*APR=Annual Percentage Rate. Not all applicants will qualify for the rate shown. The rates for this offer range from a minimum of 3.25% to a maximum of 6.75%, and are based on your credit score at the time of application. This is a variable rate loan. Variable rates are based on Prime Rate, as published by The Wall Street Journal. The maximum rate is 18.00% APR. The maximum LTV is 85%. A sample monthly payment for a $25,000 home equity line of credit at a rate of 3.25% (3.311% Annual Percentage Rate) is approximately $244.63 per month for 120 months. There is a 10-year draw period, and a 10-year repayment period. The property must be owner-occupied. Closing costs are estimated based on the information you provide, and may be subject to change. Consult a tax advisor regarding the deductibility of interest. You must be eligible for membership at Emerald Credit Union and meet the lending guidelines to qualify for a home equity line of credit. All rates, terms, and conditions are subject to change without notice. Offer valid through 09/30/2020.
**No purchase or payment necessary to win. Offer valid 08/01/2020 through 09/30/2020, and is subject to change without notice. Minimum line of credit advance amount to qualify for drawing entry is $25,000. Refinancing a current ECU home equity line of credit does not qualify. Emerald CU employees, board members, or family members thereof are not eligible for drawing. Emerald CU is not affiliated in any way with The Home Depot, Inc. Prize value may be reported on a 1099 form to the IRS as taxable income. Official Drawing Rules and how to enter drawing are available at the Emerald CU branch.
Put the equity in your home to better use with a Home Equity Line of Credit (HELOC) from Emerald CU. Our HELOC offers a 10-year draw period and a 10-year repayment period, with no annual fee. We will lend up to 85% of the appraised value in your home, minus the balance of your first mortgage (if applicable). We invite you to take advantage of low rates, affordable payments, buying power, and peace of mind. An Emerald CU HELOC may be used for many reasons, including:
- Home renovations, repairs, or improvements
- Debt consolidation
- College expenses - tuition, books, room and board
- Have money standing by when you need it
The following is an example of how to calculate the amount of available equity in your home: