Home Equity Loans & Lines of Credit
Interest-Only HELOC Rates as Low as 3.49% APR3
Get the Payment Flexibility You Need When You Borrow
Call 800.845.5025
After Oct. 1, 20183, the rate adjusts to the standard post-introductory rate currently as low as 5.88% APR3.
How an Interest-Only HELOC Works
An Interest-Only HELOC is different than a regular HELOC because it offers more payment flexibility. Instead of initially making payments on interest and principal, you can begin by making payments only on interest, then pay off the principal and any remaining interest later.
Initial Draw Period
For the first 15 years, you’re only required to make payments toward the interest of the funds you use.
Repayment Period
After the first 15 years, you have a 15 year term to repay balance, and there are no prepayment penalties3.
Revolving Loan
During the initial draw period, you can make advances, repay, and advance again as needed.
Not sure if an Interest-Only HELOC is right for you? Here are some situations when it’s your best option.
Lowest Available Rates
Home Equity Loan
Starting at 4.49%
(4.776% APR1)
Home Equity Line of Credit (HELOC)
Starting at 3.49%
(3.50% APR2)
Interest-Only HELOC
Starting at 3.49%
(3.50% APR3)
5/1 Adjustable-Rate Mortgage (ARM)
Starting at 4.99%
(4.908% APR4)
Which Home Equity Product is Best for You?
| Home Equity Loan | HELOC | Interest-Only HELOC | 5/1 ARM | |
|---|---|---|---|---|
| Helpful If | You need a specific amount right now. | You need money over time. | You need money over time. | |
| How it Works | Borrow up to 90% of your home’s equity and receive all the money at signing. | Borrow money as you need it up to your line of credit limit. | Borrow money as you need it up to your line of credit limit. | Borrow up to 90% of your home’s equity. |
| Rate Type | Fixed | Variable | Variable | Variable |
| Available Terms | 60-240 months | 15 year draw, 15 year repayment | 15 year draw, 15 year repayment | 60-240 months |
| Minimum Payment | Dependent on loan details. | 1.5% of credit limit. | Interest-only payment based on amount borrowed. | Dependent on loan details. |
| Apply Now | Apply Now | Apply Now | Apply Now |
Fees
See our Fee Schedule for a list of fees you may encounter.
FAQs: You Asked. We Answered.
A Home Equity product is a great solution for when you have unexpected expenses, cash shortfalls, home repairs, or large purchases to make. You can use the equity built up in your home to borrow money. You get a low rate and flexible monthly payments.
The amount of equity you have in your home determines the Home Equity Line of Credit limit or the Home Equity Loan value. If you call 800.845.5025, we can help you determine your estimated credit limit or loan value amount.
The difference comes in how your payment is calculated. A HELOC payment includes loan balance principal and interest accrued. An Interest-Only HELOC payment only covers the interest accrued, so making a minimum payment will not reduce your principal balance.
We offer a variety of options to ensure we have a solution that works for you. Our team will help you choose the right Home Equity Loan for your needs. Call 800.845.5025 to speak with one of our experts.
Disclosures
1 APR = Annual Percentage Rate. Rate is fixed for the term of the loan. Advertised rate is current as of 7/23/2018. Actual rate is based on applicant’s credit score, term of loan, and Loan to Value. Loan is subject to credit approval. Qualifications and limitations may apply. Credit Union membership required. Rates and terms subject to change. Borrow at 4.776% APR for 5 years and make monthly payments of $18.64 per $1,000 borrowed. Payments do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation will be greater. Minimum loan amount $5,000. No maximum loan amount. Borrower pays all applicable closing costs which can range from $175 to $2,000. Homeowners insurance required.
2 APR = Annual Percentage rate. Advertised rate is current as of 7/23/2018. Actual rate is based on applicant’s credit score, term of loan, and Loan to Value. Loan is subject to credit approval. Rates and terms subject to change. Credit Union membership required. Borrow at a variable 3.50% APR; estimated monthly payments of $150.00 per $10,000 borrowed. Payments are based on 1.5% of credit limit. Finance charges begin to accrue on the day an advance is made on the line. No annual fee. Rates based on previous 12 week average on US Treasury Security adjusted to a constant maturity of 1 year; can adjust semiannually in April and October and are current as of 7/23/2018. No minimum APR, maximum rate is 15.9% APR. Minimum loan amount of $5,000. No maximum loan amount. Borrower pays all applicable closing costs and range from $175 to $2,000 depending. Homeowners insurance required.
3 APR = Annual Percentage rate. Advertised rate is current as of 7/23/2018. Actual rate is based on applicant’s credit score, term of loan, and Loan to Value. Loan is subject to credit approval. Rates and terms subject to change. Credit Union membership required. Borrow at a variable 3.49% APR; estimated monthly payments of $28.87 per $10,000 borrowed. Payments are interest only and are based on the amount borrowed. Finance charges begin to accrue on the day an advance is made on the line. No annual fee. The current non-introductory APR may vary and is based on margin plus 12 week average on US Treasury Security adjusted to a constant maturity of 1 year. The current non-introductory rate is as low as 5.88% APR. Rates adjust semiannually in April and October. Maximum rate is 15.9% APR. Total closing costs and range from $175 to $2,000. Homeowners insurance required.
4 APR = Annual Percentage Rate. Advertised rate is current as of 7/23/2018. Actual rate is based on applicant’s credit score, term of loan, and Loan to Value. Loan is subject to credit approval. Rates and terms subject to change. Credit Union membership required. Borrow at a fixed 4.908% APR for 5 years; estimated monthly payments of $184.17 per $10,000 borrowed. Rates become variable after initial 5 year term and adjust annually. Rates based on the yield on 1 year LIBOR plus a margin. No minimum rate. Maximum rate is 6 % over initial rate at origination. Minimum loan amount of $5,000. No maximum loan amount. Borrower pays all applicable closing costs and range from $175 to $2,000 depending. Homeowners insurance required.
Federally Insured by NCUA