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Home Equity Line of Credit (HELOC) Loan

Your home’s equity rises as you pay down your mortgage balance and as the value of your home increases. You can access the equity you’ve built and put it to work for you.

You can apply for a Central Credit Union HELOC even if your mortgage is at another financial institution.

Determining Your Loan-to-Value

To calculate your LTV, divide your mortgage balance by the value of your home.

Example: Assume your mortgage balance is $120,000 and home is worth $200,000. That means that you have an LTV of 60% ($120,000 / $200,000) and $60,000 in home equity. You could borrow up to $20,000 (80% LTV) with Central Credit Union.

Home Equity Line of Credit Rates

Effective as of Sept. 29, 2020
LTV12-Mo Intro Fixed APR*Standard Variable APR*Monthly Payment
Up to 80% Loan to Value2.49% APRCurrently 4.00% APR
$100 Min. Interest-Only Payments for 10-Year Draw Period
*APR=Annual Percentage Rate. Rates are subject to change. Introductory APR is for 12 months. The standard, post-introductory APR will be a fully indexed, variable rate based on the Prime Rate and may adjust on a semi-annual basis. The Prime Rate is obtained from the Wall Street Journal. We offer Prime less 0.25%. The minimum standard APR is 4.00% and the maximum APR is 14.00%. Your approval is subject to your creditworthiness and the verification of collateral. The minimum monthly payment is $100. Adequate property and flood insurance are required, if applicable. The Credit Union will pay all initial closing costs. The homeowner is responsible for the cost of the Home Appraisal. If the HELOC is paid off and closed within 24 months of the original note date, closing costs must be reimbursed to the Credit Union by the borrower. Closing costs vary and generally range between $850 to $1,000 on a $20,000 line of credit.