Home Equity Line of Credit (HELOC)
Accessing your home’s equity.
5.75% – 6.50% APR
What is a HELOC?
A Home Equity Line of Credit (HELOC) is a method of borrowing in which a homeowner can borrow against the equity in their home. Since this line of credit is secured by a home, the interest rate is typically more attractive than alternative unsecured financing options. As with most lines of credit, the funds can be accessed on an as-needed basis by transfer into a TUMCU account.
A HELOC can be used for just about anything – home improvements, college expenses, debt consolidation, and more. If you can dream it, we can probably finance it with this flexible option.
What is the process?
At TUMCU, the process to get a HELOC is simple. Closing costs are covered by the credit union as long as the line stays open for at least three years (closing the line before 36 months may incur a fee). And to keep costs down, we can use your most recent tax assessment instead of an appraisal (though you can arrange for one yourself if you desire).
The TUMCU Home Equity Line of Credit offers lines from $25,000 to $1000,000 the interest rate adjusts based on the Prime Rate. Depending on your credit profile you may be able to borrow up to 90% of the equity in your home.
Whether you’re looking to consolidate credit, improve the value of your home, or just need access to cash – TUMCU would like to help. It’s easy to get started – you can download the application below, as well as the checklist, disclosures, and other information.
Once we receive your signed application and supporting documents (listed in the checklist), we will contact you the next business day to discuss next steps. Generally, if approved, your HELOC funds should be available within 7-14 days after setup.
How do I disburse funds from my HELOC?
You can request/draw funds from your available limit on your HELOC by filling out the form below and sending it to us. Please allow for 2-4 business days for processing your request.