Lines of Credit

A line of credit is a credit limit available that you can draw from when you need it. The credit limit is preset. Heartland FCU offers two types of lines of credit: Express Line of Credit and Home Equity Line of Credit. Let’s explore the differences.

Express Line of Credit (LOC)

An LOC is an open-ended loan, using just your signature as collateral that allows you to draw on your funds when you need them. Perfect for an emergency fund or overdraft for your checking account.

Features

  • Quick and easy application process
  • Fixed rate*
  • Origination fee
  • Fixed payment
  • No annual fee
  • Credit limit is based on credit worthiness

* See current fee schedule

Home Equity Line of Credit (HELOC)

A HELOC is an open-ended loan, using your home as collateral that allows you to draw on your funds when you need them. Perfect for an emergency fund, home remodeling project, college tuition, or bill consolidation.

Features

  • Quick and easy application process
  • Variable rate* as low as Prime minus 1%**
  • No closing costs***
  • First 10 years you pay interest only
  • No annual fee
  • Borrow up to 80% of your home’s appraised value, minus outstanding mortgages

* Rates and terms vary depending on loan-to-value, property type, and credit score. The applicable interest rate is indexed to the Wall Street Journal (WSJ) Prime Rate and is subject to change monthly. The interest rate will not exceed 18%. There is a Draw Period and Repayment Period. During the Draw period, the minimum payment is interest only. During the Repayment Period the payment is the principal balance amortized over a period of 10 years, which may increase the monthly payment previously due.
**All loans subject to credit review and approval. Credit score 720 and above. Home must be owner occupied and primary residence.
*** No closing costs (valued at $295).


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