Should I Apply for a Home Equity Line of Credit?

green outline of home with cash in the background representing a home equity loan

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:

  1. Withdraw funds as you need them
  2. You only pay interest on the cash you withdraw
  3. Replenishable to the originating LOC dollar amount
  4. Borrow up to 100% equity in your home
  5. No closing costs or origination fees*
  6. Interest may be tax deductible (consult your tax advisor)
  7. Line of Credit is available for 10 years from the date of closing
  8. 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:

  1. Application
  2. Closing
  3. Prepayment (closing the line too quickly after opening)
  4. Annual maintenance
  5. Transaction
  6. 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.

Please be advised that the Henderson branch will be closed on Tuesday, July 16, and Wednesday, July 17 and be open from 7:30 - noon on Thursday, July 18, and Friday, July 19.

 Exciting news: your enhanced e-statement will be delivered soon!  

Please be advised of our holiday hours for Independence Day: all WFCU branches will be closed on Thursday, July 4. 

Now is the time to get the best returns on your cash with higher interest rates on your Certificate & Money Market accounts!   

Welcome Federal Credit Union will be closed on Monday, September 2 in observance of Labor Day.

Now is the time to get the best returns on your cash with higher interest rates on your Certificate & Money Market accounts!   

Welcome Federal Credit Union will be closed on Monday, October 14 in observance of Columbus Day. 

Now is the time to get the best returns on your cash with higher interest rates on your Certificate and Money Market accounts!

Welcome Federal Credit Union will be closed on Monday, November 11 in observance of Veterans Day.

Now is the time to get the best returns on your cash with higher interest rates on your Certificate & Money Market accounts!   

Welcome Federal Credit Union will be closed for the Thanksgiving Holiday on November 28 & 29, 2024.

Now is the time to get the best returns on your cash with higher interest rates on your Certificate & Money Market accounts!   

As we close out 2024 and think forward to 2025, WFCU would like to wish all of our members and their families a wonderful holiday season and a prosperous New Year! Please be advised of our holiday schedule.

Attention Members: Please be advised the Henderson Branch will be closing at 12:30 today, Friday, May 31st.

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