You may have built significant equity in your home. Now put that equity to work.
If you’re looking for a home equity loan or home equity line of credit (HELOC), our rates are among the best in Colorado!
Sometimes called a second mortgage, a home equity loan or home equity line of credit (HELOC) is a line of credit that is secured by your home, similar to your first mortgage. A HELOC offers funding to help with remodeling, renovating, college tuition, and new car or other major expenses.
With a BCS Community Credit Union home equity loan or home equity line of credit to get the flexibility to:
- Get Access to Cash When You Need it Most
- Pay for Home Improvements or Similar Major Expenses
- Consolidate Higher Interest-Rate Debt
- Convenient Wheat Ridge Location
In most cases there are no out-of-pocket costs to you for a HELOC and, with our 10/10 plan, you have 10 years to draw on the line of credit, and another 10 years just for repayment.
Home equity loan payments are just 1% of the outstanding balance per month. For example, a $30,000 HELOC balance is just a $300 monthly payment. Use the home equity line of credit to get it all done with no setup costs, with a minimal initial draw. To learn more, call us on (303) 425-6627 or apply online.
Why a Home Equity Line of Credit (HELOC) is Right for You
With a home equity line of credit, you can borrow as much or as little as you need up to your established limit. Similar to a credit card but with a much better rate, you’ll have easy access to your money and only pay interest only on the amount you withdraw.
To get started on your application, make sure you have these documents handy: 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, and account numbers for existing BCS Credit Union members. Restrictions and conditions apply on approved credit. Ask us for more details.
Looking for a First Mortgage?
While BCS Community Credit Union does not offer first mortgage loans directly, through our partnership with the experts at 1st Mortgages Company, we can connect you with a trusted, experienced loan officer that will take care of your Wheat Ridge mortgage needs. To learn more, contact a BCS Community Credit Union loan officer.
BCS Community Credit Union Home Equity Line of Credit
RATES AS LOW AS PRIME* + 0.50%
*This account is subject to a Variable Rate which is based on the highest Prime Rate as published in the Money Rates section of The Wall Street Journal in effect on the 15th calendar day that immediately precedes the 1st day of each calendar quarter of each year, plus a margin determined by credit score. Prime is a variable rate; as it changes, the APR on your account will also change. The minimum APR that can apply is 3.00%, and the maximum APR that can apply is 18.00%. Your minimum monthly payment is 1% of your outstanding balance at the end of each month, subject to the lesser of $50 or your entire account balance. Credit is subject to approval. A home equity line of credit is secured by a first or second mortgage lien on your home, which must be one-to-four family residential real estate. This type of credit is not available for modular homes, manufactured homes or cooperatives. The minimum line of credit amount is $10,000, and the minimum loan amount is $5,000 for the first advance and $500 thereafter. Typical loan fees and closing costs vary up to $600, but may be waived if an initial advance/balance of at least $10,000 is maintained for the first year. Flood and/or property hazard insurance may be required. Other restrictions may apply. The present APR of 5.00% is current as of December 31, 2017, for the best qualified borrowers. All Credit Union loan programs, rates, terms and conditions are subject to change at any time without notice.