A HOMELINE (HELOC) is the most affordable way to get cash for:
What can you use your account for?
Because your line of credit uses your home as collateral, you should use it carefully and for significant items only, rather than day-to-day expenses. Consider a variety of important needs, such as family financial obligations, large item purchases, home improvements and medical or education expenses.
Using your account is simple and convenient
When you open your account, you receive special checks that allow you to access your funds. Then when you need cash for a specific reason, you can write a check to cover the amount. The minimum withdrawal amount for which you can write a check is $100. The maximum is your pre-approved credit limit. You can write checks on this account for up to 10 years or until you have reached your maximum loan amount. If you pay back part of what you borrowed, you may continue to borrow those funds during the 10-year draw period. At the end of the draw period, you have 15 years to repay the loan.
Enjoy a Tax Advantage
Federal law often allows a tax deduction for HOMELINE (HELOC) loan interest. Consult your tax advisor to see if you qualify for such a credit.
Having no fees helps you to save
There are no application or processing fees on your loan--no points to pay, no hidden expenses. There is an annual fee of $25, waived the first year. Title and homeowners insurance may be required.
Apply for your Home Sweet Loan today!
It's easy. Visit the credit union for an application or call us at 860-646-8870. Once you submit your completed application we'll start the process quickly--and you'll start enjoying the benefits of having the cash to do what you want when you want.