help you decide whether home equity line of credit is the right choice for you, and help you shop for the best available option.
*All loans are subject to membership eligibility and credit approval. Hazard insurance is required on all loans secured by real property; if the premises are in a special flood hazard area flood insurance is required. Available equity is based upon the current assessed value of your property. Maximum Loan-to-Value is 100%. The maximum loan amount is $100,000.00.
**Fort McClellan Credit Union offers either an amortizing or an interest only repayment option. The amortizing loan has a 5-year draw period followed by a 15-year repayment period. (2) The interest only loan has a 5-year draw period followed by a 15-year repayment period.
***Consult a tax advisor regarding the deductibility of interest. Visit our website www.fortmcclellancu.org for more information or call us at (256) 237-2113 to speak with a representative today. Equal Housing Opportunity Lender. Federally Insured by NCUA
