Home Equity Lines of Credit (HELOC)
Life is a series of unexpected events, good or bad. Our Home Equity Lines of Credit can make sure you’re financially able to deal with anything that comes your way. Whether you’re looking to perform home improvements, take a vacation, plan a wedding or pay off your student loans and other bills, a Home Equity Line of Credit could be the answer. Interest may be tax deductible.*
- No closing costs1
- Lines start at $20,000
- 10-Year “draw” period with a 10-year repayment period2
- Interest rate is Prime minus 0.25% for the life of the loan3
- Borrow up to 80% combined loan-to-value of appraised value
* Consult a tax adviser for more details
Fixed Rate Home Equity Loans
Do you have equity in your home? If so, you have the option to take out a fixed home equity loan using that amount of equity. Through this loan, you can take out a set amount of money and pay it back in fixed monthly payments over a fixed term. 5, 10, 15 and 20 year terms are available.
1Member is responsible for closing costs, which may vary, if loan is paid off or refinanced within first 24 months. 2Draw period for the first 10 years requires monthly payments of interest-only or $100, whichever is greater, followed by 10 year repayment period. 3Prime is defined as the Prime Rate as published in the Wall Street Journal as of the last business day of the preceding month. As of 11/8/2024 the Prime Rate is 7.75% with a minimum floor rate of 3.25% and maximum rate of 16.00%. Property and flood insurance may be required. All AllCom loan programs, rates, terms and conditions are subject to change at any time without notice. Membership and application are subject to approval. Other terms and conditions may apply.
