A home equity line of credit (HELOC) is a revolving credit line secured by the equity in your home. Use your home’s equity for anything you need:
- Remodel your home
- Consolidate high interest credit cards or personal loans
- Pay for educational expenses
- Rates as low as 3.75% APR*
Lower interest rate than paying with your credit cards or personal loans
- Access funds for 10 years (funds are there when you need them)
- No points, no annual fees, low closing costs
- No prepayment penalty
- Max credit line amount $75,000.00
- Pay interest only on the funds you use
- Access up to 75% of your home’s value
- HELOC available in New Jersey, New York and Connecticut
Ways to Access Your HELOC Loan
- Automated account access transfer
- Write a check
- Funds transfer to a UFCU checking account
- Minimum FICO credit score 760
- Secured by primary residence only
- UFCU membership
Approximate Closing Costs
- New York is $1,400.00 (title exam, mortgage recording, mortgage recording tax, underwriting)
- New Jersey and Connecticut $600.00 (title exam, mortgage recording and underwriting).
- Have a Question?
Contact our Vice President of Lending:
*APR= Annual Percentage Rate.
The HELOC interest rate is an adjustable rate currently based on the Prime Rate, plus .50% (With a minimum interest rate of 3.75%). Rates are subject to change.
Your rate will be reviewed monthly. The maximum Annual Percentage Rate that can apply is 18.00%, or the maximum permitted by law, whichever is less. Introductory Rate HELOCs.
A minimum FICO credit score of 760 is required.
Maximum loan-to-value 75% (HELOC, and any senior mortgage, not to exceed 75% of home’s appraised value).
The maximum home equity line of credit loan amount is $75,000.
You must be a member of UFCU to apply. Existing UFCU debt is not eligible.