|15 Yr Fixed Mort||as low as 3.125%|
|New / Used Auto||as low as 2.5%|
|HELOC (Qtrly Adj)||as low as 3.25%|
|Personal||as low as 9.9%|
Home Equity Line of Credit
A home equity line of credit (HELOC) is a form of revolving credit in which your home serves as collateral. Like a credit card, a home equity line of credit lets you borrow up to a preset limit. When you pay down the credit line, you can use the credit again as you need it. Many homeowners use home equity credit lines to pay for major items such as education, home improvements, or medical bills. They can also be a helpful tool for debt consolidation at a lower interest rate and may offer tax benefits.
With a HELOC, you will be approved for a specific amount of credit. The potential credit line is determined by taking a percentage of the home's appraised value (say, 85%) and subtracting from that the balance owed on the existing mortgage. For example:
Appraised value of home
Percentage of appraised value
= $ 85,000
Less balance owed on mortgage
- $ 40,000
Potential line of credit
TTCU offers (2) different types of adjustable rate HELOCs:
As an added convenience, TTCU offers HELOC checks. This means that once your home equity line of credit has been established, you can simply write a check yourself when funds are needed instead of making a trip to the credit union. You'll have greater flexibility, especially when the project is ongoing or the full costs are yet to be determined.
And remember, at TTCU you’re more than your score. We look at your entire story – your employment, residency, payment history with TTCU and others, etc. – in addition to your credit score. We want you to qualify for the best possible rate, and we won’t rely solely on an arbitrary number. We want to lend to you!
Rates and terms subject to credit evaluation and qualification. Actual rates and terms may vary.