Home Equity Line of Credit

Website HELOC Product Page Image.png

Let your home work for you! 

If your home is valued at more than what you owe, First American can help you use your equity to fund major or unexpected expenses. Whether it’s home improvements, medical expenses, or a dream vacation, a Home Equity Loan offers a lower rate than most consumer loans — and the interest may even be tax deductible.**

Home Equity Early Disclosure

What You Should Know about Home Equity Lines of Credit  by Consumer Financial Protection Bureau

Home Equity Lines of Credit (HELOC)
  • Secured by the existing equity in your home

  • Funds available without reapplying: apply once, then use as needed thereafter

    • Access to funds via online banking or phone banking
  • Available for a wide range of short-term or one-time needs:

    • Home improvements
    • Tuition
    • New vehicles or vehicle repairs
    • And much more!
  • Revolving credit – available balance replenishes as you make payments

  • Only pay interest on the part that you use

  • Low, competitive rate variable rate* adjusted up to twice per year

  • The interest paid might be tax deductible**

  • Flexible terms of up to 15 years mean affordable payments

  • No prepayment penalty

  • No closing costs

  • Borrow up to 90% of your home's value

  • Prompt, local decision-making and processing

  • Detailed, attentive service from start to finish

Important Information

*APR=Annual Percentage Rate. Fixed Intro Rate of 2.40% APR for first 12 months and as low as 4.50% APR after first 12 months. Home Equity Line of Credit (HELOC) Promotional APR shown is available only for new HELOC applications received on or after April 1, 2017 for a limited time. Minimum loan amount of $5000 and maximum loan-to-value of 90%. Home Equity Line of Credit is a Variable Rate product, which is based on the highest Prime Rate as published in the Money Rates Section of The Wall Street Journal as of the 15th of each month. ("Index") plus the margin - the Index plus the margin equals the Interest Rate.  On March 15, 2017 that index was 4.00%; resulting APR with a 0.5% margin is 4.50%. Floor rate at the end of the initial 12-month period is 2% APR will never exceed 18.00%. “As low as” rate assumes excellent borrower credit history. ***Closing costs waived unless the loan is paid off within the first two years. Fees range from $100 to $800.   $50 annual fee applies at anniversary date.  A home equity line of credit is not available on investment or rental homes. Manufactured (mobile) homes are not eligible properties, unless the home is fixed to the property and legally recorded as such. Existing FACU loans are not eligible for consideration/refinance offers. All loans subject to credit worthiness, collateral conditions, and location. Other restrictions may apply contact us for specific details. Not all customers will qualify for this promotional offer.  **Consult a tax adviser.  First American Credit Union NMLS ID #811468

You’ve got questions... we’ve got answers!