A home equity line of credit, or HELOC, has some unique advantages over loans. With ten years of interest-only revolving credit followed by a 15-year repayment period, it can be a great solution for some situations you may not have considered.
Consolidating debt.
A HELOC is one way to consolidate high-interest debt. Plus, as you pay it off you will still have a low-rate line of credit to use if you run into unexpected expenses.
Paying for education.
Using a HELOC can be a good alternative to student loans, whether for yourself, your children, or your grandchildren. The rates are usually lower and the interest-only payment options give you flexibility.
Buying a boat or other large purchase.
With boat inventory struggling to keep up with demand, having to wait on a traditional loan could lead to someone else landing your dream boat. With a HELOC, you can offer cash.
For more details and to apply for a home equity line of credit, visit HomeEquity.LMCU.org.
*APR = Annual Percentage Rate. Best rate available to well qualified borrowers with under 80% Combined Loan to Value (CLTV). Assumes autopay from LMCU checking account. Su tasa puede ser más elevada según su CLTV específico, término y calificación crediticia. Rates as of 1/3/22 and subject to change after account opening. Las tasas HELOC son variables y están basadas en el margen vigente en ese momento; las tasas no podrán superar el 12%. Home Equity loans are available for properties located in Michigan or Florida. Los cargos pueden ser diferentes en Florida. Se aplican términos, monto máximo del préstamo y otras restricciones. Call or see branch for details. $5 membership required if not a member.
