Is it time to get a Home Equity Line of Credit (HELOC) now that the holidays are over and a new year has begun? Many of us will reflect on the need or desire to understand our spending patterns and consolidate our accounts to make life more manageable. The approaching tax season may also lend itself to tidying up our finances.
Whether you want to consolidate debt or have a source of available cash for emergencies or planned projects, a HELOC may be the right flexible financial vehicle for you! If you own a home, a HELOC can provide the source of liquidity you may need for the next 10 years. There are many benefits to a HELOC:
- Withdraw funds as you need them
- You only pay interest on the cash you withdraw
- Replenishable to the originating LOC dollar amount
- Borrow up to 100% equity in your home
- No closing costs or origination fees*
- Interest may be tax deductible (consult your tax advisor)
- Line of Credit is available for 10 years from the date of closing
- Competitive variable rates
A HELOC can meet your financial needs at lower rates than credit cards or personal loans. When shopping for a HELOC, be sure to ask if any of the following fees apply:
- Application
- Closing
- Prepayment (closing the line too quickly after opening)
- Annual maintenance
- Transaction
- Inactivity
At Welcome Federal Credit Union, we will help you to dream big and spend small. To learn more about WFCU’s HELOC, contact Loris Miles at (919) 474-3244 or Raldy Baez at (252) 758-3535. You’re always welcome at WFCU! Contact us today at (888) 932-8148.
*If the credit line is closed by the member and the deed of trust released within 24 months of the loan origination date, the member will be required to pay $500.00 toward the closing costs that were paid by WFCU on the member’s behalf. If that event occurs, the $500.00 will be added to the payoff amount.