Home Equity Loans & Lines of Credit
Interest-Only HELOC
Finance Your Next Project With Flexibility
Call 800.845.5025
Finance Your Next Project With Flexibility
An Interest-Only HELOC, like a regular HELOC, allows you to use your home’s equity to borrow money. But with an Interest-Only HELOC, you get more flexibility with your payments. 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.
Why Choose an Interest-Only HELOC?
- Low monthly payments
- Borrow as you need up to your credit limit
- Only pay interest on the funds you use
- No prepayment penalties3
- Can be used for many purposes
Lock in a Promotional HELOC Rate as Low as 2.95% APR5
Have fall home improvement projects? We’ll help you get the money you need. A HELOC allows you to use the equity in your home to borrow money. And right now, you can lock in a promotional HELOC rate as low as 2.95% APR5. After April 1, 20185, the rate adjusts to the standard non-promotional rate currently as low as 4.86% APR5. If you have plans, now is the time to get the financing.
Features of a HELOC
- 24/7 access to available money through Online & Mobile Banking
- No fees for applications, originations, draws, access, prepayments, or cancellations5
- Biweekly payment option available
- Interest you pay may be tax-deductible6. Consult your tax adviser to determine your specific tax situation.
When an Interest-Only HELOC is Your Best Option
Interest-Only HELOCs are one of our newest offerings, but many members don’t know when it’s the best option. We broke down a few situations when it may be what you need.
Lowest Available Rates
Home Equity Loan
Starting at 3.99%
(4.19% 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 4.00% APR4
Which Home Equity Product is Best for You?
| Home Equity Loan | HELOC | Interest-Only HELOC | 5/1 ARM | |
|---|---|---|---|---|
| Helpful If | You need a specifc 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.
When an Interest-Only HELOC is Your Best Option
Interest-Only HELOCs are one of our newest offerings, but many members don’t know when it’s the best option. We broke down a few situations when it may be what you need.
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 reflects all available discounts and is current as of 8/15/2017. Actual rate is based on applicant’s credit history and term of loan. Loan is subject to credit approval. Qualifications and limitations may apply. Credit Union membership required. Rates and terms subject to change. Borrow at 4.19% APR for 20 years and make monthly payments of $616.04 per $100,000 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 $250 to $1000.
2 APR = Annual Percentage rate. Advertised rate reflects all available discounts and is current as of 8/15/2017. Actual rate is based on applicant’s credit history and term of loan. Loan is subject to credit approval. Rates and terms subject to change. Qualifications required to receive advertised rate: Credit Union membership, automatic payments. 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 8/15/2017. 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 $250 to $1000 depending. Homeowners insurance required.
3 APR = Annual Percentage rate. Advertised rate reflects all available discounts and is current as of 8/15/2017. Actual rate is based on applicant’s credit history and term of loan. Loan is subject to credit approval. Rates and terms subject to change. Qualifications required to receive advertised rate: Credit Union membership, automatic payments. Borrow at a variable 3.50% 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. No prepayment penalties apply. 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 8/15/2017. 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 $250 to $1000 depending. Homeowners insurance required.
4 APR = Annual Percentage Rate. Advertised rate reflects all available discounts and is current as of 8/15/2017. Actual rate is based on applicant’s credit history and term of loan. Loan is subject to credit approval. Rates and terms subject to change. Qualifications required to receive advertised rate: Credit Union membership, automatic payments. Borrow at a fixed 4.00% 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 $10,000. No maximum loan amount. Borrower pays all applicable closing costs and range from $250 to $1000 depending.
5 APR = Annual Percentage Rate. 2.95% APR is fixed until 4/1/2018 and is valid for advances made between 8/21/2017 and 11/19/2017. After the introductory period, the loan will increase to the variable APR disclosed at the time of closing. The current non-introductory APR may vary and is based on margin plus 12 week average of the 1 year treasury. Average rate for the prior 12 weeks is 4.86% APR. Margin is based on individual credit and loan-to-value (LTV). The APR will never exceed 15.90% APR. Minimum monthly payment is 1.5% of the plan credit limit. Two biweekly payments equal one monthly payment. There is a 15 year draw period and a 15 year repayment period. A minimum $5,000 initial advance is required during the introductory period to initiate the introductory rate lock. This advance will result in a lower rate for the total outstanding balance. After 4/1/2018, the rate on all outstanding balances will return to the variable post-introductory rate on the existing HELOC. Maximum loan amount is $100,000. Offer applies to LTV ratio up to 80%. This introductory rate only applies to new Home Equity Lines of Credit (HELOCs) with Connexus Credit Union, existing HELOCs with a 50-99% balance available, and Connexus Credit Union members with $0 outstanding balance on current HELOCs. No annual fee. Offer not valid in TX. Offer only valid on personal HELOCs. Borrower to pay any applicable closing costs. Total closing costs are dependent on loan amount and can range from $77 to $1,000. Property insurance is required. All loans are subject to approval and qualifications. Certain restrictions may apply. Offer subject to underwriting. Rates are subject to change and may vary based on individual credit and relationship level. Introductory rate valid on applications received between 8/21/2017 and 11/19/2017.
6 Consult your tax advisor for potential tax-deductible interest costs.
Federally Insured by NCUA