Live Your Best Life With An ACU HELOC
Worried about a big upcoming expense? Are you knee-deep in credit card debt? You have options available to you. If you are a homeowner, a HELOC (Home Equity Line of Credit), might make the most sense for your situation.
A HELOC is a home equity program that gives you access to a pool of cash up to a certain amount, rather than for a fixed dollar amount. We understand that taking a second mortgage sounds scary, but a HELOC lets you borrow only what you need. You can borrow and pay back money as you need it. With an ACU HELOC, you can borrow up to 100% of your home’s value if it’s owner occupied.
Here are some advantages of a HELOC:
- Easily withdraw money. You can access funds at one of our branches, via transfer, online banking, or with a cashier’s check.
- Draw and pay interest on only what you need. Common uses for HELOCs include paying off credit cards, making home improvements, paying college tuition, and other intermittent needs.
- Upfront costs are relatively low, and rates vary.
- According to the IRS, the interest on your HELOC may be tax-deductible if you use the money to buy, build or substantially improve your home.
While a home equity loan might not be right for everyone, you should seriously consider it if you could be borrowing at a lower rate than you are currently. If you are in significant credit card debt, the rate on your HELOC might help you pay the balance off faster by consolidating. Similarly, if rates have dropped since you purchased your home, you could save a lot of money on your mortgage. With an ACU HELOC you would pay only 1% of the outstanding balance every month.
Interested in learning more? Contact your nearest ACU branch or click here to see how you can get started!