Have you heard about our HELOC options?
Home Equity Line of Credit (HELOC) is the perfect option for home improvement projects and other expenses!
Whether you're thinking about renovating your home, paying for education, or taking advantage of investment opportunities, Labor CU 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 |
3.00% / 18% |
|
Required Documentation |
*Verification of Income (2 Years Tax Return if Self ‐Employed) *Current Mortgage Statement *Homeowner’s Insurance |
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 |
3.00% / 18% |
|
Required Documentation |
*Verification of Income (2 Years Tax Return if Self ‐Employed) |
Check out our competitive rates!
*Prime Rate as published in the Wall Street Journal the first business day of each month. April 1, 2023, the Prime Rate is 8.00%. 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 3.00% 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 is responsible for remainder of closing costs which generally range between $175-$2250, any taxes and insurance. Property insurance required; flood insurance may be required. Program fees, rates and features subject to change without notice. Payment examples: 5-year Adjustable HELOC balance $50,000 payment $500 monthly. Interest only HELOC for $50,000 at 8.00% the payment during the draw period is $339.79. All loans are subject to credit approval and membership eligibility. 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, option 3 for additional details. Labor CU 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.