HELOC - Home Equity Line of Credit

AFCU’s variable-rate HELOC offers one of the lowest rates available in today's market. AFCU’s HELOC is an ideal source of funds for any major purchase or for that “rainy day” need. This loan provides a revolving line of credit up to $200,000 secured by the equity in your home. The HELOC’s Annual Percentage Rate** is based on the Prime Rate less 0.25% and has many other great features:

• Borrow from $20,000 to $200,000 (depending on credit, income and property qualifications)
• $5,000 initial advance required; $500 minimum thereafter
• Borrow funds as needed: make draws via AeroAccess home banking, phone, or in-person
• Competitive Rates and low costs*
• 10 year draw period, 20 year repayment period at end of draw period
• Minimum rate – 2% APR*
• Maximum rate – 6% over initial rate
• Maximum CLTV 80%
• No annual fees
• Interest paid may be tax deductible (please consult with your tax advisor regarding the deductibility of interest)
• Rates as low as 4.00% APR* available, based on creditworthiness 

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* The Annual Percentage Rate (APR) is based on the value of an Index. The Index is the Prime Rate as published in the Wall Street Journal. To determine the APR that applies to your HELOC, a margin is applied to the Index value in effect as of each adjustment date (rate changes). The initial APR is set forth in your Agreement. Rate changes occur on April 1 and October 1 of each year and are based on the Prime Rate on March 1 and September 1, respectively. Assuming your rate is 3% at opening, your maximum rate may not exceed 9% and your minimum rate will never be lower than 2%. The rate will not exceed the 18.00% maximum rate that a federal credit union can impose. Rates and terms are subject to change without notice.