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Home Equity Line of Credit (HELOC)

Get ready access to money for home improvements and anything else you need.

Apply Now

How a HELOC Can Help You Out

Affordable Rates

HELOC rates are often lower than credit cards or personal loans, so borrowing costs less.

Generous Terms

You can draw on your HELOC for 10 years, and then you have another 15 years to repay the funds.

Easy Access

Get access to your funds anytime you need them through special checks or Online or Mobile Banking.

Flexible Use

You can do just about anything with your HELOC funds, including debt consolidation.

Power Financial Credit Union HELOC Details

How do you pay when your home needs a major remodel, or your child is going to college or getting married? If you usually reach for a credit card, you might want to consider a Home Equity Line of Credit.

 
  • It's an easy-to-access line of credit you can tap into time and time again for any reason at all
  • HELOCs offer variable rates that are usually lower than credit card rates
  • Borrow funds as needed for 10 years, and then take up to 15 years to repay
  • Borrow up to 80% of your home's equity, which is your home's current market value minus your current mortgage balance
  • Access funds by using special checks or Online and Mobile Banking
  • Ideal for consolidating higher interest loans or credit card debt
  • Power Financial Credit Union may cover up to $1,000 in closing costs*
  • Interest may be tax-deductible when funds are used for home improvements**

Apply Now

Home Equity Line of Credit Rates

Loan Type Max LTV Term Rate
Home Equity Line of Credit - 1st Position 3 80% 10 year draw period and 15 years payment term Variable rate between Prime - 0.25% and Prime + 0.75%2
Home Equity Line of Credit - 2nd Position 3 80% 10 year draw period and 15 years payment term Variable rate between Prime + 0.00% and Prime + 1.25%2


See Our Simple Application Process for HELOCs

Step 1

Apply

You can apply online, in-branch or by speaking with one of our trusted advisors.
Step 2

Review and Offer

We'll look at your financial situation and home value then offer you a rate and HELOC limit.
Step 3

Access Your Funds

You can use Online and Mobile banking to transfer your funds or use a special check.
Get Started

"Friendly and courteous staff, the right place to go for all your banking needs and their loan rates are hard to beat."

– Franciso O., Miami, Florida

FAQs about Home Equity Line of Credits

Accordion Section

The amount you can borrow is based on the amount of equity in your home. You can borrow up to 80% of that equity. To work out your home equity:
  • Find out the current market value of your home. For example: $350,000
  • Subtract your current mortgage balance. For example: $200,000
  • You have equity of $150,000
  • 80% of $150,000 = $120,000
You can use your HELOC for just about anything! Common uses include:
  • Home improvements, remodeling, and repairs
  • Vacations, weddings, and other family events
  • Medical, dental, and vision expenses
  • Unexpected expenses and emergency funds
  • Debt consolidation of high-interest credit cards and loans

Note that the interest you pay on your HELOC may be tax-deductible when the funds are used for substantial home improvements. That's why it's a good idea to draw on separate amounts of funds for each purpose – and keep records. Check with your tax advisor for details.

A HELOC is more like a credit card in that you get a credit limit, and you can use as much or as little of the funds as you want at any time. You can choose how much to repay each month. When you pay your balance down, you can use the funds repeatedly until the end of your 10-year draw period.

At the end of your HELOC draw period, you get a 15-year repayment period.

In contrast, a home equity loan is more like a personal loan. You get a lump sum payment and then make equal monthly payments through your loan term until the loan is paid off in full.
 

  • Both options can offer more competitive rates than unsecured loans and credit cards because your home serves as collateral in case you don't repay the money
  • Both options offer loan amounts of up to 80% of your home equity
HELOCs do generally require closing costs. Luckily, we are offering to pay up to $1,000 of your closing costs for you! You must simply keep your credit line open for at least 48 months.
Any of our existing credit union members are welcome to apply for a home equity line of credit, or it takes just a few minutes to become a member.

Our membership consists of those who: live, work or go to school in Broward, Charlotte, Collier, Lee, Martin, Miami-Dade, Monroe, Palm Beach County, Hillsborough, Manatee, Pinellas, Sarasota, or St. Lucie counties.

Immediate family of all current members are also eligible to join.

We're also proud to offer membership to our Select Employee Groups. Employees of Ryder System, Inc. FPL/NextEra Energy, and members and employees of Bonefish & Tarpon Trust, no matter where they're located, are always welcome to join.

Ready to Take the Next Step?

Get Started Call: 800-548-5465 Contact Us

More Great Loan Options and Resources

Hybrid Home Equity Line of Credit (HELOC)

A regular HELOC has a variable rate through your entire loan term while a hybrid option offers a fixed rate for the first 3, 4, or 5 years before it switches to a variable rate.
Learn More

The Ultimate Guide to Home Equity Lines of Credit (HELOC)

Get tips and tricks on how to put your HELOC to use and why it's a better option than reaching for your credit card to cover planned and unforeseen expenses.

 
Learn More

Reverse Mortgage

If you're  62 and older, you can borrow against your home to get a lump sum or credit line and make no payments until you sell your home. The money isn't taxable and doesn't affect Medicare or Social Security.
Learn More

Page Disclaimers

 1Eligibility for the lowest rate is based on loan to value (LTV), credit worthiness, ability to repay, credit score, and term of loan. Other conditions may apply. Rates are subject to change at any time. Credit for discounts such as a .125% discount for automatic loan payment transfer from your Credit Union account and a .125% discount for previous Power Financial Credit Union borrowers will be applied once the fixed period ends. (Interest may be tax-deductible, consult your tax advisor).

2Eligibility for the lowest rate is based on loan to value (LTV), credit worthiness, ability to repay, credit score, and term of loan. Other conditions may apply. Rates are subject to change at any time. Interest rates include a .125% discount for automatic payment from your CU account and a .125% discount for previous Power Financial Credit Union borrowers. (Interest may be tax-deductible, consult your tax advisor).

3The maximum APR that can apply over the life of the loan is 18.00%. For a Home Equity Hybrid Loan of $50,000 at 6.62% over 15 years you would make 180 payments of $438.86. Immediate usage required is $10,000. The estimated Credit Union and third party fees for a Home Equity Loan are $1,600.

Rates and offers are subject to change without notice.

*Credit Union pays up to $1000 toward closing costs on new lines and refinances regardless of lien position. Member will reimburse the Credit Union if loan is closed within 48 months.

**Consult your tax advisor.