Home Equity Line of Credit
The cash you need may be right under your roof!
A Home Equity Line of Credit (HELOC) lets you borrow money using the equity in your home as collateral. The interest rate on a HELOC is generally much lower than you would pay on a credit card or personal loan, which makes it ideal for home improvements, medical bills, college tuition, debt consolidation or even a dream vacation!
Our HELOC features:
- A five-year draw period
- A payment term of 15 years
- Borrow up to 85% of the value of your home (less current mortgage debt), up to $200,000.
- Interest may be tax deductible (consult a tax advisor regarding this)
We can help you get the cash you need with an easy application process, no pre-payment penalty, and your interest may be tax-deductible (consult your tax advisor).
First time HELOC applicants. Call or visit one of our branches. Contact Us.
Already established HELOC applicants. You can also contact a loan officer.
APR=Annual Percentage Rate. Borrow up to 85% of the value of your home (less current mortgage debt), up to $200,000. All loans subject to approval. Membership eligibility required. Variable interest rate adjusted semi-annually on June 1 and December 1, which could affect the monthly payment. Promotion does not apply to existing loans with CMCCU. See credit union for details. Federally Insured by NCUA.