Home Equity Lines-of-Credit

A home equity line-of-credit (HELOC) is an open-ended, revolving credit line based on the equity you have in your home. These are different than what we call a Second Mortgage.

So, do you know all the things you can do with a HELOC?

Talk about creative financing solutions! You can always use your equity line to improve your home and add to its value, but folks have also been able to buy cars or even real estate outright, or tap into their equity lines for substantial down payments. They’ve used their HELOCs to consolidate or pay off credit card debt. Pay for tuition, insurance and other bigger expenses that eat into monthly cash flow. Or just have it available as a safety-net alternative for unexpected expenses.

The neat thing about a HELOC is you can draw on it any time you need to during your draw period, as long as you continue making your regular payments, of course!

HELOCs have other unique benefits you can’t get from other revolving lines of credit, including:

  • Tax deductible interest payments…a huge advantage! (consult with your tax advisor for details)
  • Competitive variable interest rate tied to Prime, which may adjust quarterly *
  • Borrow up to 100% of your home’s value (minus your first mortgage balance)
  • No annual fee
  • No closing costs (except home appraisals when needed)
How Much Can I Borrow?
The actual dollar amount you may qualify for will depend on your individual financial situation. Use this chart as a guide to calculate the approximate amount of your available equity when borrowing up to 90% of your home’s value.
Your home’s current value $ __________
X 90%
= $ __________
(Minus 1st mortgage balance) - $ __________
Equals available equity = $ __________

Less fun but good-to-know info about HELOCs:

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* APR may vary. Maximum rate is 24.90%. Calculate your payment.

Vantage Credit Union Home Equity Lines-of-Credit are valid on Missouri and Illinois property only.