Home-equity-line-of-credit-at-Finex-Credit-Union

Harness Your Home's Potential With A HELOC Introductory Rate of 6.99%*

INTRODUCTORY RATE FOR RELATIONSHIP MEMBERS: 6.99% for the First 12 Months

Money at your fingertips, when you need it most. It may sound too good to be true, but it's legit! A Home Equity Line of Credit (HELOC) allows you to borrow as little or as much as you need, to cover life's planned or unexpected expenses.

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HELOC Rates

1 APR = Annual Percentage Rate. The displayed APR represents the lowest possible rates available. Rates are based on credit score and are subject to change without notice.



Rates as of May 1, 2024
Term
Max Loan to Value
Premier Accounts APR1
General Membership APR1
Term
Fixed for First 12 Months, then Variable Rate
Max Loan to Value
To 80%
Premier Accounts APR1
6.99%
General Membership APR1
8.50%

1 APR = Annual Percentage Rate. The displayed APR represents the lowest possible rates available. Rates are based on credit score and are subject to change without notice.



Start your HELOC application here:

[1] APR = Annual Percentage Rate. The introductory APR is fixed for one year (twelve months).  After the second year, the APR is variable based on the U.S. Prime Rate as published in the Wall Street Journal, plus a margin. To obtain an introductory rate, borrower must meet credit and loan program requirements, including (but not limited to): 1) maximum Combined Loan-to-Value (CLTV) of up to 80% (for Premier Members Only with credit score of 600 or higher), 2). borrower must have automatic transfers from a Finex CU checking account for the monthly HELOC payments, 3) borrower must not have had a previous introductory rate for a Finex CU HELOC within the past three years, and, 4) Existing Finex Credit HELOC’s are not eligible for promotion unless a new line is taken out at $25,000 more than the original line. Certain restrictions apply to existing lines of credit with Finex CU. 5) Promotional discount is tied to members who have been in good standing for 90 days and a relationship account which we define as Cashback, Cashback Plus, or High-Rate Checking account holders plus $1,000 minimum direct deposit.  Minimum loan amount of $25,000 and a maximum of $250,000. The introductory rate applies to the variable line in use only and is not applicable to any Fixed-Rate Loan Option. Homeowners insurance is required. Closing costs will be waived however, if your loan is paid off within the first two years of the closing date, you will reimburse the Credit Union for amounts paid on your behalf. Sale terms are effective on applications received from 5/1/2024 to 6/30/2024.

[2] The APR is variable based on the U.S. Prime Rate as published in the Wall Street Journal, plus a margin (if applicable). The minimum floor APR is 4.00%. HELOCs are variable rate products and rates may not exceed the maximum legal limit for Federal credit unions (currently 18%). The Prime Rate as of 04/19/2024 = 8.50%.

[3] Rates and terms are subject to change without notice. All offers of credit are subject to credit approval requirements and applicants may be offered credit at higher rates and other terms. Loan-to-Value (LTV) and/or Combined LTV (CLTV) restrictions apply. Hazard insurance is required on all loans secured by real property (flood insurance may also be required where applicable). Rates shown are based on a borrower’s 1-4 family primary residence, a maximum CLTV of 80%, must be a first or second lien, and automatic transfers from a Finex CU checking account. Consult a tax professional regarding the potential deductibility of interest. Relationship membership at Finex CU is required. General membership or new members must start minimum Direct Deposit of $500/month and utilize debit card 12 transactions/month. Must be active for 90 days and account activity must be reviewed by loan manager to receive discount rate.

Prepare For Tomorrow, Plan For The Future

Home Equity Line of Credit Perks

If you need some extra cash for a home improvement project, a dream vacation, to consolidate debt, or to have an emergency fund, a Finex Credit Union Home Equity Line of Credit is an affordable solution!

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Access Up To $250k

Use the equity you have built in your home to access an affordable home equity line of credit. Apply 24/7 and borrow up to $250,000.
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48 Hour Approvals

Have confidence that our loan experts will process your application as fast as possible, so you can access your money the moment you need it.
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Prepay All Day

When you are ready to make an additional payment, we have your back! There are no prepayment penalties you have to deal with!
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Whatever You're Looking To Accomplish...

