Home Equity Lines of Credit allow the borrower to draw as many times as they need to for seven years and then allows another ten or fifteens years after that to pay off the balance.

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We are currently offering HELOCs on Primary Residence - Owner Occupied ONLY! We are only using the LOW value.

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Remember to stamp or type your lender NMLS and the credit union's NMLS (#407980) on the HELOC application, loan note, and DOT prior to recording. Record the DOT the same day that the borrower(s) sign the DOT. 

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Order the Valuation documents through the Coviance website, as well as the Flood Certification. If the Flood Cert comes back as "Yes", contact Stephanie to make sure that we track the insurance properly and the correct documents are signed. 

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The minimum payment is calculated at 1% of the monthly balance, or $100, whichever is greater.

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                                      Floor Rate: 4.5%                  Ceiling Rate: 15.0%

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Rates are variable and are adjusted on January 1st, April 1st, July 1st and October 1st, based on the Prime Rate as published in the Wall Street Journal 20 days prior to the quarterly rate change.

 

Rates remain variable throughout the entire term of the HELOC, including both the draw period and repayment term. 
 
Members within 10 points of a higher FICO category with at least 3 years of loan history with Connections, and no delinquency, can be bumped to the higher category. Members who are a Thin File or have had a Recent BK cannot be bumped, as per Loan Review rules.  

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HELOCs over $100,000 must be approved by either CLO or CEO.