A HELOC is a line of credit that allows you to borrow against the value, or equity, built up in your primary, vacation or second home, or rental property. A HELOC is open-ended, so withdraw only the money you need, as you need it, within a specific time period. Borrow any amount up to your credit line at any time within 15 years, subject to terms of the account agreement. You'll only pay interest on the amount advanced. You'll make regular payments until the loan is paid in full, based on the current interest rate and your loan balance.
HELOC and your mortgage
You can borrow up to 90% of the appraised value of your home, minus the amount owed on your mortgage. You can borrow up to 65% of the appraised value of a rental property. Interest payments from your HELOC may be tax deductible; consult your tax advisor.
In addition, your HELOC can serve as protection for your LGFCU Checking Account, when you opt in to our Overdraft Transfer Service. Funds will be transferred to the Checking Account in $500 increments from Home Equity Lines of Credit. Overdraft transfers occur in whole dollar amounts, with a low $0.50 fee for each transfer.
You can access more cash even faster with a real-time loan advance from your HELOC.
Is a HELOC right for you?
We've got you covered:
- No application or credit report fees
- No origination fees
- Close at a branch near you, if applicable
Primary residences, vacation or second homes, and rental properties are eligible for HELOCs. The property must be located in North Carolina, South Carolina, Virginia or Georgia. HELOCs are not available for manufactured homes. Property insurance is required with a HELOC.
Enjoy the flexibility of having the cash you need, when you need it! Apply for a Home Equity Line of Credit today.
Your resources: Loan Information Checklist
HELOCs are subject to approval, are available for properties located in NC, SC, GA or VA, and are not available for manufactured homes. Members must reside in NC or bordering states to be eligible.