Unlock the Power of Your Home with a HELOC from F3 Credit Union
Your home is more than just a place to live; it’s a valuable asset that can help you achieve your financial goals. With a Home Equity Line of Credit (HELOC) from F3 Credit Union, you can tap into the equity you’ve built in your home to access the funds you need, when you need them.
Your Home
What is a HELOC?
A Home Equity Line of Credit (HELOC) is a flexible, revolving line of credit that uses the equity in your home as collateral. Similar to a credit card, you can draw funds as needed up to your credit limit and pay interest only on the amount you use. It’s a smart and convenient way to finance major expenses, home improvements, debt consolidation, or unexpected costs.
Why F3CU
Our Flexible HELOC offers:
- Credit lines from $25,000 to $200,000
- Low Interest-only payment option
- Easy acces to funds through online banking, bank-by-phone and in-branch services
- No annual fees
Apply Online for your HELOC today or call our Mortgage Specialists at (877) 296-8728.
How it Works
How a HELOC Works
- Application Process: Apply online, over the phone, or in person at one of our branches. Our friendly loan officers will guide you through the process and answer any questions you may have.
- Approval and Credit Limit: Once approved, you’ll receive a credit limit based on the equity in your home, your credit history, and other factors.
- Draw Period: During the draw period, typically 10 years, you can borrow as much or as little as you need, up to your credit limit. You’ll make interest-only payments on the outstanding balance.
- Repayment Period: After the draw period ends, you’ll enter the repayment period, usually 15-20 years, during which you’ll pay back the principal and interest.
APR = Annual Percentage Rate. Lowest rates are based on Prime minus 0.25%. The minimum rate is 4% APR (excluding the promotional rate) and the maximum rate is 18% APR. During the 10-year draw period, you may pay only the interest accrued on the balance monthly. After the draw period, the loan is then amortized over a payback period and you begin to pay the principal and interest monthly. The maximum Loan-to-Value (LTV) is 80% if your first mortgage is with F3CU, or 75%, if it is with another lender. All loans subject to credit approval. Other conditions and restrictions may apply. Call us for complete disclosure.