What can you do with your equity

 

CFCU's Home Equity Line of Credit is a revolving line of credit with a fixed limit determined by your credit and your home's value. 

It can be used for any number of purposes, such as debt consolidation, home improvements, emergency expenses, and tuition. 

Similar to a credit card, the line has a fixed credit limit, and interest accrues only on what is used. It is a variable rate loan, so the interest can adjust (up or down) monthly.

Funds can be accessed by using a Visa Platinum Equity Card, writing equity checks, or transferring funds online to another CFCU account through PC Access.  

The line can be tapped for 10 years. Following that you will be put on a 15 year repayment schedule for any remaining balance.

Home Equity Line of Credit – 10 Year Draw/15 Year Repayment

Advantages:

  • Flexible line of credit allows you to tap into the equity of your home for any reason 
  • Interest may be tax deductible; consult with a tax advisor 
  • No prepayment penalty 
  • Automatic payment option available

Disadvantage:

  • Your rate and payment amount may increase over the life of the loan

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