Home Equity
Home Equity Line of Credit (HELOC)
Fixed payment with a fixed interest rate
Revolving line of credit with variable interest rates and variable minimum payments depending on credit improving or market rates going down
A borrowed set lump sum
Able to withdraw funds from line of credit as long as borrower pays interest
Can't take out more money in case of emergency
Able to draw credit in case of emergency
A good option for members who are prone to overspending
Good option for home improvement projects
May lose home if unable to make payments
Able to borrow as little or as much as needed
To learn more about home equity loans and a home equity line of credit (HELOC), contact our loan professionals at UNITE Credit Union.