HELOC stands for Home Equity Line of Credit. We basically turn the equity you already have in your home into a line of credit that you can pull from when you need it. So your investment continues to grow, and you reserve your cash for other things - like sweet roller skates or a buffalo plaid dog leash.
When you line up a HELOC with iQ, you’re doing business with a local organization with deep roots in our shared community. We truly care about taking good care of you. Let us help you get securely situated to handle whatever might come your way. In May and June 2021 we'll even cover those closing costs to keep more money in your pocket.*
Locally processed and serviced
Typically don't require appraisal
Limits as low as $10,000
Options for non owner-occupied properties
Access to cash when you need it
Want low monthly payments
Use to pay off high interest credit cards or other debt
*APR = Annual Percentage Rate. Rates are variable and vary with Prime Index Rate as published by the current Wall Street Journal, currently 3.25%. We add a margin to the index to determine the actual interest rate. The minimum APR is 3.75% The maximum APR is 15.00%. Actual rates depend on member credit qualifications including credit and employment history, and amount of equity in the property. 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 $675 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). Minimum loan amount is $10,000, 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) and reconveyance fee 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. Current APR range of 3.75% - 5.75% is accurate as of 04/01/2021. Promotion is valid for applications taken between May 1, 2021 and June 30, 2021 (and the loan must be funded no later than July 31, 2021).
|Loan Type||APR||Fixed or Variable Rate||Index||Margin||Annual Fee||Title-Date||More Info|
|up to 80% Home Equity Line of Credit||3.75% - 5.00%||Variable||Prime Rate||-.25% - 1.75%||$35|
|85% Home Equity Line of Credit||3.75% - 5.75%||Variable||Prime Rate||.50% - 2.50%||$35|
|90% Home Equity Line of Credit||4.50% - 5.50%||Variable||Prime Rate||1.25% - 2.25%||$35|
* APR = Annual Percentage Rate. Actual rates depend on member credit qualifications including credit and employment history, and amount of equity in the property. The current Wall Street Journal prime index rate is 3.25%. We add a margin to the index to determine the actual interest rate. The minimum APR is 3.75%. The maximum APR is 15.00%. Rates for fixed term conversions taken against the line range from 3.75% APR to 7.5% APR. Loan Costs: Range between $155 and $1,500 to cover third party costs, and are paid by the borrower. Learn more about Home Equity.