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Want the flexibility to access funds at your convenience when doing multiple home improvement projects? CHECU’s Home Equity Line of Credit is for you. Members can transfer loan advances from Home Branch online banking or use a special home equity checkbook just for your HELOC. As always, you can borrow on your HELOC by speaking with a CHECU team member…it is that easy. CHECU will finance up to 80% of the appraised value minus outstanding liens/mortgages for up to 17 years. In general, closing costs range from $200 to $550 depending on documents needed. Community of Healthcare Employees Credit Union holds all mortgages in house and per policy does not sell and/or transfer CHECU mortgages to a second party. CHECU’s HELOC product guidelines:
- Variable rate based on Wall Street journal Prime Rate
- CHECU adds 1.0% to the index and round it up to the next 0.25%
- Interest rate may change on a semi-annual (June and December) basis using the index value 10 days before the interest rate adjustment
- Maximum interest rate on a HELOC is 15% and minimum interest rate is 6%
- Periodic cap per year is 1.50%
- Minimum monthly payment of $100
- Draw period for line of credit is 5 years without additional credit/equity review
- Contact credit union for complete details
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