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Home Equity Lines of Credit
Instead of borrowing in one lump sum like a traditional home equity loan, you can use your line of credit as you need it – to pay for anything you want.
Need an advance on your current HELOC with HFCU? Click the button below to fill out our HELOC Advance Request Form, and a representative will contact you within two business days regarding your request.
What Is A Home Equity Line Of Credit?
A HELOC essentially allows you as a homeowner to have a revolving line of credit based on the amount of equity in your home. This revolving account permits borrowing from time to time, at discretion, up to a set credit limit. As you pay down the balance of your line of credit, your funds become available to use again.
Unlike unsecured lines of credit, the interest rates are substantially lower on a HELOC since it is secured by your home.
What Can I Do With Money From A HELOC?
With a Home Equity Line of Credit, what you do with the money is entirely up to you. You can use it to pay for education expenses, the cost of a wedding, to fix up your home, or buy a car. There’s no end to the possible uses of a HELOC.
How Much Can I Borrow With A HELOC?
For Texas residents, you can borrow up to 80% of the home’s fair market value. However, the total of all loans against your property, including an equity loan, may not exceed 80% of the home’s fair market value. For South Carolina residents, you can borrow up to 90% of the taxed assessed value or 80% of a certified appraisal.
How Long Does It Take To Get A Home Equity Line Of Credit?
Home Equity law requires a mandatory 12-day “cooling off” period before you can sign your closing papers and a mandatory three-day “Right to Cancel” before you receive your first advance.
More HELOC Advantages
- Borrowing against the equity in your home can be one of the smartest ways to borrow since the interest may be tax deductible. This means you may be able to buy the things you want or need and pay less to the IRS!
- Plus, the unlimited uses of a HELOC make it one of the most convenient loans around.
Loan Rates Below Effective: November 3, 2022
Texas Home Equity Line of Credit (HELOC) Loan Rates
|APR – Variable Rate as low as|
Loan Rates Below Effective: November 3, 2022
South Carolina HELOC Rates
|LTV Rate||APR – Variable Rate as low as|
|Up to 80%||7.00%|
|81% – 90%||8.00%|
Simply give us a call at (281) 243-0797 today to apply for your loan or stop by any of our offices for more information.
APR is Annual Percentage Rate. Normal credit criteria apply. Rates for approved loans are based on the applicant’s credit history. Stated “rates as low as” apply to well-qualified applicants. Loan term, loan to value (LTV) and/or down payment, for example, may vary based upon your credit history. Other restrictions may apply and rates are subject to change without notice. Maximum APR not to exceed 18%. Talk to a loan officer for details.
Payment Example:120 monthly payments of approximately $11.23 per $1,000 borrowed at 6.25% APR.
Texas and South Carolina HELOCs: The member will pay all normal closing costs which include the following fees: title search, recording fee, release of lien, flood determination, and credit report. Additional fees such as any necessary title insurance, appraisal, survey, mobile notary fee, and attorney fees will be the responsibility of the member. This is not limited to promotional periods.
Texas HELOC Disclosure: Minimum draw amount of $4,000. Maximum loan to value of 80%. Maximum credit line cannot exceed 80% of value of property. Texas residents are limited to establishing one home equity loan or home equity line of credit in a 12-month period. For details please call (281) 243-0500 or see a loan representative at any branch location. Wall Street Journal Prime Rate as of November 3, 2022 is: 7.00% APR.
South Carolina HELOC Disclosure: Maximum loan amount may not exceed the lesser of 90% of the taxed assessed value or 80% of a certified appraisal. Minimum credit limit of $4,000. Minimum first advance of $1,800. South Carolina residents are limited to establishing one home equity loan or home equity line of credit at one time. For details please call us toll-free at 1(866) 687-4328 or see a loan representative at our Greenville office. Wall Street Journal Prime Rate as of November 3, 2022 is: 7.00% APR.