Home Equity Line of Credit

When it's time to remodel your home, take a vacation, pay for college, wedding, or that sailboat that's been calling your name, don't spend your time sitting around the house trying to think of where the money can come from. Use your house to make it happen with a Home Equity Line of Credit.

A HELOC is just what it sounds like: an open-ended line of credit using the equity in the home as collateral. You can use the money for a variety of purposes when you need it most, or hold onto it until you need it later.

We can even refinance Home Equity Loans or Home Equity Lines of Credit that you may have at another financial institution. Do you have any questions?

Summary
Access

Once you open a HELOC, you can use the unused portion at any time. Simply transfer the amount you wish to advance using Online Banking or with our 24 Hour Phone Teller. You can transfer the funds to your Harbor Credit Union® checking account to use as needed. Separate HELOC checks are also available.

Disclosure

*APR = Annual Percentage Rate. Rate for homes with lendable equity up to 80% of appraised value or 70% Estimated Fair Market Value with a minimum new credit line of $15,000. Rate is currently set at the daily Prime Loan Rate as published in the Wall Street Journal plus a margin of 1.25%. As of 11/30/2011 this rate was 4.50% APR (PRIME + 1.25%). RATE CHANGES: The annual percentage rate can change monthly. An increase in Prime will increase your APR. Maximum APR 18%. Minimum Payment Requirements: Your minimum monthly payment will equal the greater of (a) $50.00 or (b) $1.50 for each $100 (and fraction thereof) of the outstanding balance as of the date of the most recent advance. All lines of credit are subject to satisfactory appraisal, title insurance, home owner's insurance and flood verification. Borrower is responsible for recording fees, appraisal fees (if any), title insurance or a letter report and flood verification report (when required). The line of credit has a variable-rate feature. The annual percentage rate includes only interest and not other costs. Lines of credit are subject to credit approval. All rates subject to change without notice. The annual percentage rate listed includes only interest and not other costs. No annual fees. Click Here For Current Rates.

Minimum Payment

Your minimum monthly payment will equal the greater of (a) $50.00 or (b) $1.50 for each $100 (and fraction thereof) of the outstanding balance as of the date of the most recent advance.