The Benefits of a Home Equity Line of Credit (HELOC)
Home equity is the difference between how much you owe on your mortgage and how much your home is worth. A home equity line of credit allows you to tap into the equity of your home for emergencies, debt consolidation, vacations, home repairs and more. You can access your money whenever you need it. There are two No Closing Cost1 HELOC options available.
Fixed-Rate HELOC
No Closing Cost HELOC
- Fixed Interest Rate: Lock in a fixed rate for the life of the loan. As you access funds, the interest rate stays the same.2
- Loan Term: There's a 15-year term with a 5-year draw period and a 10-year payback period.2
- Potential Tax Advantages: Consult your tax advisor about tax benefits.3
- Borrow up to 85% Loan to Value4
- Quick approval and turnaround timeframe
Variable-Rate HELOC
No Closing Cost HELOC
- Low Variable Rate: As you access funds, the current variable HELOC rate (based on the U.S. Prime Rate, as well as your credit history and other factors) is applied.5
- Loan Term: There's a 20-year term with a 10-year draw period and a 10-year payback period.5
- Potential Tax Advantages: Consult your tax advisor about tax benefits3
- Borrow up to 85% Loan to Value4
- Fast loan approval
Access Your HELOC with our Partner Colorado HELOC Visa® with Rewards
It's a convenient way to access the credit available in your HELOC, at the same low rate.
- Make purchases anywhere Visa is accepted—online, over the phone or in person
- Earn rewards with every purchase, including cash back, travel and merchandise. Check out the variety of reward options at scorecardrewards.com6
- There's no minimum transaction amount
- Maximum daily purchase limit of $10,000
- NO annual fee
- You may be able to deduct the interest on card purchases used to improve, buy, or build a home. Consult a tax advisor regarding deductibility.
Call us or text us to get your HELOC Visa® with Rewards today!
Calculate how much equity you have in your home with our Equity Calculator.
Check out our blog for tips on choosing the right equity loan for you.
Apply for Your No Closing Cost HELOC online or call us!
1No closing costs in most cases. An upfront appraisal fee of $450.00 may be required at member expense on loans greater than $75,000 or loan-to-value exceeding 70%. Refinancing a present loan held by Partner Colorado Credit Union is excluded from this offer. Closing costs include settlement fees, flood determination fee, title search, government fees and recording charges, taxes, and when required, appraisal fees, title insurance and any fees associated with condominium properties; no closing costs on HELOC subject to change anytime without notice. For loan amounts up to $250,000, closing costs typically range between $250 and $1,800. Closing costs depend on the location of the property, property type and the amount of the Equity Line.
2Certain conditions and restrictions may apply. Colorado owner-occupied properties only. Minimum credit line and draw of $5,000.00 is required. Rates are as low as 5.75% APR and are based on an evaluation of credit history, CLTV (combined loan-to-value) ratio, loan amount and occupancy, so your rate may differ. Borrow against your available credit line for a period of 5 years, after which any existing balance must be paid in full within the following 10 years.
3Consult your tax advisor to determine eligibility.
4Certain restrictions apply.
5Certain conditions and restrictions may apply. Colorado owner-occupied properties only. Minimum credit line and draw of $5,000.00 is required. Variable-rate loans are as low as 4.50% APR and are based on an evaluation of credit history, CLTV (combined loan-to-value) ratio, loan amount and occupancy, so your rate may differ. The plan has a maximum APR of 18.00%. Members with a variable-rate Home Equity Line of Credit may borrow against their available credit line for a period of 10 years, after which any existing balance must be paid in full within the following 10 years.
Home Ownership Counseling Agencies
HUD Ownership Counseling Link
