ARE YOU A HOME OWNER LOOKING FOR FLEXIBLE FINANCING OPTIONS?

Explore the benefits of a Home Equity Line of Credit (HELOC) with us!

What is a Home Equity Line of Credit (HELOC)?

A Home Equity Line of Credit (HELOC) is a revolving line of credit secured by your home's equity. Equity is the difference between the current market value of your home and the amount you owe on your mortgage. With a HELOC, you can borrow against this equity as needed, up to a predetermined limit, and repay it over time.

Why Apply for a HELOC?

• Access to Funds: A HELOC gives you access to funds when you need them. Whether you're renovating your home, consolidating debt, or covering unexpected expenses, a HELOC provides the flexibility to borrow what you need when you need it.
• Low Interest Rates: HELOCs often offer lower interest rates than other forms of credit, such as personal loans or credit cards. Borrowing with a lower interest rate HELOC can result in significant savings over time, especially for large expenses.
• Tax Benefits: In many cases, the interest paid on a HELOC may be tax deductible, making it a financially advantageous option for certain expenses. Consult with a tax advisor to understand how a HELOC could benefit you.
• Flexibility: Unlike a traditional loan, where you receive a lump sum upfront, a HELOC allows you to borrow and repay funds as needed, similar to a credit card. This flexibility means you only pay interest on the amount you use, potentially saving you money in the long run.
• Home Improvement Projects: Investing in your home can increase its value. A HELOC can provide the funds necessary to undertake home improvement projects, such as kitchen remodels, bathroom renovations, or landscaping, ultimately enhancing both your living space and its resale value.
• Emergency Fund: A HELOC can serve as a valuable safety net for unexpected expenses or emergencies, providing peace of mind knowing you can access funds when needed most.

Why Choose Northland Area Federal Credit Union?

At Northland, we prioritize your financial well-being and offer personalized solutions to meet your unique needs. With competitive rates, flexible terms, and dedicated support, we strive to make the HELOC application process seamless and transparent.

Ready to unlock the potential of your home equity? Fill out the quick contact form today and allow one of our lending specialists to help you take control of your financial future!

Apply for a HELOC

Important Home Equity Disclosure

Home Equity Disclosure -10 Year Repayment

Home Equity Disclosure - 15 Year Repayment

What You Should Know About HELOC's

*APR = Annual Percentage Rate. This loan is adjustable and will reset every year; the annual percentage rate may vary after the account is opened. Published rate on date stated is subject to change without notice. Rate stated is “as low as” based on the 1 year T-bill and adjustments and restriction may apply, and not all borrowers may qualify. Minimum floor rate is 4.0%APR and maximum rate that may be imposed is 12.95%APR or the maximum allowed by law. Rate and APR advertised assumes the loan is for an owner occupied, primary or secondary residence, single family stick built home, with a refinance amount of $200,000, at 80%LTV with a FICO credit score of 700 or better, with a draw period of 5 years, and a repayment period of 15 years; assuming a $300.00 closing fee & any other fee's applicable. Mortgage loan payment example assuming: A $200,000 loan amount on a primary home with 80% LTV, an excellent credit score, a 180 month repayment term and an initial rate of 7.24% APR. The monthly principle and interest payment would be approximately $1,915.13. This payment expample does not include homeowners and property taxes.

NMLS 463831