Home Equity Line of Credit
A Home Equity Line of Credit gives you access to funds when you need them, often with tax advantages*.
FLEXIBILE ACCESS TO YOUR HOME’S EQUITY
Key Benefits
Flexible payments
Lower costs
Easy access to funds
Potential tax benefits*
Why choose a Home Equity Line of Credit at OSCU?
A Home Equity Line of Credit works like a safety net — available when you need it, with the flexibility to cover whatever life brings.
Flexible borrowing
- Draw funds tied to your home’s equity as needed
- As you repay, funds become available again — useful for ongoing or unpredictable expenses
- Interest-only monthly payments during the draw period
Lower costs
- Lower rates than many other types of loans
- Possible tax advantages* as your interest paid may be deductible
- Annual fees waived for the first year based on Member Merits
*Consult your tax advisor.
Easy access
- Access funds by check, online, phone, or at a branch.
- Use funds for any purpose — home projects, debt consolidation, tuition, medical bills, and more.
Borrow more
- Borrow up to $400,000, depending on your home’s equity
- Access up to 90% of available equity (qualifications apply)
- Enjoy a draw period (timeframe when you can withdraw funds) of up to 10 years, followed by a repayment period of up to 15 years
Home Equity Line of Credit Detail
| Loan type | APR (Low)* | APR (High) | Term |
|---|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.75% | 8.75% | Draw period of up to 10 years. After draw, repayment term of up to 15 years. |
Home Equity Line of Credit (HELOC) rates
Home Equity Line of Credit (HELOC)
| Account | Essential | Enhanced | Premier |
|---|---|---|---|
| HELOC annual fee | 75.00 | 50.00 | 25.00 |
The HELOC annual fee is waived the first year. After that, the annual fee depends on your Member Merits category as shown in the table above. | |||
Closing costs vary between $0-$2000
| |||
Home Equity Line of Credit (HELOC) fees
HELOC annual fee
The HELOC annual fee is waived the first year. After that, the annual fee depends on your Member Merits category as shown in the table above.
Closing costs vary between $0-$2000
- A HELOC loan is eligible to receive a $500 credit. The amount of credit cannot exceed total closing costs. HELOC offer details: Repayment of credit required if the HELOC is closed by the borrower within three years from the date of the Deed of Trust or Modification of the Trust Deed. See a Mortgage Loan Officer for further details.
- If appraisal is required, borrower(s) must pay for appraisal up front. Flood and/or property hazard insurance is required. Consult your tax advisor regarding the deductibility of interest. Other restrictions may apply. Organization NMLS #472475.
Calculator – Home Equity Line of Credit (HELOC)*
Depending upon the market value of your home, outstanding mortgage balance, credit history and other factors, you may qualify for a Home Equity Line of Credit (HELOC). Monthly payments on a HELOC are variable as they fluctuate with interest rate changes. Use this calculator to estimate your borrowing capacity on a HELOC. (Subject to underwriting guidelines, including limits on maximum loan to value.)
Estimate potential HELOC amounts at various loan-to-value percentages.
*Interactive calculators are made available as self-help tools for your independent use and are not intended to provide financial advice. We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance matters.
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