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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

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 865-482-1043.
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HELOCK explanation example‚Äč

  1. Low closing costs for new HELOCKs only. Closing costs range between $300-$3,800.
  2. Check with your tax advisor regarding deductibility.
  3. Lock in up to five fixed rate advances at one time. First rate lock is free, $35.00 for each additional. Must have a credit score of 620 or higher to qualify for interest only payments or 100% LTV HELOCKs.
  4. APR is Annual Percentage Rate. After the six-month introductory period the rate will revert to the floor rate of 3.99% or the Prime Rate as published in the Wall Street Journal plus or minus a margin, whichever is higher. Your actual rate will be based upon your credit worthiness and loan-to-value. As of 1/1/2018 the best variable rate offered on the HELOCK would be 4.00% APR. As of 1/1/2018, the best rate on the HELOCK interest-only is 5.00%. The APR will not vary above 18% APR nor below 3.99% APR on either product. Prime rate as of 1/1/2018 is 4.50%.
  5. Maximum LTV is 100% for HELOCKs with principal and interest payments and 90% for HELOCKs with interest only payments. Property insurance is required. Offer only applies to new Home Equity Lines of Credit opened on or after 4/17/2017. Existing Home Equity Lines of Credit are not eligible for the introductory rate. Offer is subject to change without notice. Minimum line of credit amount is $10,000. If a balance remains on the line of credit at the maturity of the 20 year mortgage, a balloon payment may result.