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Home Equity Line-of-Credit

Cash In On Your Homes Increasing Home Value

1.99% Intro APR*

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Get A Return On Your Home Investment

Need recurring access to funds for home improvements or other projects and needs? Let the investment in your home purchase pay you back with a Home Equity Line-of-Credit.

Easy Access To Funds

With a revolving line of credit, you can use the funds as you need them and pay for only what you draw on. Funds can be easily accessed from your account using your debit card, writing a check, or withdraw at ATM.

Flexible Rates & Terms

Get access to affordable financing solutions with our everyday low rates on a Line-of-Credit or Loan, plus no loan origination or annual fees. Borrow up to 90% LTV, with terms up to 15 years, and rates as low as 3.00% APR1,2

Convenience & Benefits

We keep the entire process simple and convenient. Apply and close with ease, online or in-person.

Plus, a HELOC may provide tax saving benefits by deducting interest paid3

Special Home Equity Line-of-Credit Offer

A revolving line of credit allowing you to take out money at various times when you need it. You only pay interest on the amount you use.

           1.99% Introductory APR for 12-months1
  • Qualifying rate as low as 3.00% APR1,2 for remainder of term
  • Minimum Line-of-Credit of $25,000
  • Minimum initial disbursement of at least $20,000
  • Maximum 90% CLTV
  • NO Closing Costs**

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COntractors working on remodel. AFFCU Home Equity

Affordable Home Equity Financing

Make your dreams a reality using the equity in your home. Get access to the cash you need with our low-rate home equity financing. A HELOC provides you with a revolving line of credit allowing you to take out money at various times when you need it. You only pay interest on the amount you use.

Kitchen remodel using AFFCU HELOC

Home Improvements

The best use of a home equity is for home improvements that help add more value to your house. It’s a smart, easy way to finance those large projects.

Young couple reviewing finances to consolidate debt using AFFCU HELOC

Debt Consolidation

Use the equity in your home a cash to pay off and consolidate your debts into one manageable monthly payment.

Wedding flowers with couple in background paid for with AFFCU HELOC

Other Major Purchases

It’s wedding season. College tuition will be coming due. For significant expenses like these and many others, using the equity in your home with affordable financing is a smart way to manage the expenses.

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Calculate Your Potential Home Equity Value

Home Equity Calculator

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Who can apply

We serve the financial needs of consumers throughout the greater Baltimore communities. AFFCU is open to anyone who lives, works, worships, volunteers, attends school, or has family in Baltimore County, Baltimore City, Carroll County, and Harford County, Maryland. There’s a good chance that includes you, so come join us!

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Frequently Asked Questions

You can borrow as little as $15,000 or up to $750,000 depending on your credit history, available equity in the property and your current monthly debt. Your credit limit will depend on the amount of equity in your home, your credit history and property location. Another factor is your loan-to-value (LTV) ratio, which is the relationship between your current mortgage loan balance and the value of your home. Find out how much you may be able to borrow with our home equity line of credit calculator above.

Available credit is based on your loan-to-value ratio, with a maximum of to 80% loan-to-value. After borrowing you will still be required to have at least 20% equity left in your home.

The variable interest rate is based on the Wall Street Journal Prime Rate as published in the Money Rates section. The qualifying rate is then calculated using prime plus or minus a margin, with a 3.00% APR minimum and a maximum up to 18% APR.

A Home Equity Line of Credit has two different periods, a draw period and repayment period. The draw period is 10 years, where you have ongoing access to available funds and can use the funds how you’d like. During the draw period, you have to make predetermined minimum monthly payments of the outstanding balance. Once the draw period ends, the account enters the repayment period.

During the repayment period, you can no longer advance on the home equity line of credit, and must make principal and interest payments. The new minimum payment will ensure the balance is paid in full by the maturity date. The interest rate on the balance continues to be variable.

Yes, an appraisal is required to determine the value of your home and how much equity you have available.

Disclosures

*1APR=Annual Percentage Rate. Rates and terms are subject to change without prior notification. Introductory rate is a fixed rate of 1.99% for the first 12 months. After the 12-month introductory rate period, your monthly APR will be a fully indexed, variable-rate based on Prime plus or minus a margin and based on your credit line amount, Loan to Value (LTV) and other factors, at the time of application. Advertised as low as rate is based on prime as of June 1, 2021 and excellent credit review. Prime rate is obtained from the Wall Street Journal. The minimum APR that can apply is 3.0% and the maximum APR that can apply is 18%. The rate is variable and can adjust on a monthly basis. The 12-month introductory rate offer is valid on qualified new home equity line of credit applications received between June 1, 2021 and August 31, 2021 with a minimum initial draw of $20,000 required and a maximum 90% combined Loan-to-Value (CLTV). This promotional offer requires direct loan payment from an AFFCU account and a direct deposit totaling at least $1,000 cumulatively per month to an AFFCU checking account (existing direct deposit qualifies). Adequate property and flood insurance required, if applicable. 5-year draw, 15-year payback. For every $10,000 borrowed at 3.00% APR your approximate payment will be $70.29 monthly. Credit is subject to approval. Not all applicants will qualify for the lowest rate. We may not extend credit to you if you do not meet Atlantic Financial Federal Credit Union criteria. Other terms and conditions apply. Please consult with an Atlantic Financial Federal Credit Union representative for more information.

2Atlantic Financial FCU will advance the costs (on primary/secondary residence only) for appraisals, credit reports and closing costs on your AFFCU Home Equity Line-of-Credit, regardless of credit score, on loan amounts less than $300,000. Closing costs generally range from $850 to $1,000 on a $20,000 line of credit. If line of credit is paid off within 36-months of original note date, closing costs must be reimbursed to AFFCU by borrower.

3Consult a tax professional for further information regarding the potential tax deductibility of your interest payments and charges.