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If you’ve been working for years to pay off your home, it’s time to let your home return the favor. The equity you've built up can be used as collateral for a Home Equity Line of Credit (HELOC).

What is a HELOC?

Home equity is the difference between your home’s appraised value and the outstanding balance of all liens owed against the property. A HELOC is based on that amount and can be drawn at any time* instead of being taken in one lump sum. These accounts are typically used to fund large expenses, such as home improvements, college expenses, debt consolidation, or other major purchases.

Our HELOC’s offer outstanding benefits*:

  • Rates as low as Prime
  • Use up to 90% of appraised value
  • No appraisal fees
  • No application, origination, annual, or inactivity fees
  • Interest could be tax-deductible (consult with your tax advisor)
  • Now eligible for electronic advances 24/7 through online banking!

Are you interested?

If you’re interested in applying for a Home Equity Line of Credit (HELOC) check out our Informational Flyer and our Step by Step Checklist!

Home Equity

TermAPR as low as*
Terms may vary 3.30%

How to Apply for a HELOC:

  • Stop by your local branch
  • Call us toll-free at 1-800-622-5305

* The information appearing here is accurate as of the effective date: December 9, 2019. All services (such as loans, credit cards, and checking accounts) are subject to approval. Home Equity Line of Credit (HELOC) rates are subject to change without notice. Please stop by your local branch, call 1-800-622-5305, or visit our website for current rates. Your interest rate will range from [Prime] to [Prime plus 2.50%] APR, based on your approved credit, and loan-to-value of the home. Your rate will be determined on the date of approval. The annual percentage rate can change on the first day of each month. The maximum ANNUAL PERCENTAGE RATE that can apply is 18.00% APR. There is no limit to the amount by which the annual percentage rate can change during any one-year period. Not all borrowers will qualify for up to 90% of the home’s appraised value. HELOCs are only available on homes classified as primary residences in North Carolina or South Carolina. The applicant is responsible for any upfront costs or funds required to open the loan, which may not be offset with any expected rebates or credits. Appraisal fee refund is given after the rescission period has ended, the deed is recorded, and all final documentation is received. Minimum line of credit is $10,000. Line advances are available for up to 10 years. Your payment will be based on the balance after each advance and is subject to change each time an advance is made or annually on the first day of July. Your payment may never be less than $100 or the full amount you owe, whichever is less. Only members in good standing with CTFCU are eligible to apply or make advances on an active HELOC. Consult your tax advisor regarding the deductibility of interest and fees for the plan.

CTFCU- NMLS# 402929


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