Home Equity Line of Credit (HELOC)
Home Equity Products
Home Equity Line of Credit
Home Equity Line of Credit (HELOC)
Features:
- Variable Rate: Your rate may fluctuate over time, which can go up or down over time, based on a market index.
- Revolving Credit: You can borrow as needed up to your credit limit. More flexible; you can borrow, repay, and borrow again. Giving you ongoing flexibility, like a credit card.
- Loan Amounts: The minimum home equity credit line is $15,000 and the maximum is $250,000.
- Low-Cost Funds: A cost-effective option, with no annual fee and lower interest rates than credit cards or personal loans.
- Easy Access: Withdraw funds via check, online banking, or in-person at a branch.
- Repayment terms: Starts with a draw period (just interest payments), followed by a repayment period.
- Property Types: Eligible Properties: CA and NC only, Single Family Residence, PUD (Planned Unit Development) and Approved Condo/Townhouse, 1-2 Units
- Combined Loan to Value (CLTV) Limits:
- Owner-Occupied, Second Homes: Up to 80% CLTV/HCLTV.
- Investment Properties: Up to 60% CLTV/HCLTV.
Good to know:
A HELOC is a smart option if you’re looking for flexibility and control. You can borrow funds as you need them, and you only pay interest on the amount you use—making it a more cost-effective choice than credit cards or personal loans. Accessing your money is easy, whether through checks, online banking, or at your local branch. Payments are often manageable, and during the initial draw period, you may only need to pay interest, helping you keep monthly costs low.
Things to consider:
One potential downside of a HELOC is that it typically comes with a variable interest rate, which means your payments could increase over time. It's also important to understand the two phases of a HELOC: the draw period and the repayment period. During the draw period—at Excite, it's the first 15 years—you can borrow up to your approved limit and make interest-only payments. After that, the loan enters the repayment period, where you can no longer withdraw funds and must begin paying back both the principal and interest over the next 15 years.
Which Product is Right for You?
Our mortgage team is here to help—contact us today to find the right solution for your goals.
★★★★★
I love this Credit Union!!! Best rates, highest payouts for deposits. Nice folks too. I am shifting the entirety of my indebtedness to them because the rates are so good, and I was tired of getting hit with huge interest at the end of every month. 5 stars.
~ Braxton W.
More Excite CU Loan Options
Personal Loan
The personal fixed-term loan with a can-do attitude. A low interest rate and affordable monthly payments make it a winner.
Mortgage Refinance
Want to lower your payment or take cash out? An Excite CU mortgage refinance might be exactly what you want.
*APR=Annual Percentage Rate. The floor rate will never be less than the WSJ Index + Margin @ Origination and the rate will be Variable based on the WSJ Prime + the Margin that was set at origination. Rates subject to change without notice.
The minimum home equity credit line is $15,000. The minimum payment will equal interest only during the 15 year draw period. After the 15 years, the draw period will close and further advances will not be available. The loan will then be recalculated to pay the loan off in an additional 15 years. Monthly interest only payment example: $10,000 loan amount at 8.500% APR = $70.83. Monthly interest only payment example after initial promotional rate offer assuming you have a FICO credit score of 750 or greater: $10,000 loan amount at 9.25% APR = $77.08. An early termination fee of up to $1,500 applies when a home equity line of credit is paid off and closed within the first 3 years (not applicable for North Carolina properties with loan amounts of less than $150,000). Other fees, terms and conditions may apply. Maximum credit limit is subject to credit qualification and appraised value; standard underwriting guidelines apply. This is not a commitment to lend.
Please note: The subject property must be a single family home occupied by the Member as their primary residence; located in California or North Carolina; mobile homes are excluded. Offer cannot be used for an existing home equity line of credit.