Home Equity Line of Credit
Home equity lines of credit are an excellent source of credit for homeowners that need to borrow money. Our home equity line of credit works similar to a credit card, allowing users to borrow up to an approved line of credit.
Using the equity in your home can help meet your borrowing needs at a low variable rate. Typical use of funds include: consolidating debt, home improvements, buying a new auto, and paying for tuition. Apply for your home equity line of credit today. Call our Mortgage Department at (812) 425-5152.
Home Equity Line of Credit Features:
As low as 4.00% APR* variable rate
No closing costs or annual fees
Up to 100% of home value
Interest may be tax deductible
*APR = Annual Percentage Rate. The variable rate is based on the Prime rate as published in the Wall Street Journal (5.00% as of press time) and is dependent upon the equity in your home. Rate may change without notice.
Maximum APR is 18%. Qualified loan borrowers must meet membership qualifications and certain loan requirements. Borrower¹s primary residence only. Homeowner¹s insurance required. Title, appraisal, flood determination, and recording fees are required and any costs accrued will be paid for by Diamond Valley Federal Credit Union. Minimum advance is $3,000. Call for details. Consult your tax advisor regarding deductibility of interest.
Shopping For the Right Home Equity Line of Credit
Shopping for a home equity loan may be confusing. There are many specials and offers designed to lure you to take out a home equity loan at various other financial institutions. What makes DVFCU’s Home Equity Line of Credit so different than the others? It’s simple.
- There are no closing costs for a DVFCU Home Equity Line of Credit. All closing costs incurred are covered by the credit union. So there’s no out of pocket expense up front.
- The DVFCU Home Equity Line of Credit comes with a very low variable interest rate. The interest rate is based on the Prime Rate as published on the first business day of each month in the Wall Street Journal.
- Interest that you pay on a DVFCU Home Equity Line of Credit may be tax deductible. A professional tax representative will need to be consulted to confirm that deduction.
- Diamond Valley FCU also offers a minimum payment schedule that can save you money each month.
Call Jim at 425-5152 to learn more about the low-cost home equity options available at your credit union.
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