The car needs repairs, an old appliance needs replacing, the family needs a nice vacation so everyone can unwind. How do you pay? Probably your first instinct is to pull out a credit card. But a more cost-effective option might be 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 market value minus current mortgage balance
- Ideal for consolidating higher interest loans or credit card debt
- Power Financial Credit Union may cover up to $1,000 in closing costs*
- Access funds through special checks or through Online or Mobile Banking
- Interest payments could be tax-deductible**