The Home Equity Line of Credit (HELOC) offers a flexible way to pay for all your wants and needs, 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.
• The ability to borrow up to 80% of the equity in your home.
• 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.