Home Equity Loans

• Competitive rates for several short-term or one-time needs:
  • Education expenses
  • Major life events
  • Home remodel projects
  • Debt consolidation
  • And much more!
• The existing equity in your home is used as collateral backing
• Accommodating repayment terms that work uniquely for you
• The interest paid might be tax deductible³
• Local decision-making and processing in your own community
• Personalized service from trusted lenders

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• Competitive rates for several ongoing or seasonal needs:
  • Education expenses
  • Major life events
  • Major home improvements
  • Debt consolidation
  • Emergency reserve
  • And much more!
• The existing equity in your home is used as collateral backing
• No closing costs for closed loans that meet Firelands FCU criteria¹
• Accommodating repayment terms that work uniquely for you
• Funds available anytime without reapplying; apply once, then use repeatedly thereafter
• Revolving credit – as principal is repaid, more becomes available for use
• Funds easily available via in-person transfers to your Firelands FCU checking or savings account
• The interest paid might be tax deductible³
• Set up automatic payments to be deducted from your account monthly
• Local decision-making and processing in your own community
• Personalized service from trusted lenders

Apply for HELOC

If you are a qualified homeowner with available equity, a HELOC can provide you with:

• Secured financing based on the equity in your home, which typically results in lower interest rates than many unsecured forms of credit.
• A revolving source of funds that you can borrow against and pay back as many times as you'd like during the draw period.
• Potential tax benefits (consult your tax advisor regarding deductibility of interest).

You will have monthly payments which include both principal and interest:

• During the draw period, your minimum payment will be the greater of $100.00 or 1.5% of the balance.
• If you withdraw additional funds during the draw period or the variable-interest rate changes, your monthly payment may change.
• During the repayment period, your payments are recalculated monthly to repay your principal balance over the remaining months. 

Understanding the phases of a home equity line of credit:

• Draw period ­– The draw period is the fixed length of time during which you can access funds from your home equity line of credit. It runs for 10 years from the date you open the account. Your annual percentage rate (APR) during the draw period is variable and tied to the prime rate.²
• End of draw – End of draw refers to the date your draw period ends and you can no longer access funds from your home equity line of credit.
• Repayment period – After your draw period ends, you'll enter the repayment period. Your access to funds will end and your payment structure will change to principal-plus-interest payment tied to the variable rate.

¹Applicant will owe any costs for loans that do not close. These costs may vary based on the stage of the application. This account has a Draw Period of 10 years, after which you will be required to repay any amounts within a 10-year Repayment Period, depending upon your account balance. Hazard and, if applicable, flood insurance required. New Firelands Federal Credit Union Home Equity Accounts are subject to credit qualification, income verification, and collateral evaluation. Additional restrictions, limitations and exclusions may apply. Terms and conditions subject to change without notice. ²The home equity line of credit Annual Percentage Rate (APR) is variable and is based on the highest Prime Rate published each day in The Wall Street Journal Money Rates Table (the "Index"), plus a margin. Advertised rate is based on rates as of 3/16/20 and subject to change. The minimum line of credit amount is $15,000. Minimum APR is 0%. Maximum APR (Lifetime Rate Cap) will be 18%. Your APR will be based on the specific characteristics of your credit transaction, including evaluation of credit history, CLTV, property type, amount of credit, term, and geographic location. There is a $60 annual fee. The early termination fee will be $350 if terminated within the first 36 months.