HELOCs or Closed-end Mini-Home Equity Loans
Home Equity Lines of Credit or closed-end Mini Home Equity Loans with low rates and up to 80% financing are opening all sorts of possibilities. Replace all the windows in your house, consolidate your bills to free up some of your money, pay for college, emergency expenses, home improvements or go on vacation. Using your home as collateral for a loan had many benefits, including using the interest paid as a deduction on your tax returns (check with your accountant for eligibility).
If you already own your home, why not put it to work for you – its smart money management. We offer two types of Home Equity Lines of Credit (HELOC):
Maximum of $150,000 with check writing abilities
Up to $250,000 with one advance per year
Both have the following factors in common:
Variable rate that can adjust quarterly based on Wall Street Journal prime rate 15 days prior to adjustment plus an index
Index is based on creditworthiness
Maximum change per quarter is 2%
Mini-Home Equity Loan
Term up to 15 years
Flat closing cost of $750 (member pays mortgage tax)
Quick closing- usually within 2 weeks
If payments are deducted from WUHEFCU member’s share draft account, they may be eligible for a 1% rate deduction. Check with the loan department for more details.
For information about our Home Equity Loans, call our lending department at 516-493-9400 x105 or apply 24/7 at 866-682-0475.
Click here to apply online
To apply for a Home Equity (outside of NY State) click here.