Home Equity Line-of-Credit
A Home Equity Line-of-Credit is an ideal program when you want funds readily accessible in a quick and convenient manner. Your credit limit is set at closing which allows you the convenience of advancing money only when you need it. Transfer funds to your checking account and use your checkbook or debit card to make purchases anytime. No additional approvals needed. Complete the transfers within online or mobile banking.
Advantages of a Home Equity Line-of-Credit:
- Low Closing Costs
- Credit Limit is Set at Closing - one time application
- Transfer funds to your checking account anytime via online or mobile banking
- Use only as needed
- Only pay interest on the funds you advance
- Loans remain at ServU FCU
- Interest may be tax deductible-consult your tax advisor
- Convenient payroll deduction
- Variable Rate Feature
| Variable Rate / Line of Credit | Term | APR* |
|---|---|---|
| Quarterly Prime +0 Plan (0-180 mo) | 90% rates | 7.50% |
| Anniversary Prime +1 Plan (0-180 mo) | 90% rates | 8.50% |
| APR may vary | Maximum APR is 18.00%. | ||
Calculate Your Estimated Borrowing Capacity Using A Home Equity Line of Credit (HELOC)
Depending upon the market value of your home, outstanding mortgage balance, credit history and other factors, you may qualify for a HELOC. Monthly payments on a HELOC are variable as they fluctuate with interest rate changes. Use this calculator to estimate your borrowing capacity on a HELOC. (Subject to underwriting guidelines, including limits on maximum loan to value.)
