Home Equity Line of Credit (Variable Rate)
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It's like a giant credit card tied to your house. Leverage your home's value...tap into a new U1 Home Equity Line of Credit (HELOC) with no annual fees, a no closing cost option, up to 95% LTV and easy access to funds!
Visit a local division office or give us a call and apply today to get the most out of your home's worth
memberservices@u1cu.org | 800-762-9555 opt. 0 | NMLS #652486
| Home Equity Line of Credit | ||
| Effective Date: Friday, May 3rd, 2024 | ||
| Type | Term | APR (As Low As) |
| Up to 95% LTV | 15 years | 7.75% |
| *APR = Annual Percentage Rate. The APR for the Home Equity Line of Credit (HELOC) is variable and based on Prime Rate as published in the Wall Street Journal plus a margin. Margin is determined by applicant's credit score and home's Loan to Value (LTV). Rates as low as Prime. Maximum APR = 18%. No closing costs with a $15,000 minimum initial advance; cannot be used towards U1 existing loans or debt. Third party fees could range from $0 - $400. Reimbursement of third party fees may be required for loans closed within the first three years of opening. Property insurance is required. Flood insurance and Private Mortgage Insurance (PMI) may be required. All loans subject to approval. Program subject to change. | ||
HELOC FAQs What is a Home Equity Line Of Credit ?
A HELOC is a line of credit loan that is secured by your home. It uses your home as collateral and allows you to use the equity in your home to pay for larger expenses, such as home improvements, bill consolidation, tuition, weddings or dream vacations.
Who should consider a HELOC ?
If you made a large down payment when you purchased your home or have been in your home for longer than five years, you may be eligible for a HELOC. The line of credit allows you to start your project, big or small, and repay over time, but with the freedom to borrow multiple times (up to your credit limit) as your project dictates. A U1 HELOC provides the flexibility you need with the borrowing power you deserve.
What's the difference between a HELOC and Home Equity Loan?
Second mortgages come in two basic forms: home equity loans and home equity lines of credit, or HELOC. Learn more about the two here.
To view the Home Equity Disclosure, click here.
Home Remedy Loans (Fixed Rate)
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Your home is one of life's greatest investments. So much time, energy and finances go into it.
Home Remedy Loans are U1's version of a second mortgage; for further improvements, major purchases or any other circumstance that life may throw at you.
Benefits include:
Low fixed rates & flexible terms
Financing up to 95% loan-to-value
Quick & easy online application
No hidden or annual fees
No closing costs*
| Home Remedy Loan | ||
| Effective Date: Friday, May 3rd, 2024 | ||
| Type | Term | Rates as low as |
| Up to 95% LTV | 10 / 15 Years | 9.00% / 9.50% |
| *All loans subject to approval. Rates, terms and conditions vary based on creditworthiness and amount financed. Rates and terms subject to change. No closing costs with a $15,000 minimum initial loan amount; cannot be used towards U1 existing loans or debt. Property insurance is required. Flood insurance and Private Mortgage Insurance (PMI) may be required. Program subject to change. | ||
We are with you every step of the way and have the best options to fit your unique circumstances. Reach out to our mortgage services team for questions or additional information.
memberservices@u1cu.org | 800-762-9555 opt. 0 | NMLS #652486
*All loans subject to approval. Rates, terms and conditions vary based on creditworthiness and amount financed. Rates and terms subject to change. No closing costs with a $15,000 minimum initial loan amount; cannot be used towards U1 existing loans or debt. Property insurance is required. Flood insurance and Private Mortgage Insurance (PMI) may be required. Program subject to change.
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