Your Home Equity May Be Able To Help!

Tackle-your-home-improvement-projects-with-Finex-Credit-Union.

Tackle Your Project

If you're looking to make some home improvements, a Home Equity Line of Credit from Finex Credit Union is definitely the way to go! Using the equity you have built up in your home, you can access the money you need a little at a time, or all at once to get the job done right!

  • No need to know the total project cost before you apply for your HELOC.
  • Enjoy a 10-year draw period and a 15-year repayment period. 
  • Apply online 24/7 from anywhere.
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A-Heloc-from-Finex-Credit-Union-can-help-you-with-the-dream-vacation-you-have-been-planning.

Endless Options

While people commonly think of home improvement projects as the main purpose of a HELOC, the options are endless! Take advantage of our 10-year draw period and rely on your HELOC to help cover life's planned and life's unexpected surprises!

  • Dream wedding.
  • Family vacation.
  • New addition.
  • Further your education.
  • Anything you can imagine.
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A-heloc-can-help-with-unexpected-emergencies.

Peace Of Mind

Let's be honest, no one knows what the future holds. While life is full of excitement and thrills, it can also be full of twists and turns. 

Protect yourself and your family with the added security of a Finex Credit Union Home Equity Line of Credit (HELOC). Your line of credit lets you withdraw funds for ten full years! After your 10-year draw period, you have 15 years to repay what you have borrowed. If you are looking for a safety net for the future, a HELOC is where it's at.

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A HELOC Can Do It All

Home Improvement Is Just The Beginning

One easy online Home Equity Line of Credit application can open the door to endless possibilities! You can count on Finex Credit Union to offer you and your family the tools you need to succeed.

  • Special event
  • Education and tuition
  • Home improvements and repairs
  • Debt consolidation
  • The choice is yours
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Dive Into The Details

What is a HELOC?

A HELOC, also known as a Home Equity Line of Credit, is a great way to borrow money at an affordable rate. Using your home as collateral, you can gain access to the equity you have built in your home.

  • Revolving line of credit.

    Similar to a credit card, it is a revolving line of credit, which means you can borrow from your line of credit, repay it, and continue to borrow from it without having to reapply.
  • Draw period of 10 years.

    Enjoy borrowing money as often as you need over 10 full years and only make interest payments on the amount you borrow.
  • Repayment period of 15 years.

    Once the draw period ends, you can no longer borrow the cash, and you start making payments of the interest and principal until the loan is paid off.
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HELOC vs Home Equity Loan

Compare the similarities and differences between Home Equity Lines of Credit and Home Equity Loans. As an added bonus, see how they compare to a Finex Credit Union Personal Loan which doesn't require you to have equity in your home.

Line of Credit

HELOC

  • Line of Credit
  • Variable (Changing) Rate
  • Secured By Your Home
  • Access Money Over 10 Years
  • Pay Back Over 15 Years
  • No Application Fee
  • Use Money For Anything
  • No Prepayment Penalties
Apply Now
One Time Loan Using Equity

Home Equity Loan

  • One Large Sum
  • Fixed Rate
  • Secured By Your Home
  • Set Loan Term
  • No Application Fee
  • Use Money For Anything
  • No Prepayment Penalties
Apply Now
One Time Loan No Equity

Personal Loan

  • One Large Sum
  • Fixed Rate (Typically Higher)
  • Unsecured (No Collateral)
  • Set Loan Term
  • No Application Fee
  • Use Money For Anything
  • No Prepayment Penalties
Apply Now

What our members are saying...

"Finex Credit Union's loan officer, Samantha, has been very helpful with getting me the loans I needed to reach my financial goals. She made the process to get me the loans I needed smooth and because of her professional skills and knowledge, I will always be a Finex Credit Union satisfied member."
Carlos V.
"Great bank so far. I signed up with them through my employer and they gave me a second chance! Everyone from the virtual tellers to the actual people at the Burnside Ave location are beyond wonderful. Samantha got me approved for a loan the same day literally within 3 hours."
Chelsea G.
"I was a little skeptical about filing out a loan application online. But the process was surprisingly easy to use. And the credit union employees were very knowledgeable about the whole process and able to answer all my questions."
Steve H.
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