Home Equity Line of Credit

Accomplish more with your Home Equity

HELOC Prime

Introductory APR* 2.99%

A Home Equity Line of Credit (HELOC) is a low-cost alternative to high-interest consumer loans and credit cards. You can borrow up to 90% of your home's appraised value* to do things you want to do, such as start home improvements, take a long-overdue vacation or even pay off your credit card debt. Since a HELOC is a revolving line of credit, it allows you to access your funds any time. If you already have an existing HELOC with us, extending your current credit limit is easy — just apply for your new amount.

Features

Variable rates as low as Prime +.25%


Flexible monthly payments


No fees


No points


Cash advances available any time, up to your available credit limit


Credit lines up to 90% of your home’s equity*


Line amounts up to $500,000


Benefits

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HELOC Access Visa Card

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Online Bill Pay

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Extend your Limit Any Time

Rates Effective 5/4/2020 12:00:00 AM

  • HELOC A
    2.99% 12-Month Intro APR
    Prime + 0.250% Rate
    $50 / Waived Annual Fee1
    Prime Variable Index
    Waived Closing Cost2
    Up to 70.00% LTV Advance Policy
    3.50% APR3
    $500,000 Maximum Loan Amount
  • HELOC B
    2.99% 12-Month Intro APR
    Prime + 0.500% Rate
    $50 / Waived Annual Fee1
    Prime Variable Index
    Waived Closing Cost2
    70.01-80.00% LTV Advance Policy
    3.75% APR3
    $500,000 Maximum Loan Amount
  • HELOC C
    2.99% 12-Month Intro APR
    Prime + 1.00% Rate
    $50 / Waived Annual Fee1
    Prime Variable Index
    Waived Closing Cost2
    80.01-90.00% LTV Advance Policy
    4.25% APR3
    $125,000 Maximum Loan Amount

Non-Owner Occupied add 1.25% with a max LTV of 70%.

1Annual fee of $50, waived with a minimum of $10,000 outstanding balance for 30 days during the year.

2HELOC Variable APR is based on Prime Rate of 5.25% + the margin rate stated above. Other rates may apply based on credit. Annual cap of 5% over fully indexed rate. Lifetime cap of 15%. Closing costs for the HELOC are currently waived (subject to change).

3APR = Annual Percentage Rate. HELOC APR is calculated on $100,000 loan amount.

 

2.99% APR* for the first 12 months

Take advantage of our lowest home equity rates to make your project more affordable. 

Advance more than $10,000 and receive an introductory rate of 2.99% APR* for the first 12 months!

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*APR=Annual Percentage Rate. Introductory rate (Intro Rate) is available to eligible members with a minimum FICO of 660 and requires a minimum balance of $10,000. Intro rate is available on one property and does not apply to subsequent credit limit increases, refinances, and previous or existing Southland HELOCs. Not all members will qualify. 2.99% intro rate is good for the first 12 months of the loan and adjusts to the then fully indexed variable rate at the beginning of the thirteenth month. Current HELOC Rate as of 5.29.18 is based on Prime Rate of 4.75% + the margin (0.25 % for up to 70% LTV, 0.50% for 70.1-80% LTV, and 1.00% for 80.1-90% LTV). LTV=Loan to Value, a ratio used to determine the equity available on your home. Other rates may apply based on credit.  Annual cap of 5% over fully indexed rate.  The rate cannot drop below 4% or exceed 15%.  The rate shown assumes that you have a FICO of 700 or above. Investment properties do not qualify for intro rate. Investment HELOC Rate is based on Prime Rate of 4.75% + the margin (1.50% for up to 70% LTV. Other rates may apply based on credit profile. Prime is based on the Wall Street Journal Prime Rate + margin based on credit score. All HELOCs are variable rate loans. Rates can change monthly on the first of the month. Rate cannot change by more than 5% in any one year. 10-year interest only terms followed by a 15-year amortized payback period. Closing costs for the HELOC are currently waived (subject to change). $50 annual fee is waived on HELOCs with a minimum outstanding of $10,000 for 30 days during the year. Credit limit determined by the equity in the real property, which is used as security for the loan. Maximum loan amount is subject to credit qualification and appraised property value. Membership is subject to eligibility. Real Estate Loans are subject to credit approval. Property you own which generates income is not eligible.  All new accounts will be verified through ChexSystems and are subject to credit approval and verification of equity. Rates and terms are subject to change without notice. Early closure cost reimbursement may apply— If the HELOC is paid off and closed during the first 3 years of the loan, you will be charged a $500 early termination fee to reimburse Southland Credit Union all third party fees incurred at closing. NMLS #685526.