A Home Equity Line of Credit (HELOC) uses your home as collateral and gives you a revolving credit line for significant expenses or consolidating higher-interest rate debt. The amount you qualify for is calculated based on your home’s loan-to-value ratio, payment term, income, and credit history.
Town & Country Credit Union HELOC Options
Five or 10-year draw period with monthly principal plus interest payments. (These payments reduce the principal and help rebuild equity).
Five or 10-year draw period with monthly interest-only payments.
How it Works
The draw period is the fixed length of time you can access funds from your HELOC. During the draw, you will choose to make monthly interest-only payments or principal plus interest payments once you advance funds.
Payments will be recalculated monthly to account for advances and variable-interest rate changes.
After the draw period ends, you won’t be able to advance any additional funds. You’ll make principal plus interest payments tied to the prime rate over 180 months.
Rate: HELOCs have a variable interest rate tied to the prime rate. Interest is paid only on the money that you advance.
Line of Credit Size: Borrow up to 80% of the equity in your home.
Accessing your Line of Credit: Easily transfer the funds by phone or online from your HELOC account into your checking account.
Timeline: Quicker funding time than a Home Equity Loan.
Fees: A property valuation will need to be completed to learn the value of your home. There are also other fees associated with this loan.
*APR = Annual Percentage Rate. Rate accurate as of 12/14/2022. Rates dependent on credit and underwriting factors and automatic payment. 5- or 10-year draw period with a 180-month repayment after draw applies. Rate adjusts on the first day of each month as the Prime rate changes based on the Wall Street Journal. Maximum APR is 18%. There may be additional fees up to $1,000. Terms and conditions apply and are subject to change.