Put Your Home Equity to Work with a HELOC

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No Closing Costs

Keep your Home Equity Line of Credit open for 24 months and we pay your closing costs!*

Peace of Mind

With a HELOC you'll have access to the cash you need, whenever you need it.*

No Application Fee

This is a great opportunity to consolidate higher-rate debt or to cover a large expense.*

Home Equity Line of Credit Rates

Effective as of August 12, 2021

LTV	12-Mo Intro Fixed APR*	Standard Variable APR*	Monthly Payment
Up to 80% Loan to Value	1.49% APR	Currently 4.00% APR	$100 Min. Interest-Only Payments for 10-Year Draw Period
*APR=Annual Percentage Rate. Rates are subject to change. The 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.

Need to Refinance Higher-Rate Debt?

Save money by consolidating debt with a low 12-month introductory HELOC rate. Rates thereafter are also very competitive and can offer continued long-term savings.

Refinance Debt

Serving VA Employees Since 1936

Central Credit Union of Maryland was founded in 1936 by VAMHCS employees, for employees. We’ve evolved to meet the wide variety of financial needs of our members. From FREE Checking and Share Savings to attractive low rate financing for your home, auto and, personal loan needs.

We are proud to celebrate over 80 years of serving employees like YOU!

What is a Home Equity Line of Credit?

A Home Equity Line of Credit, HELOC, is a Line of Credit that’s available for a set time frame called a draw period. During this draw period, you can withdraw funds up to your approved limit as you need them to cover anything from home repairs, higher-rate debts, or, to cover any unexpected expenses. During the draw period, a $100 interest-only minimum payment is due monthly. When the draw period expires you will enter a repayment period when you are required to payback the outstanding balance that you borrowed as well as any interest owed. You may be able to renew the Line of Credit. Contact the credit union to inquire as certain conditions apply.

What to Expect When Applying for a HELOC

STEP 1: Understand the Timeline
It typically takes 30 to 45 days to close on a HELOC once we receive your application. Processing times may vary if an appraisal or additional documentation is needed.

STEP 2: Understand the Rate and Terms
Your introductory rate will be 1.49%. After the introductory period, it will be Prime -0.25%. A $10,000.00 initial draw is required. Maximum APR is 14%. Minimum APR is 4%. Rates adjust semi-annually. Central Credit Union of Maryland (CCUMD) pays all closing costs on Home Equity Line of Credit (HELOC). Interest-Only payments are due during the 10-year Draw period. The Homeowner/s is/are responsible for closing costs if the HELOC is closed within 2 years. Subject to credit approval. Rates may vary and are subject to change.

STEP 3: Gather required Documents
To get started, we require a recent pay stub for each borrower, a recent Mortgage statement showing the current balance, the current estimated home value, and the Name/s on the Deed.

STEP 4: Complete and Submit a HELOC Application
After submitting your application, your Processor will send you instructions on how to sign and return important loan documents.

STEP 5: Application Review and Approval
Once your initial documents are signed and received, we will begin the underwriting process. This involves 4 steps: Initial Review, Home Valuation, Title Review, and Final Underwriting.

STEP 6: Loan Closing
Your Processor will perform final verifications, communicate when your application is approved, and schedule your loan closing.

For questions, contact the Loan Department at 410-828-4500.

How do I Calculate my Loan-to-Value (LTV) Ratio?

Your home’s equity increases as you pay down your mortgage balance and as the value of your home increases.

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.

VAMHCS Employees get Exceptional Service

Over the past 80 years we’ve helped thousands of VA Maryland Health Care System employees and their families achieve their financial dreams.

Now it's your turn. We are not a bank. We're your credit union. Come experience Banking Freedom and discover why we have been the trusted financial institution of the VAMHCS for nearly a century.

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Find out what your home's equity can do for you!