You love the idea of having some financial flexibility
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.
|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% - 5.25%||Variable||Prime Rate||-.25% - 1.75%||$35|
|85% Home Equity Line of Credit||4.00% - 6.00%||Variable||Prime Rate||.50% - 2.50%||$35|
|90% Home Equity Line of Credit||4.75% - 5.75%||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 3.50%. 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 4.25% APR to 7.25% 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.
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, currently 3.50%. 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% - 6.00% is accurate as of April 1, 2022. Promotion is valid for applications taken between April 1, 2022 and June 30, 2022 (and the loan must be funded no later than July 31, 2022).