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.
Recurring 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.
Affordable Low Rates
Rates as low as 3.00% APR*
Flexible Terms Available
Up to 10 years financing.
Easy Access To Funds
Funds can be easily accessed from your account – use your debit card, write a check, withdraw at ATM.
Potential Tax Savings*
Interest paid on your home equity may be tax deductible.*
Convenient Closing Process
Can’t make it to a branch? No worries. We can complete the entire process digitally and securely.
How does a Home Equity Line-of-Credit work?
A home equity line of credit, also known as a HELOC, is a line of credit secured by your home. You get a revolving credit line to use for large expenses or to consolidate higher-interest rate debt on other loans such as credit cards. With an AFFCU Home Equity Line-of-Credit, you may draw on your variable-rate line of credit whenever you need.
Calculate Your Potential Home Equity Value
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Frequently Asked Questions
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.
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.
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.
Home Equity Loan
Want to tap the equity on your home but just need a lump sum loan to access one time? Consider a Home Equity Loan.
Use Your Equity For Home Improvements
Using the equity in your home to finance your home improvements is a great idea. What improvements have the best return?
Consult your tax advisor. Borrower will be responsible for third party fees, such as: appraisal, tax and flood tracking, title insurance, and settlement service. Consult your tax advisor about potential tax deductions and your tax liability. Adequate homeowner’s insurance coverage is a requirement for this loan.
1) APR=Annual Percentage Rate. Rate, terms and conditions are subject to change without prior notification. Actual rate may vary based on the term, loan amount, your credit history and other factors. Home Equity rates are based on prime plus a margin. Advertised as low as rate is based on prime as of June 1, 2020 and excellent credit review. Rate is subject to change without notice during promotional period which could result in a difference between actual as low as rate and advertised as low as rate. Advertised promotional rates available through August 30, 2020. Adequate property and flood insurance required, if applicable.
2) 5-year draw, 15-year payback. Introductory rate is a fixed-rate for 12-months as stated above. Off er is valid on qualified new home equity line-of-credit applications received between June 1, 2020 and August 30, 2020 with a minimum loan amount of $25,000 and a minimum initial draw of $10,000. A maximum 95% Combined Loan-to-Value (CLTV). After the intro rate period (12-months) or for lines not subject to the intro rate, your monthly APR will be a fully indexed, variable rate based on Prime plus a margin and based on your credit line amount, Loan to Value (LTV) and other factors. Prime rate is obtained from the Wall Street Journal. The maximum APR that can apply is 18%. The rate is variable and can adjust on a monthly basis. We may not extend credit to you if you do not meet Atlantic Financial Federal Credit Union criteria. Existing AFFCU Home Equity lines-of-credit members must increase current line by at least $25,000 with a minimum initial disbursement of $10,000. For every $1,000 borrowed at the current rate of 4.25% APR your payment will be $7.53 monthly. Consult with your financial advisor about potential tax savings. Excludes current Atlantic Financial Federal Credit Union loans. Please consult with an Atlantic Financial Federal Credit Union representative for more information.
3) Available only on new AFFCU Home Equity Loans. Cannot be used to refinance an existing AFFCU loan. The promotional APR is based on the value of an index of Prime minus 0.50%. The index is the Prime Rate at the time of the loan origination and is published in the Wall Street Journal. The home equity loan has a 10-year payback period. Rate ceiling is 18.00% APR. Minimum loan amount is $15,000 with a maximum 10-year fixed-rate term. Maximum loan amount is 95% loan-to-value. We may not extend credit to you if you do not meet Atlantic Financial Federal Credit Union criteria. Existing AFFCU Home Equity loan members must increase current line by at least $25,000 with a minimum initial disbursement of $10,000. For every $1,000 borrowed at 3.50% APR your payment will be $11.07 monthly. Consult with your financial advisor about potential tax savings. Please consult with an Atlantic Financial Federal Credit Union representative for more information.