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HELOC Home Equity Line of Credit (HELOC)

Put your home's equity to work for you with an EFCU Financial Home Equity Line of Credit! This revolving line of credit lets you borrow funds as you need them1. Plus, the funds become available to use again as you make payments to the principal. Use your EFCU Financial HELOC for renovations, tuition, a vacation or a large purchase. An EFCU Financial HELOC can make happen for you!

  • Rates as low as flat prime2
  • 20 Year Term
  • Interest only payments for first 10 years3
  • No closing costs on loan amounts of $100,000 or less
  • $5,000 loan minimum
  • Fast approvals
  • Transfer funds into your checking account anytime

Documentation that may be needed includes:

  • Last two years of tax returns
  • Last bank statement from your financial institution
  • Last two check stubs from your employer(s)
  • Last mortgage statement from your mortgage lender
  • A legal description of the property

3 Easy Ways to Get Started:

1Up to your credit limit.2Approval and rates based on credit worthiness. Rates stated as Annual Percentage Rates (APRs) effective October 1, 2018 and include anticipated closing costs. Cost of appraisal is refunded at close of loan. Stated APR based on a credit score of 720 or better and loan amount equal to or less than $100,000. We calculate your variable rate by adding 0.00-3.00% to the Prime Rate published in the "Money Rates" section of The Wall Street Journal every month. The rate will never be more than 18.00%.

3Line is revolving for the first 10 years with interest only payments. The line is frozen for the second 10 years accepting monthly payments of 1.5% of balance or $50, whichever is greater. If not paid off at the end of the term, a balloon payment may be required. Example: On a $10,000 mortgage at an Annual Percentage Rate of 5.25% for 20 years, the first 120 payments will be interest only or $50 whichever is greater. The next 119 payments will be $50 to $150.00, and the final balloon payment will be $2,703.89.

Rates are subject to change without notice. Other rates, terms and programs available. EFCU Financial Federal Credit Union membership is required. Call 225.215.2740 for information on our mortgage programs.