Home Equity Line of Credit (HELOC)
Use the equity in your home to get it ALL done, with no setup costs.*
To help pay for major expenses, a BCSCU home equity line of credit could give you the flexibility to:
- Get access to cash when you need
- Pay for home improvements or similar major expenses
- Consolidate higher interest-rate debt
With a home equity line of credit (HELOC), you can borrow as much or as little as you need up to your pre-set limit. You’ll have easy access to your money and only pay interest on the amount you withdraw and not the entire line amount.
Plus, there are no out-of-pocket costs to you in most cases (conditions apply), and with our 10/10 plan, you have 10 years to draw on the line of credit, and another 10 years for just for repayment. And payments are just 1% of the outstanding balance per month, so for example, a $30,000 balance is just $300 per month.
Home Equity Line of Credit Advantages:
- Draw on your line of credit as needed up to the pre-set limit
- Only pay interest on the balance and not the entire line amount
- Interest is usually tax deductible
- Monthly payment is just 1% of your outstanding balance
To get started, you may need these documents handy, along with additional information:
- Personal information for everyone on the application
- Income amounts from your job and other sources
- Balance owed on current mortgage
- An estimate of your property’s market value
- Account numbers for existing BCSCU members
Restrictions and conditions apply, on approved credit.
*Minimum initial draw required.
The credit union does not offer First Mortgage Loans in-house, but through our partnership with the experts at 1st Mortgages Company, we can hook you up with a trusted, experienced loan officer that will take care of your mortgage needs. To learn more, contact a BCSCU loan officer.