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Home Equity Lines of Credit (HELOC)

A home equity line of credit (also known as a HELOC) is a revolving line of credit, using the equity in your home as collateral. You may borrow up to your HELOC credit limit, any time you need it, by writing a check, requesting an advance through Fireline (online banking) or mobile banking, or stopping into your nearest branch and requesting an advance in person. You may not exceed your credit limit. Because a HELOC is a line of credit, you make payments only on the amount you actually borrow, not the full amount available. HELOCs also may give you certain tax advantages unavailable with some kinds of loans. Talk to an accountant or tax advisor for details. Click here to apply now!

Like home equity loans, HELOCs require you to use your home as collateral for the loan. This may put your home at risk if your payment is late or you can't make your payment. Loans with a large balloon payment (a lump sum usually due at the end of a loan) may lead you to borrow more money to pay off this debt, or they may put your home in jeopardy if you can't qualify for refinancing. And, if you sell your home, most plans require you to pay off your credit line at the same time.

If you are a qualified homeowner with available equity, a HELOC can provide you with:

You will have monthly payments which include both principal and interest:

Understanding the phases of a home equity line of credit:

Home Equity Line of Credit (HELOC)
Effective Date: Saturday, December 15th, 2018
Apply now $15,000 minimum line
Loan to ValueTermAPR*
Up to 80% 20 years As low as 5.25%
80.01-90% 20 years As low as 5.75%
* The home equity line of credit Annual Percentage Rate (APR) is variable and is based on the highest Prime Rate published each day in The Wall Street Journal Money Rates Table (the "Index"), plus a margin. Advertised rate is based on rates as of 6/19/2018 and subject to change. The minimum line of credit amount is $15,000. Minimum APR is 0%. Maximum APR (Lifetime Rate Cap) will be 18%. Your APR will be based on the specific characteristics of your credit transaction, including evaluation of credit history, CLTV, property type, amount of credit, term, and geographic location. There is a $60 annual fee. The early termination fee will be $350 if terminated within the first 36 months. No closing costs for closed loans that meet FFCU criteria. Applicant will owe any costs for loans that do not close. These costs may vary based on the stage of the application. This account has a Draw Period of 10 years, after which you will be required to repay any amounts within a 10-year Repayment Period, depending upon your account balance. Hazard and, if applicable, flood insurance required. New Firelands Federal Credit Union Home Equity Accounts are subject to credit qualification, income verification, and collateral evaluation. Additional restrictions, limitations and exclusions may apply.

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