Home Equity Line of Credit & Home Equity Loans
Home Equity Line of Credit
InTouch Credit Union offers Home Equity Line of Credit (HELOC)1
in all 50 states. A HELOC allows you to borrow on the equity in your home, like a home equity loan, however it operates as a variable rate line of credit secured by your residence.2
Funds can be used for debt consolidation, education, purchase of an automobile, home remodeling, vacation or almost anything you need.
- Refinance your current Home Equity Loan or Line of Credit from another institution at a competitive rate
- Interest-only payments for five years
- Tax-deductible interest in most cases3
For more information, contact us at 800-337-3328, Option 5.
1 All HELOC annual percentage rates, regardless of state residence are variable, based on the Wall Street Journal Prime Rate, “the Index”, published in the Money Rates section, plus a stated margin. Check rates for current Index. The APR may change on the first day of each calendar quarter, January, April, July, and October. Changes in APR can only occur if “the Index” has changed since the last rate change. The minimum is 4.00% and the maximum is 18.00%. APR is Annual Percentage Rate.
2 Contact a Credit Union representative for information regarding fees.
3 Consult your tax adviser regarding deductibility of interest. Terms and Conditions for all HELOCs are as follows: 1. The minimum line amount is $7500. 2. The draw period is five (5) years in length. The draw period cannot be extended, but a member may apply for a new HELOC and pay off their existing HELOC during the initial period to, in essence, extend the draw period. 3. The draw period is an interest only payment period. Reduction of principal is not required. 4. The repayment period may be either 5, 10, 15 years in length and the minimum payment amount is $60.00. 5. A single property can be secured by either a HELOC or a home equity loan, not both. Terms and conditions that are different between Texas and all other states HELOC types are: Texas HELOC 1. May borrow up to 80% of the value of home minus existing mortgages, but is limited to 50% of the appraised value. 2. Each draw (advance) must be at least $4000, the minimum per Texas statute. 3. Advances may be completed through the loan processors by phone, in person or by written request. All Other States 1. May borrow up to 90% of the value of their home, minus existing mortgages. 2. Each draw (advance) must be at least $100. 3. Advances may be completed through Online Banking, MONEYLINE, or through the loan processors by phone, in person, or by written request.
Home Equity Loans
InTouch Credit Union offers fixed rate Home Equity loans in all 50 states.
- Competitive Rates
- Loans are limited to 80% of your home’s value in Texas and 90% in all other states, minus existing mortgages.
- Terms up to 15 years.
- Minimum loan amount is $7,500.
- Title policies are required for loans greater than $200,000 OR a loan to property value greater than 70%.
- Appraisals are required for loans over $250,000.
For more information, call the Member Care Center at 800-337-3328, Option 3.