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.

Special Features:

• Affordable interest-only payment during draw period
• Only use if and when you need money
• No prepayment penalties
• Variable interest rate tied to prime rate
• Maximum loan $450,000 if FCCU in first position
• Maximum loan $250,000 if there are other mortgages or lienholders

Membership required. Subject to loan approval. Loan to value and credit history will determine your available rate.

In addition to the adjustable rate HELOC, we also have a fixed-rate HELOC option for you to consider.

What is a fixed-rate HELOC?

A fixed-rate HELOC is a hybrid of a home equity loan and a HELOC. It allows you to lock in a portion or your total banalce at a fixed interest rate, protecting you against market fluctuations that impact rates.

How does a fixed-rate HELOC work?

With a fixed-rate HELOC, you can withdraw as much or as little of your credit line as needed. Unlike a variable-rate HELOC, the interest rate on any amount you use will have the same interest rate applied throughout the draw period.

Features and benefits include:

• Peace of mind: You’ll avoid any future rate spikes with a fixed rate of 5.5% APR* for the life of the loan.
• The ability to borrow up to $450,000.**
• The ability to borrow up to 80% of the equity in your home.
• Easy and convenient access to your credit line.
• The ability to draw on your line anytime within five years of origination. After this draw period, the loan moves into a 10-year amortization period at the same low interest rate.
• Breathing room: You’ll pay only the interest during the five-year draw period.