home equity line of credit blog

Your home can mean so many different things to you: home is where the heart is; home sweet home; home is where you hang your hat; there's no place like home.

But did you know that the equity you have established in your home can be used for plenty of wish-list aspirations such as:

  • Family vacations
  • Home improvements
  • Buying a new car or RV
  • Weddings and special event expenses
  • Landscape design and installation
  • Debt Consolidation
  • College tuition, and much more

Put the equity in your home to work with our Home Equity Line of Credit (HELOC)!

According to the Merriam Webster Dictionary, “A HELOC is a line of revolving credit with an adjustable interest rate that allows the borrower to choose when and how to borrow against the equity of their house.”

A VacationLand Federal Credit Union Home Equity Line of Credit has rates as low as Prime, plus .25%, with the first 12 months locked in at Prime. The maximum loan amount is $100,000 and the minimum loan amount is $10,000, with a $10,000 minimum draw. Enjoy no closing costs, increased spending flexibility, possible tax deductions, and locally-made decisions to expedite the process.

Plus, until June 30, 2019, you will receive a $250 Visa Gift Card at closing when you are approved for a Home Equity Line of Credit at VacationLand! A VLFCU membership is required to take advantage of this offer, with a minimum deposit of $25 in a Share/Savings account. Members must also be in good standing, and each loan is subject to credit approval.

Discover how VLFCU's Home Equity Line of Credit can help transform your home into your dreams. Here's our Home Equity Line of Credit summary:

  • Based on your home’s value
  • Easy access to funds
  • Check writing privileges
  • No closing costs
  • Pay interest only on the funds you use

Before considering a Home Equity Line of Credit, calculate the amount of equity you actually have in your home. This can be done by subtracting the amount you still owe on your mortgage from the value of your house. The difference is considered the "equity," and part of that can be used as collateral for a HELOC. Once you're approved, the money will be available to spend as you see fit. As you repay your outstanding balance, the amount of available credit is replenished for you to use over and over again as needed.

What could be better than having extra spending money at your fingertips?

If you wish to apply, please visit your nearest branch or call 1-800-691-9299 for more information.

VLFCU is an Equal Housing Lender.