HELOC stands for Home Equity Line of Credit. We 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.
And with our fixed rate conversion, you get the power of a line of credit with the security of a fixed-rate loan. Convert a portion of your Home Equity Line of Credit into a loan with a fixed rate and term at any time to fit your monthly budget.
You’re satisfied with your current mortgage and/or you don’t want to jump through the hoops to refinance and get cash out
You’re unsure of how much cash out you need
You love the idea of having some financial flexibility
You like the sound of paying off debts quicker
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:
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.
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
Locally processed and serviced
Typically doesn't require an appraisal
Limits as low as $10,000
Options for non-owner-occupied properties
Rates as low as 6.00%*
|Home Equity Line of Credit||APR||Fixed or Variable Rate||Annual Fee||Title-Date||More Info|
|up to 80% CLTV||6.00% - 8.00%||Variable||$35 (waived first year)|
|85% CLTV||6.75% - 8.75%||Variable||$35 (waived first year)|
|90% CLTV||7.50% - 8.50%||Variable||$35 (waived first year)|
*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 6.25%. We add a margin to the index to determine the actual interest rate. The minimum APR is 3.75% and the maximum APR is 15.00%. Loan costs range between $155 and $1,500 to cover third-party costs and are paid by the borrower. Learn more about Home Equity.
|Fixed Conversion (Up to existing LOC limit)||APR||Fixed or Variable Rate||Annual Fee||Title-Date||More Info|
|up to 80% CLTV||7.25% - 10.25%||Fixed||$50 (waived for first conversion)|
|85% CLTV||7.75% - 10.75%||Fixed||$50 (waived for first conversion)|
|90% CLTV||8.25% - 10.25%||Fixed||$50 (waived for first conversion)|
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.