Home Equity Line of Credit

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).

How it Works

• The draw period is the fixed length of time you can access funds from your HELOC.
• 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.

Additional Info

• 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 90% 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.
• 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.

We offer Home Equity Lines of Credit in Fargo, Kenmare, Minot, Stanley, West Fargo, Moorhead and more.