The Home Equity Line of Credit (HELCO) offers a flexible way to pay for all your wants and needs large and small, including remodeling, vacation planning, tuition funding, or other significant life events.
The FCCU HELOC offers a draw period of five years, during which time you can borrow and pay back as you see fit and take advantage of the interest-only payment. After the draw period, the loan has a 10-year repayment period.
FCCU offers two types of HELOCS, an adjustable rate HELOC and a fixed rate HELOC. Both feature:
- Affordable interest-only payments during draw period.
- Only use if and when you need money.
- Easy and convenient access to your credit line.
- No prepayment penalties.
- Maximum loan of $450,000 if FCCU is in first position.
- Maximum loan of $250,000 if there are other mortgages or lien holders.
The adjustable rate HELOC is tied to changes in the prime rate. The fixed-rate HELOC allows you to lock your total loan balance at a fixed interest rate, protecting you against market fluctuations that impact rates.