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Dreams can come true with a HELOC from FFCCU

Looking for a way to finally get that dream kitchen you’ve always wanted, take that well deserved vacation or finance the expense of college? A HELOC (Home Equity Line of Credit) may be the perfect way to turn your dreams into a reality this summer.

A HELOC is different from a conventional mortgage or home improvement loan. It’s simply a line of credit that allows a homeowner to borrow against the equity of their home for a pre-determined amount; whereas with a conventional mortgage, the amount borrowed is the total amount financed.

HELOCs Rock because they give you the freedom to decide when, where and how to use the money. And the best part -you don’t pay any interest unless you use it!

HELOCs provide flexibility at a relatively low interest-rate compared to a standard credit card and that’s why so many people also use HELOCs to refinance debt or consolidate high interest credit card balances.

“ How does this all work?” It’s pretty easy!

  1. Let’s say you’re looking to finance that $20,000 dream kitchen.
  2. You then meet with a teammate here or apply right online.
  3. Next, we determine that you have $50,000 worth of equity in your home.
  4. Now it’s up to you. You can open the full line of credit for $50,000 or choose a lesser amount. Let’s say you’re comfortable at $30,000.
  5. Great, we process the paperwork and you can now go out and get your new kitchen!

“How do you get the money?” Access your line of credit via checks we provide, online/mobile banking or by visiting a friendly FFCCU teammate in branch and take out cash (minimum draw amounts are only $500).

Another reason HELOCSs rock, you only pay interest on the amount you draw upon and FFCCU offers a 15-year repayment term. This helps to keep payments smaller and easier to manage, plus any interest paid can be tax deductible (please consult your tax professional).

So, going back to our kitchen scenario, let’s say that kitchen came in under budget at $18,000. Payments would only be based on that amount over 15 years.

Skip into the future with me. Let’s pretend it’s been about a year since you finished the kitchen project. Now you say, “It would sure be nice to have new carpet and furniture.” Well, your HELOC can come in handy again because once you opened that line of credit; FFCCU gave you 7 years to draw upon it. So you’d still have $12,000 available to you. So go out, buy that new carpet and furniture and guess what, now you have 15 years from that purchase date to repay!

Consider making your dreams come true this summer with a HELOC from FFCCU. Use a HELOC when you want, how you want, and if you don’t use it, don’t pay anything.


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