Time for an Upgrade?
From March 1 - May 31, get up to $250 toward closing costs¹ and be entered to win a $500 Home Depot gift card²
Home Equity Lines of Credit
Our Home Equity Line of Credit allows you to take advantage of the equity you’ve built in your home. A Home Equity Line of Credit is a flexible and affordable way to use your home’s equity for some of life’s largest expenses. For example, we find that a lot of borrowers want to:
- Remodel or renovate
- Pay for a family member’s college education
- Finance the purchase of a vacation home
- Consolidate high-interest debts
- Take that much-deserved dream vacation
How does a Home Equity Line of Credit work?
The equity in your home is calculated by using the appraised value as stated by an approved appraisal company. The difference of the appraised value minus any outstanding mortgages equals your total equity. A credit union representative will then help you determine the amount available for a line of credit. Simply write a check to access your HELOC account.
Advantages of Home Equity Lines
- Home equity lines are attractive to borrowers for a few main reasons:
- Extended repayment schedules help to keep your payment low and affordable
- Have a lower interest rate (or APR)
- Easy access Line of Credit
- Payments on a home equity line may be tax deductible
- Fixed Rate Option offers a fixed rate throughout the life of the loan and a set payment. Rates as low as 4.99%!
- Variable Rate Option offers low introductory rate and payment . Rates as low as 1.99%!
Borrow up to 90% of your home’s value.
APR - Annual Percentage Rate. Membership rules and restrictions apply. Terms and conditions subject to change without notice. Offer subject to credit approval, not all borrowers will qualify. Rates depend on LTV, lien position, and credit score. Minimum of $25,000.00 with advance amount of $10,000.00 or more required at closing for closing cost assistance. The offer is limited to currently occupied, single-family dwellings and is not valid for rental properties, mobile homes or residential lots. Rates accurate as of March 17, 2020. ¹CPM will pay up to $250.00 in closing costs, any additional is the responsibility of the borrower. Excludes member initiated appraisal. Typical closing costs range from $0.00 to $3,000.00. ²Offer applies to completed applications during the promotional period. One (1) Home Depot gift card winner will be selected at random on or about June 5, 2020. Winners will be notified by phone, email, or mail. Offer expires May 31, 2020.