Home Equity Lines of Credit

From home improvements to much-needed vacations, flexibly finance any plan with a line of credit that’s backed by your equity.

Key Features

  • Competitive Rates
  • Anytime Funds
  • Revolving Credit
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  • Turn the equity in your home into ongoing, affordable financing
  • Competitive rates for several ongoing or seasonal needs
  • The existing equity in your home is used as collateral backing
  • Accommodating repayment terms that work uniquely for you
  • Funds available anytime without reapplying; apply once, then use repeatedly thereafter
  • Revolving credit — as principal is repaid, more becomes available for use
  • Funds easily available via in-person or automated phone and online transfers to a specified St. Mary’s Credit Union checking account
  • Set up automatic payments to be deducted from your account monthly
  • Standard closing costs will be paid by the Credit Union (apprailsa and recording fees may be an additional cost)1
  • The interest paid might be tax deductible2
  • Quick, local decision-making and processing
  • Attentive, friendly service from start to finish
  • The property must be a 1-4 family owner occupied residence
  • The interest rate is adjustable and tied to the Prime Rate as published in The Wall Street Journal minus 50 basis points (-0.50%) for the life of the loan, subject to minimum interest rate of 3.25%APR and maximum rate of 12.00%APR
  • 10 year interest only draw period, followed by a 15 year repayment period
  • Ideal for several ongoing or seasonal needs:
    • Education expenses
    • Major life events
    • Major home improvements
    • Debt consolidation
    • Emergency reserve
    • And much more

  • Use the existing equity in your home - up to 80% of the value - as collateral

HELOC Rates

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1 Standard closing costs will be paid by the Credit Union when the loan request is less than $400,000 with a combined loan to value that does not exceed 80%.   If the Credit Union is unable to determine a value or the loan request is equal to or greater than $400,000 or greater than 80% combined loan to value an appraisal is required at your expense. The costs may range from $400.00 to $1,000.00. These fees must be paid at application.   

If applicable you will be responsible for any fees associated with delivering clear and marketable title, including but not limited to discharges and Trust related fees.  These costs may range from $100.00 to $1,000.00.

2Consult a tax advisor.