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Home Equity Express LOC

Easy access, large available limits and a low interest rate.

  • Convenient & easy
  • Interest may be tax deductible
  • Low closing costs

                                                    

A convenient and economical way to borrow, based on the equity in your home. These loans may be used for almost anything (home improvements, education, vacation, consolidate bills, a new auto, etc.) and the interest may be tax deductible.

The Home Equity Express Line-of-Credit Loan is our most popular loan. A revolving line-of-credit that features check writing capabilities, advances via online banking (www.hcu.coop), advances via our 24-hour automated telephone teller and our branch tellers. This loan can be thought of as a large VISA Credit Card, without the actual card. Features a low variable interest rate and a 30 year advance term.

    • A revolving line-of-credit; you may borrow up to your established limit at any time.
    • Your credit limit is based on 80% of the value of your home minus the outstanding mortgage balance. 90% value loans are available at slightly higher rates.
    • The minimum monthly payment is 1.5% of the outstanding balance or $100, whichever is greater.
    • A mortgage will be filed for the amount of your credit limit.
    • Only single family, owner-occupied properties are eligible.
    • $20 annual maintenance fee
    • See our rate sheet for current rates
    • Consult your tax advisor about interest deductibility


Common Questions

Q. What if I already have a home improvement loan?  Can I get a home equity loan, too?
A. Yes you can, as long as your home has enough equity for the combination of loans you have against it.

Q. I own a small business.  Can I use a home equity line-of-credit loan to finance business-related expenses?
A. Yes you can, as long as the equity and property requirements are met. In fact, this type of loan is very popular with small business people due to it's flexibility and low cost