Home Equity Line of Credit (HELOC)
A HOMELINE (HELOC) is the most affordable way to get cash for:
- Home Repairs
- Home Improvements
- Education Expenses
- Medical Expenses
- Large dollar purchases
- Family Financial Obligations
What can you use your account for?
Because your line of credit uses your home as collateral, you should use it carefully and for significant items only, rather than day-to-day expenses. Consider a variety of important needs, such as family financial obligations, large item purchases, home improvements and medical or education expenses.
Using your account is simple and convenient
When you open your account, you receive special checks that allow you to access your funds or you can draw funds by transferring to another account. Then when you need cash for a specific reason, you can write a check to cover the amount or you can use CU Online or our mobile app to transfer money. The minimum withdrawal amount for which you can write a check is $100. The maximum is your pre-approved credit limit. You can write checks on this account for up to 10 years or until you have reached your maximum loan amount. If you pay back part of what you borrowed, you may continue to borrow those funds during the 10-year draw period. At the end of the draw period, you have 15 years to repay the loan.
Enjoy a Tax Advantage
Federal law may allow a tax deduction for HOMELINE (HELOC) loan interest. Consult your tax advisor to see if you qualify for such a deduction.
No fees helps you to save
There are no application or processing fees on your loan--no points to pay, no hidden expenses. There is an annual fee of $25, waived the first year. Title and homeowners insurance may be required.
Apply for your Home Sweet-Home-Loan today!
It's easy. Visit the credit union for an application or call us at 860-646-8870. Once you submit your completed application we'll start the process quickly--and you'll start enjoying the benefits of having the cash to do what you want when you want.
- *APR= Annual Percentage Rate. Your rate will be determined by your credit score and loan to value. Maximum loan to value is 90%. Rate is based on the Prime Rate as published in the Wall Street Journal on the last business day of the previous billing cycle. As of 02/06/2019, the Prime Rate was 5.50%. The rate may vary monthly with changes to The Wall Street Journal Prime Rate. 80% LTV minimum rate, 4.50% APR, maximum rate 14.00% APR. 90% LTV minimum rate 6.50% APR, maximum 18.00%APR. Title insurance may be required. Homeowners insurance is required. The annual fee of $25.00 is waived for the first year. Consult a tax advisor regarding the deductibility of interest. Rates subject to change without notice. Other rates and terms available. Payment method example: $10,000 X .0450/365 X 31 days= $38.22 per month. Member has to reimburse for costs if member pays it within 2-years.
Effective date: 03-04-19