Home Equity Line of Credit

Home Equity Line of Credit

Hopewell Federal offers a Home Equity Line of Credit, sometimes referred to as a HELOC.  When you want to use your line of credit, simply write a check for $500 or more from the book of checks provided when you are approved. 

The benefits include:

• Ideal way to obtain large sums of cash based on the equity in your home
• Open end line of credit with a variable rate
• Lets you borrow up to 90% of the appraised value of your home. The minimum loan amount is $5000.
• *Credit restrictions apply. HELOC is available up to 90% of appraised value of home. Minimum loan amount = $5000. No annual fee applies. No closing costs. The HELOC rate is based on prime rate for 80% and prime + 1.50% for 80.01%-90% LTV and subject to change. A mortgage will be placed on the home for the line of credit limit. Federally Insured by NCUA.

Home Equity Disclosure

THE FEDERAL RESERVE BOARD:  What you should know about Home Equity Lines of Credit