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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 credit line for renovations, a vacation, or a large purchase. An EFCU Financial HELOC can make it happen for you!

  • No fees on loan amounts of $200,000 or less
  • No closing costs on loan amounts of $200,000 or less
  • Great rates2
  • 20 Year Term
  • Interest only payments for first 10 years3
  • $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. We calculate your variable rate by adding 0.00-4.00% to the Prime Rate published in the “Money Rates” section of The Wall Street Journal every month. The rate will never be lower than 4.00% or 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 HELOC at an Annual Percentage Rate of 7.75% for 20 years, the first 120 payments will be interest only or $50 whichever is greater. The next 119 payments will be $54 to $150.00, and the final balloon payment will be $3,572.20.

Rates are subject to change without notice. Reimbursement of certain fees may be required if the loan is paid in full and closed within the first 12 months. Other rates, terms and programs available. EFCU Financial Federal Credit Union membership is required. Call 225.215.2740 for information on our mortgage programs.