Leverage your home to pay for large expenses
A Home Equity Line of Credit (HELOC) with NGFCU offers a reliable and economical source of ready cash for home improvements, auto purchase, wedding expenses, bill consolidation or any other large consumer purchase.
A HELOC provides a revolving line of credit up to $250,000, secured by home equity. Borrowers accrue interest only on the amount of HELOC funds advanced. A HELOC has one of the lowest variable rates available, but a very low fixed rate on qualifying individual draws is also available.
Qualifying properties include owner-occupied, 1-4 units in select states.
Get the funds you need for any purpose
A HELOC provides many benefits to NGFCU members:
- Obtain cash for virtually any expense
- A generous $650 allowance to cover application fees and closing costs (conditions apply)
- A revolving line of credit up to $250,000 based on the equity
- 10-year draw period
- Low minimum monthly payment towards principal and interest
- Establish specific advances with specific payoff terms
- No pre-payment penalty
- No yearly maintenance fee
- Repayment term up to 15 years
- Maximum rate increase cap of 3% per year and 6% for the life of the loan
- Loan to value ratio up to 80%