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.

¹ APR = Annual Percentage Rate. Individual loan rates are determined by members’ specific credit history. Loans are subject to credit approval. Some restrictions may apply. Rates may vary depending on your credit report. We rely on a national credit bureau for obtaining your credit score. This score may differ from a credit score you find from other sources. We will not use credit scores from other score providers or accept for consideration other scores you provide. Rates are subject to change at any time. Contact a First Choice Credit Union associate for complete details. Full loan disclosures will be given when loan is disbursed at closing.

² Rate discounts are not available for Home Equity or Home Equity Line of Credit.

³Adjustable Rate. Prime Rate -1% for A+ Credit and -.75% A Credit. The maximum rate on a HELOC Adjustable is 16%.

⁴Non-Primary Residence will be .50% above applicable regular rate. A HELOC is not offered for Non-Primary Residence property.

⁵Payments do not include taxes and insurance which are the obligation of the borrower.

⁶Terms of Repayment Example: a $50,000 loan, with a term of 15 years at 6.50% APR, would work out to a payment of $435.55 a month.

⁷First Position indicates there will be no other lienholder other then First Choice Credit Union. If the applicant is not in First Position as indicated here the loan is a Second Position loan.