Turn the value of your home into cash because you’ve earned it.

You are a responsible homeowner. You have worked hard to buy your home, and you make regular mortgage payments. Why not turn your home value into cash with a simple home equity line of credit?

A HELOC lets you use the untapped value of your home into a line of credit you can access at any time. Consider the possibilities:

  • Remodel your home.
  • Pay off credit card debt.
  • Make a down payment on a new home.
  • Have extra money to pay for emergencies.
  • Have access to cash when you want it.

With a HELOC, you only pay interest on what you use. And iQ offers several options specifically designed to meet your financial needs. A HELOC is a great way to create a pool of ready cash to give you peace of mind. It’s ideal if you don’t know how much you may need and want financial flexibility or if you just want to tap your home equity without having to refinance.

iQ makes it easy to set up a home equity line of credit. Our HELOCs:

  • Have easy application fees
  • Have limits as low as $10,000
  • Are locally processed and serviced
  • Don’t require an appraisal in most cases
  • Have options for non-owner-occupied properties.

 

 

Go ahead, apply for a HELOC today. You’ve earned it!

Fill out the application below to get started.

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Benefits of iQ's Home Equity Line of Credit

With a flexible line of credit and several different options to best fit your specific needs, putting the equity that’s sitting in your home to work for you can be a smart and strategic financial decision. 

Easy application process
Apply online, over the phone, or inside   online banking

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

Home Equity Line of Credit - Rates Effective as of April 1, 2020
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.

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HELOC FAQs

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.

Borrowers are typically required to pay closing costs and may have to pay for a property appraisal. If you apply before June 30, all closing costs for the HELOC will be waived.