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What's the difference between a Home Equity Line of Credit (HELOC) and a Home Equity Loan?
There are many similarities between these two types of home equity financing, but there are also significant differences. How you plan to use your funds will determine which is a better choice for you. Contact a loan officer and we’ll help you decide which direction to go.
A HELOC variable-rate revolving line of credit puts you in control. Need cash now? Take funds when needed, or get peace of mind knowing your money is available when you need it — use it as a line of credit. You control how much you owe by how much you borrow.
*Or you can choose to pay additional principal as well. It's your choice.
Annual Percentage Rate 1 | Index 2 | Margin | Loan to Value 3 | Alert Me |
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8.00% | 8.50% | - 0.50 | up to 80% | Receive a notification when this rate changes |
9.50% | 8.50% | +1.00 | 80.01% - 90% | Receive a notification when this rate changes |
*APR: Annual Percentage Rate. Generally, fees paid by NEFCU. If appraisal required, member-paid fees may range from $350 to $600. For Home Equities in first Mortgage position, members may be required to pay Title Examination fees which may range from $250 to $500 and Title Insurance fees which may range from $1.65 to $2.75 per $1000 borrowed. | ||||
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The proceeds of a Home Equity Plus loan are fully disbursed at the loan closing. Principal plus interest payments begin immediately for the term of the loan. This loan is good for amounts known to you and that you want to repay in a specific time period. It is good for the purchase of autos, RVs, ATVs, education expenses and vacations.
Annual Percentage Rate 4 | Term | Monthly Payment per $1000 5 | Loan to Value 3 | Alert Me |
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6.50% 6 | 5 years | $19.57 | up to 80% | |
7.50% 6 | 10 years | $11.87 | up to 80% | |
7.99% 6 | 15 years | $9.55 | up to 80% | |
Generally, fees paid by NEFCU. If appraisal required, member-paid fees may range from $350 to $600. For Home Equities in first Mortgage position, members may be required to pay Title Examination fees which may range from $250 to $500 and Title Insurance fees which may range from $1.65 to $2.75 per $1000 borrowed. | ||||
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Annual Percentage Rate 4 | Term | Monthly Payment per $1000 5 | Loan to Value 3 | Alert Me |
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7.50% 6 | 5 years | $20.04 | up to 90% | |
8.50% 6 | 10 years | $12.40 | up to 90% | |
8.99% 6 | 15 years | $10.14 | up to 90% | |
Generally, fees paid by NEFCU. If appraisal required, member-paid fees may range from $350 to $600. For Home Equities in first Mortgage position, members may be required to pay Title Examination fees which may range from $250 to $500 and Title Insurance fees which may range from $1.65 to $2.75 per $1000 borrowed. CLTV is Combined Loan-to-Value ratio. | ||||
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1 All rates quoted are subject to change monthly, the maximum interest rate is 18% and the minimum interest rate is 4.50%. The rate may increase after the consummation of the loan. These are our posted rates; your rate could vary according to your credit.
2 The Index is the Prime Rate published in the Wall Street Journal on the last Wednesday of each month.
3 Maximum loan to values may vary based on market conditions. Up to 90% LTV with a current appraisal. Other restrictions may apply. Call a loan officer for further details.
4 These are our posted rates; your rate could vary according to your credit.
5 The payment amount may be higher if escrows for property taxes, homeowner's insurance or mortgage insurance are applicable.
6 Fixed Rate