Understanding Home Equity
A home equity line of credit, also called a “HELOC” (HEE-lock), is a second mortgage that gives you access to a pool of cash. The best reason to get a home equity line of credit is for something like a major repair or remodeling project that increases the value of your home. WPCCU can make your home improvement projects or life's big events more affordable – it may be where the smart borrowing is, too!
How a HELOC works?
Much like a credit card that allows you to borrow against your spending limit as often as needed, a HELOC gives you the flexibility to borrow against your home equity, repay and repeat. As you pay back what you borrow, the line becomes available for you to use again. If you've lived in your home for many years, you may have equity built up that can help you finance large purchases or ongoing expenses, or consolidate debt through a home equity line of credit. HELOCs are attractive for many homeowners because interest rates are typically lower than other loans, and the interest paid is usually tax-deductible.**
With a HELOC, you take out money a little bit at a time as needed to handle expenses—perfect for paying contractors as jobs are completed during a remodeling project and can even be a lifesaver if you need funds quickly when emergency savings aren't enough.
Magically make your wishes come true with a HELOC.
HELOCs available on Single Family Homes (SFH) 1-4 units, condos and Planned Unit Developments (PUDs), non-owner occupied and vacation homes.
Speak with a member service representative at any branch or apply online today.
**Consult your tax advisor.
Annual Percentage Rate. All loans subject to credit approval. HELOC promotional rate of 0.99% APR is for the first six months. Rates after the promotional period will vary based on Wall Street Prime rate plus a margin of 1.00%, currently 6.00% APR. Maximum loan amount is $200,000. Maximum CLTV is 90%. Periodic rate is determined by adding a margin to the index value; the sum is divided by the number of days in a year (365). The APR is obtained by multiplying the periodic rate by the number of days in a year (365). Maximum APR is 18.00%. The finance charge is the cost you pay for credit and the finance charge on each new advance (draw) begins on the date of the advance and continues until the advance has been paid in full. Please request a consultation for more details.