Is a Home Equity Line of Credit Right for You?
Many of our members utilize the equity in their home by establishing a Home Equity Line of Credit (HELOC) to draw on for a variety of reasons. The most common use of these funds include:
- Home renovations and improvements
- Consolidation of outstanding debt, including credit cards
- College tuition, room and board, or books
- Financing for a dream vacation
- Providing additional funds for a wedding or honeymoon
If you’re looking for a great way to help finance any of these options, a Home Equity Line of Credit may be perfect for you! Ohio Catholic’s Home Equity Line of Credit offers the flexibility to borrow only what you need, when you need it!
Right now, we are offering rates as low as 2.99% APR*** until August 31. Payments are spread out over an extended period of time and provide a very affordable option for financing. Also, every time you make a payment, you automatically replenish the funds that are available to you. To learn more fill out the form below!
*Subject to membership eligibility and creditworthiness. Rate will be 2.99% from origination until the six month promotional period ends provided $10,000 draw is made at loan closing. After the promotional period, the loan rate will be the member’s approved rate for the duration of the line of credit. Rate may change monthly following the promotional period. Your home equity contract rate is variable based on the Wall Street Journal Prime Rate, on your creditworthiness, and OCFCU’s lending policies. Your rate will vary but will never exceed 18.00% and never fall below 3.00% after the 6-month promotional period. LTV of 79.99% or less. $250,000 maximum limit allowed. Ohio Catholic FCU must be in the first lien position. Credit score must be 740 or greater to receive the promotional offer. Offer is available only on owner occupied homes. Property insurance required. Flood insurance may be required. Loans currently financed through Ohio Catholic FCU or Augustine Mortgage cannot be refinanced with this offer. The HELOC must stay open a minimum of 24 months or all waived service fees must be repaid to the credit union. The HELOC draw period is 120 months and the repayment period is 120 months for a maximum loan term of 240 months. To receive promotional offer, automatic monthly payments (AFT) from an Ohio Catholic FCU checking account must be set up. Other terms and conditions may apply. OCFCU may discontinue or change program without notice. This promotional offer is valid on HELOCs opened June 1 – August 31, 2019. Please contact your tax advisor to determine any tax benefits. Ohio Catholic is an Equal Housing Lender. Monthly Payments will be $100 or 1% of the HELOC balance, whichever is greater, during the draw period and fully amortizing during the repayment period. No annual fee for one year.