A Home Equity Line Of Credit (HELOC) allows you to access the hard-earned equity in your home. This can be used for home improvements, tuition/college expenses, debt consolidation, an emergency fund, to purchase a vehicle, or to take that long deserved vacation!
Your HELOC credit limit is set at the time of loan opening.* You will have the freedom to access the line of credit as needed during the draw period. Once established, to use your available line of credit, you can simply transfer funds online, over the phone or visit any of our LCCU branches.
Just like a credit card or line of credit, you can pay down and reborrow as needed. Plus, unlike other consumer loans, a HELOC may have the advantage of a tax credit. LCCU offers fixed and variable rate options:
We offer a 15- or 20-year solutions. With both options there is a 5 year draw period where your payment will fluctuate based on the amount you borrow and your remaining term. After the draw period it goes to a fixed payment for the remainder of the term of 10 or 15 years depending on the original term that was selected with the draw period you have the freedom to draw and repay as long as the funds are available with no penalties or fees.
*The HELOC application process can take as little as 14 days but usually takes 30 days due to the appraisal process.
If you live, work, volunteer, worship or attend school in Clearwater, Idaho, Latah, Lewis, and Nez Perce counties in the state of Idaho and all counties in the state of Washington…you’re eligible for membership! Apply online, call or stop by our office today our staff will be glad to open your account. Start saving for your future today.