Home Equity Lines of Credit are a great way to borrow money to cover major purchases or much needed home improvements.
Your HELOC utilizes your current home as collateral for the loan at typically more attractive interest rates. They’re best for longer-term projects in which you’ll need flexibility to borrow additional funds as you go and repay over time.
The Many Benefits of COPFCU HELOCs:
- Borrow up to $250,000
- Low variable rates
- Low application fee
- No closing costs
- 10-year draw period followed by a 10-year repayment term
- Flexibility to draw/borrow only the money you need
- Interest-only payments during draw period are only on used funds
- Interest paid may be tax-deductible**
The Many Uses of COPFCU HELOCs:
- Home repair/remodeling
- Debt consolidation
- Medical bills
- Property investment
- Wedding expenses
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HELOC Rates
80% Max. LTV*
90% Max. LTV**
| Credit Score | APR* |
|---|---|
| Prime = 7.50% | |
| 720+ | 7.50% (Prime Plus .00%) |
| 670 - 719 | 7.75% (Prime Plus .25%) |
| 640 - 669 | 8.25% (Prime Plus .75%) |
| 600 - 639 | 8.75% (Prime Plus 1.25%) |
| Credit Score | APR** |
|---|---|
| Prime = 7.50% | |
| 720+ | 8.50% (Prime Plus 1.00%) |
| 670 - 719 | 8.75% (Prime Plus 1.25%) |
| 640 - 669 | 9.50% (Prime Plus 2.00%) |
| 600 - 639 | 10.00% (Prime Plus 2.50%) |
