HELOCs Make Your Home Dreams Reality!
Thinking about a home improvement project, but hesitating at the cost? Consider making your home’s value work for you with a Home Equity Line of Credit (HELOC)!
What is a HELOC?
HELOCs are a revolving open-end line of credit. Someone opens a line of credit at an agreed-upon amount with the value of their home as collateral. Compared to a Personal Loan, a HELOC is a more budget-friendly way to make long-awaited home improvements and personal projects happen. This type of loan may work best with lengthy projects, starting a business, paying for a vacation or making purchases while planning a wedding.
How Does a HELOC Work, Anyway?
If this is your first time learning about these types of loans, let’s dive into the specifics of an Educators HELOC so the technicalities make sense.
When a HELOC is closed on, a draw period begins and lasts 10 years, with an option to extend. During this time, the borrower can use this line of credit to spend as they go. A monthly minimum payment applies. The payment is based on usage, just like a credit card—but at a much lower rate than a credit card. Once the draw period ends, your repayment period begins. It typically lasts about seven years, giving you time to repay the remaining balance until you pay off your HELOC.
Brand New Perk for New HELOCs
Here’s the best part: we’ve added a new perk to all new HELOCs! Members now enjoy a 0% introductory APR1 for the first three months2,3 after closing a new HELOC! When the introductory period ends, you’ll benefit from a variable rate as low as 6.24% APR1.
No need to ask or provide a special promo code. Every qualified, approved HELOC now comes with this amazing perk that will make your next project more affordable.
Prefer a fixed repayment term?
A fixed-rate, closed-end Home Equity loan might make more sense for someone looking to fund a project such as a home addition, new roof or siding or consolidating debt into one payment. Learn more about Home Equity loans and how to apply.
Get started by contacting us using Educators Connect Cam™ or giving our lending specialists a call at 262.886.5900.
Insured by NCUA | Membership eligibility required. | Equal Housing Opportunity | 1. APR = Annual Percentage Rate. | 2. Eligible member will receive an introductory rate of 0% for the first 3 months. To qualify: a. Member must open a new home equity line of credit OR refinance an existing Educators Credit Union HELOC with an additional $5,000 added to the line of credit. | 3. After the 3-month introductory period, the rate will revert to the current rate. The actual rate will be based on loan to value amount. *Rate will be adjusted quarterly to -0.51% to +1.99% over Prime Rate. The current rate shown is for homeowners with up to 80% combined loan-to-value. Other rates will apply for loans with a higher loan-to-value. Rates are subject to change, but the rate will not exceed 17.9% APR. Maximum loan 100% of appraisal value, total 1st and 2nd mortgages. Closing cost, appraisal cost, and other fees may apply. Property insurance is required. Subject to approval.