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Home Equity Line of Credit

A HELOC is a Home Equity Line of Credit, that turns the equity in your home into a line of credit which you can access via online banking or personalized checks.  Plus, for a limited time, pay $0 closing costs when you open a new HELOC!

You can make home improvements, consolidate debt, and more by putting your home to work for you. Don’t just dream about what you could do- write it out and get it done! HELOC Disclosure and Application Packet.

Pay $0 Closing Costs with Flexible Payment Options!

  • 2.99% APR* Introductory Rate for 6 months
  • Fixed Rate HELOC with rates starting at 6.99% APR*
  • Adjustable Rate HELOC with rates starting at 5.50% APR*
  • Convenient borrowing with minimum line of credit starting at $10,000
  • Enjoy a 3-year draw period that allows you to handle whatever life throws at you

Contact us for more information on how you can turn the equity in your home into a line of credit.

For a list of Mortgage Loan Originators (MLO's), click here.
 

Disclosure

*APR = Annual Percentage Rate. The promotional rate of 2.99% APR is available for the first 6 months.  After the introductory period, your rate will be determined based on individual creditworthiness.  Some discounts may apply when appropriate. Infuze CU membership required.  Offer subject to change or may expire without notice. Potential line of credit must be a minimum of $10,000; your payment during the repayment period will never be less than the smaller of $50.00 or the full amount that you owe.  The minimum credit advance that you can receive is $100.  Infuze CU will pay closing costs associated with an equity line of credit which includes: appraisal, credit report, flood certification, settlement/closing, property ownership, and encumbrances search, recording, and property search. Property insurance is required and not included in closing costs.  Heroes bonus:  The $100 reward will be deposited into member’s savings account within 10 days after loan funding. Restrictions, other terms and conditions apply; visit infuzecu.org/HELOC, call or visit a branch for details.  Maximum loan amount $250,000.  No annual fee.  Interest only payments and are based on the amount borrowed. Finance charges begin to accrue on the day an advance is made on the line.

Variable Rate Loan:  The APR may vary after the account is opened.  The APR is based on the value of an index, which is the Prime Rate published in the Money Rates column of The Wall Street Journal.  The APR cannot increase more than 6.0 percentage points above the initial rate, can change quarterly, and cannot increase or decrease more than 2.0 percentage points in any one year period.  However, under no circumstances will your APR go below 4.0% at any time during the term. As an example, the maximum APR that can apply is 12.25% APR as of 7/2018 at a WSJ Prime Rate of 5.0%. The line of credit has a 3-year draw period with a maximum of 15 year repayment period.  If you had an outstanding balance of $10,000 during the draw period, the minimum payment at the maximum APR of 12.25% would be $104.04.  The maximum APR will increase as the WSJ prime rate increases.

Fixed Rate Loan:  The APR is not based on an index. It is based upon an initial discounted fixed rate in effect for 6-months from the opening date of the loan. After that, the fixed rate is applicable for the remaining term. These rates will be specified at closing and will be based upon the market conditions at that time. Repayment terms of 10-years available for fixed portions. As of 02/01/2019, the fixed rate is as low as 6.99% APR.  Line of credit has a 3-year draw period with a maximum of 10-year repayment period.  If you made only the minimum monthly payment and took no other credit advances, it would take 13 years to pay off a credit advance of $10,000 at an APR of 8.99%. During that period, you would make 36 payments of $68.96 to $76.35, followed by 119 payments of $126.63 and one (1) final payment of $124.93. 

 

 

 

 

 

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