Need funds now for a large expense or want to have cash ready for a future project? UTFCU’s Home Equity Line of Credit (HELOC) may be a great option for you.
What Is a Home Equity Line of Credit?
A Home Equity Line of Credit, also known as a HELOC, is a variable-rate line of revolving credit that uses your home as collateral. Members who apply for and receive a HELOC are approved for a specific amount of credit and can use the funds on an ongoing basis as needed. Fast and convenient, our HELOC lets you access the equity in your home with a credit card tied to your line of credit.
Variable rates are based on the Prime Rate that is determined by the Federal Reserve. As the Prime Rate increases or decreases so will the rate which affects your monthly payment.
What Can I Use a Home Equity Line of Credit For?
Almost anything. It's a great option for homeowners who have enough equity established in their homes and need to tap into it for major expenses such as tuition, a new car or major home improvements.