Home Equity Line-of-Credit

A home equity line of credit is a smart source of cash. It functions similarly to a credit card. You can use the funds up to the established line-of-credit. Some members have used their UCFCU Home Equity Line of Credit for remodeling their kitchen, bath, or swimming pool, paying their children’s student loans, consolidating bills, etc.

We offer some of the most competitive equity loan rates. Low Closing Cost. Home Equity Features:

• Up to 75% loan-to-value.
• A low annual fee of $50.
• The introductory discounted rate offered is a fixed rate for a period of  36 months, from the date of HELOC opening. After the introductory rate expiration, the rate will convert to a variable rate, Prime plus margin.
• Maximum increase per adjustment 1% with a 2% cap per year.
• Rate is subject to change semi-annually every January 1 and July 1.
• Initial draw $2,500, the minimum draw thereafter is $250.
• Low Closing Costs.
• You can draw money from your line of credit for up to 10 years or 15 years repayment.
• Allows cash flexibility to use for those pop-up situations.
• Potential tax advantage (consult with your tax advisor).

What You Should Know about Home Equity Lines of Credit.

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