| Home Equity Line of Credit | APR | Fixed or Variable Rate | Annual Fee | Title-Date | More Info |
|---|---|---|---|---|---|
| up to 80% CLTV | 7.25% - 9.25% | Variable | $35 (waived first year) | ||
| 85% CLTV | 8.00% - 10.00% | Variable | $35 (waived first year) | ||
| 90% CLTV | 8.75% - 9.25% | Variable | $35 (waived first year) |
*APR = Annual Percentage Rate. Rates are variable and vary with Prime Index Rate as published by the current Wall Street Journal. We add a margin to the index to determine the actual interest rate. The variable rates as of 3/1/2025 are 7.25% - 10.00%, depending on member credit qualifications including credit and employment history, and amount of equity in the property. Our rates do not go below 3.75% or above 15%. Promotional waiver of closing costs pertains to all costs required to open the line of credit except for any required appraisal. If an appraisal is required, borrower will be required to pay for such appraisal, normally $775 or more. If the Home Equity Line of Credit is paid off and closed within the first 36 months, waived closing costs must be repaid to the credit union (up to $300) as fee reimbursement. Minimum loan amount is $10,000, and minimum fixed-rate conversion amount is $5,000, but there is no minimum advance requirement. Credit is subject to approval, not all applicants will qualify. Fees that occur after the line is opened, such as annual fee ($35), reconveyance fee and quit claim deed recording fees are not considered closing costs. Flood and/or property hazard insurance may be required and are also not considered closing costs. All Credit Union loan programs, rates, terms, and conditions are subject to change at any time without notice. All loans subject to approval of property. Promotion is valid for applications taken between May 1, 2025 and July 31, 2025 (and the loan must be funded no later than August 31, 2025). Promotional period subject to extension at Credit Union’s discretion.
| Fixed Conversion (Up to existing LOC limit) | APR | Fixed or Variable Rate | Conversion Fee | Title-Date | More Info |
|---|---|---|---|---|---|
| up to 80% CLTV | 8.50% - 11.50% | Fixed | $50 (waived for first conversion) | ||
| 85% CLTV | 9.00% - 12.00% | Fixed | $50 (waived for first conversion) | ||
| 90% CLTV | 9.50% - 11.50% | Fixed | $50 (waived for first conversion) |
*APR = Annual Percentage Rate. Rates are variable and vary with Prime Index Rate as published by the current Wall Street Journal. We add a margin to the index to determine the actual interest rate. The variable rates as of 3/1/2025 are 7.25% - 10.00%, depending on member credit qualifications including credit and employment history, and amount of equity in the property. Our rates do not go below 3.75% or above 15%. Promotional waiver of closing costs pertains to all costs required to open the line of credit except for any required appraisal. If an appraisal is required, borrower will be required to pay for such appraisal, normally $775 or more. If the Home Equity Line of Credit is paid off and closed within the first 36 months, waived closing costs must be repaid to the credit union (up to $300) as fee reimbursement. Minimum loan amount is $10,000, and minimum fixed-rate conversion amount is $5,000, but there is no minimum advance requirement. Credit is subject to approval, not all applicants will qualify. Fees that occur after the line is opened, such as annual fee ($35), reconveyance fee and quit claim deed recording fees are not considered closing costs. Flood and/or property hazard insurance may be required and are also not considered closing costs. All Credit Union loan programs, rates, terms, and conditions are subject to change at any time without notice. All loans subject to approval of property. Promotion is valid for applications taken between May 1, 2025 and July 31, 2025 (and the loan must be funded no later than August 31, 2025). Promotional period subject to extension at Credit Union’s discretion.
You can borrow up to 80% of the value of your home. If your home is worth $300,000 and your mortgage is $200,000, then the equity is $100,000, but you can only borrow up to $40,000 because 80% of the home value is $240,000. In some instances you can borrow more than 80% through a HELOC depending on your situation.
You can use a HELOC for almost anything, such as a home remodel, a down payment on another home, or to pay for an emergency. There are no restrictions on how you use the money. A HELOC has a lower interest rate than most credit cards and is ideal for debt consolidation.
Equity represents the amount of money you would receive upon the sale of your home. Equity is a reflection of the current market value of your home.
Why would I want a Home Equity Line Of Credit (HELOC) instead of refinancing my home?
A HELOC gives you more flexibility. If you refinance your home, you receive a one-time payment based on the market value of your home and the difference between your new home loan amount and your previous home loan. A HELOC gives you revolving credit, like a credit card. You use only as much as you need up to the maximum amount, and as you pay it back, you can use it again.
You can start the application online or by telephone. Contact one of the loan officers at any iQ Credit Union branch.
*APR = Annual Percentage Rate. Rates are variable and vary with Prime Index Rate as published by the current Wall Street Journal. We add a margin to the index to determine the actual interest rate. The variable rates as of 3/1/2025 are 7.25% - 10.00%, depending on member credit qualifications including credit and employment history, and amount of equity in the property. Our rates do not go below 3.75% or above 15%. Promotional waiver of closing costs pertains to all costs required to open the line of credit except for any required appraisal. If an appraisal is required, borrower will be required to pay for such appraisal, normally $775 or more. If the Home Equity Line of Credit is paid off and closed within the first 36 months, waived closing costs must be repaid to the credit union (up to $300) as fee reimbursement. Minimum loan amount is $10,000, and minimum fixed-rate conversion amount is $5,000, but there is no minimum advance requirement. Credit is subject to approval, not all applicants will qualify. Fees that occur after the line is opened, such as annual fee ($35), reconveyance fee and quit claim deed recording fees are not considered closing costs. Flood and/or property hazard insurance may be required and are also not considered closing costs. All Credit Union loan programs, rates, terms, and conditions are subject to change at any time without notice. All loans subject to approval of property. Promotion is valid for applications taken between May 1, 2025 and July 31, 2025 (and the loan must be funded no later than August 31, 2025). Promotional period subject to extension at Credit Union’s discretion.
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