LOGINApply for our HELOC Special today for low rates and no closing costs.º
- Intro rate is 1.99% APR* for 80% loan-to-value and 2.99% APR* for 90% loan-to-value
- No closing costs
Use your HELOC for home improvement, debt consolidation, vacations or just about anything.
Apply online and get a decision on your loan in minutes.
Should I get a HELOC or a Home Equity Loan?
A home equity line of credit is like a bank account where you can continuously access your available funds up to your credit limit. As you repay the loan you can access the money available again and again, without having to reapply for the loan. Easily transfer funds from your HELOC to your checking or savings account through online or mobile banking, or use complimentary checks to pay for purchases.The annual percentage rate is variable and will change with the prime rate.
Fixed Rate Home Equity Loan
With a fixed rate home equity loan, you borrow a fixed amount and pay back the loan over a pre-determined period of time. The monthly payment for a fixed rate loan is typically higher than a line of credit, but you may pay off the loan quicker.
|
Home Equity Line of Credit |
Fixed Rate Home Equity Loan |
|
|---|---|---|
| Monthly Payments | Minimum of $50, or as low as 1% of amount financed | Set amount |
| Financing | Up to 90% | Up to 90% |
| Repayment Term | Up to 22 years | Up to 15 years |
| Closing Costs |
As low as $199** $0 with HELOC Special° |
As low as $199** |
| Annual Fee | No, for qualified credit | No |
| Tax Deductible Interest** | Yes | Yes |
The home equity interest you pay may be tax-deductible.
The interest you pay on a home equity loan or line of credit may be tax-deductible, which further reduces the cost of borrowing. This type of deduction is not available for interest paid on credit cards, car loans, and personal loans. See your tax advisor on tax-deductibility.
*APR=Annual Percentage Rate as of 03/01/2021 and may change at any time. °Introductory rate is 1.99% APR for 80% loan-to-value and 2.99% APR for 90% loan-to-value. Introductory rate is based on a new home equity line of credit of at least $10,000 opened between 03/01/2021 and 08/31/2021 and qualifying credit. Introductory rate will remain in effect for 12 months following closing of the loan, then changes at the beginning of the thirteenth month to a variable rate of Prime rate as published in The Wall Street Journal plus a margin ranging from 0% to 2.0. The minimum APR is 4.00%- 5.00% (Floor) and will never exceed 18.00%. As of 03/01/2021, the Prime rate was 3.25%. **Closing costs waived from $199- $249 do not include cost of appraisal or title insurance, if required, is an additional charge. The charge for an appraisal can range from $450 to $700. Property insurance required. The proceeds of the new line of credit cannot be used to pay off existing Heritage loans or lines of credit. Existing lines of credit must increase by a minimum of $10,000 to qualify for intro rate and waived closing costs . Maximum home equity line, interest rate and monthly payment depend on home value and total loans secured by home. Consult your tax advisor on deductibility. No annual fee. Subject to membership eligibility, credit approval, and a minimum share requirement of $5. Promotion may change or end at any time without notice. NMLS ID 412170