Improve Your Home And Lifestyle with a HELOC.

Improve Your Home And Lifestyle with a HELOC.

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

Related Content


80% Max. LTV*

90% Max. LTV**

Credit ScoreAPR*
Prime = 8.50%
720+ 8.50% (Prime Plus .00%)
670 - 719 8.75% (Prime Plus .25%)
640 - 669 9.25% (Prime Plus .75%)
600 - 639 9.75% (Prime Plus 1.25%)
Credit ScoreAPR**
Prime = 8.50%
720+ 9.50% (Prime Plus 1.00%)
670 - 719 9.75% (Prime Plus 1.25%)
640 - 669 10.50% (Prime Plus 2.00%)
600 - 639 11.00% (Prime Plus 2.50%)

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Credit Disability Insurance

Download a Free Copy of Our Home Equity Guide.

Your home’s equity can be a valuable, low cost tool to help you achieve your life’s goals, but first  get all the facts about HELOCs before you apply.

In this guide, learn all you need to know about HELOCs including:

    • What is a HELOC?
    • How does a HELOC work?
    • How much can I borrow?
    • How do I qualify?
    • What charges and fees are typical?



What is a Home Equity Line of Credit (HELOC)?

A Home Equity Line of Credit (HELOC) is a loan secured by the available equity in your home. Your available equity is the difference between today’s market value or appraised value and the current balance of your mortgage and any other loan secured by the property.

What’s the difference between a Home Equity Loan and a Home Equity Line of Credit?

With a HELOC, you have the ability to borrow money whenever you need it up to your maximum credit limit. With a Fixed-Rate Home Equity Loan, you receive the money you’re borrowing in a single payment, and the interest rate stays the same for the life of the loan. Unlike Fixed-Rate Equity Loans, HELOCs have variable interest rates.

  • Home Equity Line of Credit (HELOC)
  • Allows you to draw money as you need it (similar to a credit card)
  • Features a variable rate
  • Only pay interest on the money you use
  • Ideal for ongoing or longer-term remodeling projects

Home Equity Loan

  • Apply for the amount you need
  • Receive a fixed rate that doesn’t change during the life of the loan
  • Make the same payment every month until your loan is paid off
  • Ideal for one-time remodeling projects

How long does it take to get a Home Equity Line of Credit Approved?

The process to underwrite a Home Equity Line of Credit is more cumbersome and involved than a Vehicle Loan or Personal Loan. Depending on the lender you select, it may take 2 to 6 weeks to receive the loan. Local credit unions and banks can usually approve and disburse the loan in 2-3 weeks. COPFCU strives to approve and disburse HELOC loans in 2-3 weeks.

Is my credit score affected by a Home Equity Line of Credit?

Anytime you apply for a loan, your credit score will decrease by 3 to 5 points. This is very minor and usually does not impact your overall creditworthiness. You may see your score decrease a bit more when the loan is added to your credit report because you have increased your debt load. Over time, your score will rebound if you diligently make your monthly payments on time.

Important Legal Disclaimer

APR – Annual Percentage Rate.
**Interest paid is usually tax-deductible as long as the HELOC funds are used to improve the property on which the loan is made, however you should consult a tax advisor to determine your eligibility.
Loan approval and APR based on individual creditworthiness, loan term, amount borrowed, and ability to repay the loan.
Speak with a loan officer for full details.