Details About Our HELOC Loans
Discover how our HELOC loans provide the flexibility and financial leverage to meet your diverse needs and aspirations.
Features include:
- Use the funds as you like—Use the loan for whatever you need.
- No application fee—There are no fees to apply for a HELOC loan through Freedom Credit Union.
- Transparent pricing—No hidden fees or prepayment penalties. Enjoy the freedom to pay off your loan as early as you want!
- Convenient repayment terms—We offer a 5-year draw period so you can access funds when needed. Then you have 15 years to repay the funds with minimum payments starting at $100.
- Rates tailored to your credit—Your credit score and credit history determine your rate.
- Substantial loan amounts—We approve loans for up to 100% of your home’s equity.
HELOC vs. Home Equity Loans
A HELOC allows you to borrow money from a line of credit while making minimal interest-only payments for a period of time (the “draw” period).
After that, the credit line closes and you must start paying back the principal on your loan, therefore your payments are usually much higher. HELOCs typically come with a variable interest rate often tied to the prime rate.
In contrast, a home equity loan provides a lump sum of money at a fixed interest rate. This means your repayment amount is consistent each month, making budgeting easier. However, it lacks the draw-and-repay flexibility of a HELOC.
Take Advantage of Our Low HELOC Rates
Home Equity Line of Credit
As low as 7.49% Variable APR Home Equity Line Amounts* | Monthly Payment Examples-Draw Period | Monthly Payment Examples-Repayment Period |
---|---|---|
$8,000 | $100.00 | $100.00 |
$15,000 | $100.00 | $139.47 |
$30,000 | $187.50 | $278.93 |
Disclosure |
Applying for a Home Equity Line of Credit Is Quick, Free, and Easy.
Apply Online
Submit an application for up to 100% of your home’s value.
Borrow As Needed
Transfer just the amount of money you need into your checking account or withdraw as cash.
Make Payments
You only pay interest on what you actually borrow. Repay in-branch, online, or through our mobile app.
Ready to transform your home’s value into financial freedom? Apply for a HELOC loan today!
“I had been plodding through the process of settling my mother’s home and Freedom truly exemplified exceptional customer service. Working with such wonderful people made the experience so much easier!”
Freedom Credit Union HELOC FAQs
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As a member of Freedom Credit Union, you’ll enjoy top-notch personal service and competitive home equity loan rates. Experience flexible payment terms and the many perks of membership with us. Propel your financial growth through our competitive credit union HELOC rates.
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You can use your credit union home equity line of credit for many different things, including:
- Big ticket purchases
- Home renovations or improvement
- Debt consolidation (e.g., paying off high-interest-rate credit cards)
- Medical bills
- College tuition
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LTV stands for the “Loan-to-Value” ratio. For a home equity line of credit, this ratio compares the loan amount to the appraised value of your home. Lower LTV ratios often qualify for better rates.
Contact us if you need help understanding your LTV.
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Yes, you’ll need to join Freedom Credit Union to take advantage of our attractive home equity lines of credit. Joining our financial family is easy! All you need to do is open a savings account and maintain a $5 minimum balance.
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Apart from the principal and interest repayments, you should consider potential closing costs. However, you can enjoy peace of mind knowing that we don’t charge any annual fees.
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The interest rate for a HELOC loan is usually variable, tied to the prime rate. However, we offer the option to switch to a fixed rate during the life of the loan.
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During the repayment period, your monthly payment—which includes both the principal and the interest—reduces the loan balance over time. We offer 15-year repayment periods with minimum payments of $100. However, your actual monthly payment depends on the sum you borrowed, the duration of your loan term, and the interest rate.
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A HELOC loan appears on your credit reports. Timely payments can positively impact your credit score, while late payments may have the opposite effect.
Helpful Home Equity Articles
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Should You Use a Home Equity Loan for Debt Consolidation?
Explore how to consolidate your debt through a home equity loan. Discover the essential considerations that will allow you to make a more informed decision.
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HELOC vs. Home Equity Loan – Which One Is Better?
Home equity lines of credit (HELOCs) and home equity loans are two intelligent ways to borrow money. See their similarities, differences, and pros and cons.
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Refinancing a Home Equity Loan – Everything You Need to Know
Read more about the ins and outs of refinancing your home equity loan and learn what options you have.