What to do with a HELOC
What to do with a Home Equity Line of Credit (HELOC)
Yes, you can consolidate debt. Yes, you can buy that big-ticket item. But you can also do home renovations, like a lot of homeowners do, with a HELOC.
One of the most popular home renovation projects is an outdoor living space. Using your HELOC, you can realize this smart addition to your property.
Did you know that an outdoor living space has an ROI of more than 80% and renovating an existing outdoor space has an ROI of about 500%? This is where your HELOC comes in. Setting up a HELOC could be your best option for projects like this. The interest rates on HELOCs are often lower than mortgage rates and could help you pay off your mortgage sooner. So go ahead and build or renovate away!
Just a Reminder About Our HELOC Rates
Speaking of lower rates, Unity Catholic FCU HELOCs current rates from 06/01/22 -09/30/2023 are below.
Intro rate 1.99% APR*, fixed through 9/30/2023
Fees of just $250.00
The rate then goes to as low as Prime -0.50%, currently 3.50% APR
Are you ready to open your HELOC account? Go online here and fill in the requested information. Should you have further questions, contact one of our representatives. Remember: We’re here to help!
*APR= Annual Percentage Rate. This is a variable rate and will change based on the Prime Rate as printed in the Wall Street Journal published 10 days before the end of each month. The introductory APR is 1.99%APR* and expires on 09/30/2023. The applicable interest rate will go to Prime Rate plus/minus the margin based on your credit at the time of application after the introductory period has expired. The floor rate is 3.25%APR and cannot go lower than this regardless of credit score, the ceiling rate is 18% the rate can change up to 2% per quarter. As of 04/05/2022, the Prime Rate is 3.50%APR; this is the rate available to Unity Catholic Federal Credit Union (UCFCU) members with Tier B credit; based on 80% loan to value, owner-occupied principal residence. Can not be used to refinance an existing UCFCU Home Equity Line-of-Credit. Advances are amortized over 120 months. Sample monthly payment: $5,000 financed at 3.50% APR for 120 months is $50.00. Minimum initial loan advance of $5,000. The application deadline is 07/31/2022 and must close by 09/30/2022. Loan fees and closing costs of $250 are paid by the borrower. Members will be responsible for title insurance if the Line of Credit is the mortgage in the first lien position. A UCFCU Checking Account, Debit Card, and/or direct deposit with payroll deduction is required to qualify for this loan. The loan is subject to credit approval. All UCFCU programs, rates, terms, and conditions are subject to change at any
time without notice. No prepayment penalties apply. Federally insured by NCUA. Additional insurance up to $250,000 through ESI a licensed insurance company and an Equal Housing Lender.