HELOC

Have you heard about our new HELOC options?

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DOLFCU's New Home Equity Line of Credit (HELOC) options are perfect for home improvement projects and other expenses!

Whether you're thinking about renovating your home, paying for education, or taking advantage of investment opportunities, DOLFCU can help you find the best home equity option for your needs. Put the equity in your home to work on your next project. By tapping the value you've built in your home with a open ended line of credit secured by real property.

Check out our competitive rates!


Interest Only HELOC

Terms

Draw Period 10 Years

Payback Period 15 Years

Payment

Draw Period – Interest Only

Payback Period – Amortized During the Payback Period

Floor/Ceiling Rate

3.25% / 18%

Required Documentation

*Verification of Income (2 Years Tax Return if Self ‐Employed)

*Current Mortgage Statement

*Homeowner’s Insurance
Req. Closing Docs

5 Year Adjustable HELOC

1-Time Rate Adjustment - 1% Payment

Terms

Draw Period 5 Years

Payback Period 10 Years

Payment

Draw Period - 1% of outstanding balance at the time of the last draw. During

Payback Period - 1% of the balance at the time the end of the draw period. Balloon Payment could occur.

Floor/Ceiling Rate

3.25% / 18%

Required Documentation

*Verification of Income (2 Years Tax Return if Self ‐Employed)
* Current Mortgage Statement
*Homeowner’s Insurance
Req. Closing Docs

Check out our competitive rates!

*Prime Rate as published in the Wall Street Journal the first business day of each month. As of March 17, 2022, the Prime Rate is 3.50%. Not all applicants will qualify for this rate. Annual Percentage Rates are based on applicant’s credit and our underwriting standards, which may include discounts for additional credit union services. APRs subject to change based on Prime with a minimum rate of 3.25% and maximum of 18%. The cost of an appraisal normally ranges from $170-$500 is paid by the member whether or not the loan closes, if an appraisal is required. Borrower responsible for remainder of closing costs which generally range between $175-$2150, any taxes and insurance. Property insurance required; flood insurance may be required. Program fees, rates and features subject to change without notice. All loans are subject to credit approval and membership eligibility. Payment example: 5-year Adjustable HELOC balance $50,000 payment $500/monthly. Interest only HELOC for $50,000 at 3.25% payment during the draw period is $138.00. Minimum loan amount is $20,000. A home equity line of credit is by secured by a 1st or 2nd lien on your residential property located in Maryland, DC and Virginia only. Consult a tax advisor regarding the deductibility of interest. Other terms and restrictions may apply. Please email Loans@DOLFCU.org or call (202) 789-2901, ext 3 for additional details. DOLFCU is an Equal Opportunity Lender.

Do you still have questions about our HELOC loans? Visit a DOLFCU branch or speak with a Loan Advisor by calling (202)789-2901 option 3.