A Home Equity Line of Credit (HELOC) uses your home as collateral and gives you a revolving credit line to use for large expenses or to consolidate higher-interest rate debt.   The amount you will qualify for is calculated based on your home’s loan-to-value ratio, payment term, your income and your credit history.

Town & Country Credit Union HELOC Options

• 5 or 10 year draw period with monthly principal plus interest payments. (These payments reduce the principal and help rebuild equity).
• 5 or 10 year  draw  period with monthly interest only payments.

The draw period is the fixed length of time during which 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 take into account advances and variable-interest rate changes.

After the draw period ends you won’t be able to withdraw 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 then a Home Equity Loan.

Fees: A valuation of your property will need to be completed to learn the value of your home. There are also other fees associated with this loan.