Got Equity? Why not use it?
Whether you are looking for a smart option to consolidate debt, renovate your home, go on vacation, or pay for a wedding, our HELOCK product is right up your alley. Don’t make yourself choose between a home equity line of credit or a home equity loan when you can have both at Y-12 Federal Credit Union. Our HELOCK starts as a line of credit that is always there when you need it. It doesn’t stop there. You can also lock in a fixed rate at any time for terms up to 10 years.
Here are some reasons our HELOCK is sure to meet your needs:
- Borrow what you need when you need it
- Low closing costs
- Potential for tax-deductible interest
- Ability to lock your balance into a low, fixed rate for terms up to 10 years
- Rates as low as prime minus .50%
- Borrow up to 100% of the value of your home
- No prepayment penalties
- Principal and interest and interest-only payment options
- Easy access to funds with online banking or the Y-12 FCU mobile app
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We also offer an Interest Only Home Equity Line of Credit option that may be just what you need to have more cash in your wallet at the end of the month. Interest only payments are required monthly; however, you may make additional payments to reduce the principal balance of the loan.
For complete HELOCK details, please call us at 865-340-4594.