Home Equity Line of Credit Loan
Home Equity Line of Credit
Unlock Your Home's Potential with Competitive Variable Rates
Visit Us to ApplyVariable Rate tied to Wall Street Journal Prime Rate
Rate Floor: 5.00% APR | Rate Cap: 18.00% APR
Why Choose Our HELOC?
Access the equity in your home with our flexible Home Equity Line of Credit. Perfect for home improvements, debt consolidation, education expenses, or other major financial goals.
Key Benefits:
- Competitive variable rate - 1% below Prime Rate
- Credit lines from $5,000 to $100,000
- 15-year term with flexible draw period
- Up to 90% loan-to-value ratio
- Principal and interest payments during draw period
How Our Variable Rate Works
Our HELOC interest rate is tied to the Prime Rate as published in the Wall Street Journal, providing you with competitive market-based pricing.
Rate Calculation:
Your Rate = Prime Rate (last day of previous month) - 1%
- Rate adjusts monthly on the first day of each month
- Minimum rate (floor): 5.00% APR
- Maximum rate (cap): 18.00% APR
- Example: If Prime Rate is 7.50%, your rate would be 6.50%
Loan Features
Credit Amount
$5,000 - $100,000
Minimum draw: $500
Loan Terms
15 Years Total
5-year draw period
10-year repayment
Loan-to-Value
Up to 90%
Of appraised value less first mortgage
Rate Structure
Variable Rate
Adjusts monthly based on Prime Rate
Qualification Requirements
- Minimum credit score of 660
- Maximum debt-to-income ratio of 45%
- Maintain $100 minimum savings account balance
- Property must be owner-occupied primary residence
- Acceptable debt-to-income ratio verification
- Satisfactory credit history and payment record
Getting Started
Application Process:
- Visit Our Office - Pick up an information packet and application. Apply in-office or take the application home to complete later.
- Property Appraisal - Professional assessment of your home's value
- Credit Review - We'll review your creditworthiness and financial situation
- Approval - Receive notification of your loan approval
- Closing & Funding - Complete final documentation and access your funds
Application Fee: $500 non-refundable fee (can be added to your first HELOC advance for convenience)
In-Person Application Required: All HELOC applications must be completed at our office to ensure proper documentation and signatures.
Understanding Your HELOC Terms
Draw Period (First 5 Years):
During this period, you can access funds up to your approved credit limit. You'll make principal and interest payments on the amount you've borrowed, helping you build equity while maintaining access to your credit line.
Repayment Period (Final 10 Years):
After the draw period ends, you'll enter the repayment phase where you'll make principal and interest payments to pay down your outstanding balance.
Important Rate Information:
This is a variable rate product. Your interest rate and payment amount may increase or decrease based on changes to the Prime Rate. Rate changes occur monthly and are based on the Prime Rate published in the Wall Street Journal on the last business day of the previous month.
Ready to get started? Contact us to learn more or schedule an appointment with one of our loan specialists.
Important Disclosures:
Annual Percentage Rate (APR) is variable and subject to change monthly. The APR is based on the Prime Rate as published in The Wall Street Journal on the last business day of the preceding month, minus 1.00%. The minimum APR is 5.00% and the maximum APR is 18.00%. Current rates are available upon request.
Fees: A non-refundable application fee of $500 is required at the time of application and may be added to your first advance. Additional fees may apply for late payments, returned payments, or other account services.
Property Requirements: Property must be a single-family, owner-occupied primary residence. Mobile homes, condominiums, and properties held in trust may have additional requirements.
Credit Union Membership Required: You must be eligible for and maintain membership in First Lincoln Federal Credit Union. Certain restrictions may apply.
This information is for promotional purposes only and does not constitute a loan commitment. All loans are subject to credit approval and property evaluation. Terms and conditions are subject to change without notice. Please consult with a loan officer for complete terms and conditions.
Equal Housing Opportunity Lender. Federally Insured by NCUA. NMLS #410264