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Is a HELOC Right for You?

A Home Equity Line of Credit (HELOC) can be a valuable tool for responsible borrowers. A HELOC basically works like a credit card, but interest rates are usually much better than for other loans. Plus the interest on a Home Equity Line of Credit may be tax deductible (consult your tax advisor to be sure). Would you like to remodel your home or do you have home expenses you need to cover? Do you need to consolidate debt from higher interest loans like high-rate credit cards? Or would you like to finance a vacation over a period of time? If you answered "yes" to any of these, your home's equity can be extremely useful. We look at your individual situation, examine various factors like your income, credit history, expenses, and other debts to see what rate and payment makes sense for your situation. Then we set up a HELOC that's right for you.

What are the main benefits of a HELOC with NCCU?

  • NO annual fee (some other institutions charge an annual fee)
  • NO fees for future advances over $499
  • You can transfer funds directly into your NCCU checking ccount
  • Much lower interest rates than many other loans, especially credit cards.
  • Interest payments may be tax deductible.
  • Advance transfers can be done through Home Banking 24/7
  • Consolidating other high interest loans to a HELOC gives you one easy monthly payment at a great interest rate.
  • Terms for repayment that make sense and help you pay off your loan in five (5) years.

As with any home loan, you want to make sure that you have a steady, reliable source of income and know that you will be able to repay the loan. A HELOC's low interest rate and tax deductible interest paid makes it a sensible alternative.

Like to learn more? Visit: Home-Equity Loans: What You Need To Know

Consolidate your loans and see how much you can save!