6.99% Intro-APR* Home Equity Line of Credit!

A home equity line of credit is often the most cost-effective way to borrow money.

If you’re looking for the best Home Equity Line of Credit rates in Northeast Ohio, you’ve come to the right place! Ohio Catholic Federal Credit Union rewards your good credit with Great Rates to use the equity in your home for any project or financial need.

What can you use your line of credit for? Home improvements, paying off high-interest debt, college tuition, vacations, vehicles and so much more.

Fill out the form below to get your quote. Our experienced Loan Zone officers will guide you through the process and secure the best rate and terms for your needs.

Call the Loan Zone Monday through Friday, 8:30 AM to 6 PM and Saturdays 9 AM to 1 PM at (216) 478-0067.

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Get your quote today! Offer ends September 30, 2024

*APR=Annual Percentage Rate. Subject to creditworthiness, Ohio Catholic’s lending policies, and membership eligibility. Loan applications must be approved by September 30, 2024. The promotional APR of 6.99% will be available until 12/31/2024. After 12/31/2024 your approved variable rate will be based on the Prime Rate as published in the Wall Street Journal. As of January 25, 2024, the prime rate is 8.50%. Your rate will vary but will never exceed 18.00% and never fall below 3.50%. Financing up to 79.99% of the home’s value is available. For the first 10 years, monthly payments are variable and equal to the finance charge (interest) that accrued on the outstanding balance during the preceding month. To qualify for the promotional rate: (i)initial minimum draw of $10,000 on the line of $25,000 or more (ii) $250,000 maximum credit limit allowed; (iii) this offer is available only on owner occupied homes. The draw transactions must be completed by the credit union. At the expiration of the promotional period, the rates revert to the standard, approved Home Equity Line of Credit rate and your original Home Equity Line of Credit Agreement and Disclosure Statement. Monthly payments go towards the highest interest rate first on principle and interest HELOC’s; interest only HELOC payments go towards the lowest interest rate first. Failure to meet these requirements can result in losing the promotional rate. Property insurance required. Flood insurance may be required. The home equity line of credit must stay open a minimum of 24 months or all service fees must be repaid to the credit union. The line of credit may not be used to pay off any existing Ohio Catholic FCU loan balances. Ohio Catholic FCU may discontinue or change program without notice. Please contact your tax advisor to determine any tax benefits. $250 processing fee is waived if member has a first mortgage with Ohio Catholic. Remaining fees are waived when line is kept open for two years or longer. Equal Housing Lender. Ohio Catholic FCU NMLS #413040 All stated offers are in addition to the purchase of one $5.00 membership share required to be maintained in your share savings account.

What are some of the advantages of opening a Home Equity Line of Credit (HELOC)?

A HELOC is an open credit line that is secured by the paid value of the borrower’s home. Homeowners can generally open a HELOC with up to 85% of their home’s equity, or the difference between what is left on their home loan and the current value of the home. HELOCs have a ‘draw’ period, during which the borrower can access the available funds, ranging anywhere from 5-10 years. Once the draw period ends, the loan will have to be repaid, either immediately or within the next 15-20 years. Once approved for the home equity line of credit, borrowers can spend the funds however they choose. Some plans may require the homeowner to borrow a minimum amount at each draw, keep a predetermined amount outstanding or withdraw an initial advance when the HELOC is first established.

Advantages of opening a HELOC include:

You only borrow what is needed. There is no lump sum given to the borrower of a HELOC; instead, it offers a homeowner the freedom to withdraw funds from the line of credit as needed.
Qualify for a low rate. Due to the line of credit being backed by a valuable asset, a HELOC will generally have a lower interest rate than unsecured debt, like credit cards. Additionally, interest rates continue to sink to all-time lows, and opening a HELOC now means qualifying for low interest rates for your line of credit. Most HELOCs have fluctuating interest rates, but our offer includes a 6.99% APR1 intro-rate fixed through December 31, 2024.
Flexible terms. Terms and repayment plans for HELOCs are generally flexible, and many lenders only require borrowers to make payments toward interest during the draw period. Once that time is over, the borrower must pay back the entire principal over the course of 15-20 years.