Horizon Credit Union offers a Home Equity Line of Credit (HELOC) that can be a great option for homeowners looking to tap into their home's equity. You can borrow up to 80% of your home's value.
Horizon Credit Union's HELOC has a variable interest rate, which means your monthly payments can fluctuate. This can be a bit unpredictable, but it's worth noting that the interest rate is tied to the prime rate.
One benefit of Horizon Credit Union's HELOC is that you only pay interest on the amount you borrow, not the entire loan amount. This can help keep your monthly payments lower.
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Types of Loans
At Horizon Credit Union, you have access to a range of loan options that can help you achieve your financial goals.
A Home Equity Line of Credit (HELOC) is a powerful tool that allows you to tap into your home's equity to tackle household projects or consolidate debt.
Tapping into your home's equity can provide a significant amount of money to help you achieve your financial objectives.
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Home Equity Options
Home Equity Options can be a game-changer for tackling household projects or consolidating debt. Your home's equity is a powerful tool you can tap into.
Tapping into your home's equity can provide a low-interest alternative to other forms of borrowing.
Frequently Asked Questions
Is it better to get a HELOC through a credit union or bank?
Consider choosing a credit union for a HELOC, as they often offer lower interest rates, fewer fees, and more flexible terms compared to banks
What is the monthly payment on a $50,000 HELOC?
For a $50,000 HELOC, monthly payments range from $384 for interest-only to $457 for principle-and-interest, depending on the payment type. Learn more about HELOC payment options and how they work.
What is the minimum credit score to get a HELOC?
To qualify for a HELOC, you'll need a minimum credit score of 620, although the best rates typically go to borrowers with 780 scores or higher. Meeting this credit score requirement is a crucial step in securing a competitive HELOC.
Is there a downside to having a HELOC?
Yes, there is a downside to HELOCs: the variable interest rate can increase, potentially making payments unaffordable. If you're unable to pay back the loan, you risk losing your home.
Sources
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