Home Equity Line of Credit

Commonly known as a HELOC, a home equity line of credit is an open ended line of credit much like a credit card. However, HELOC’s typically have lower interest rates than credit cards or other types of consumer loans. This product has a draw period.

Minimum Requirements

  • Must meet credit union member eligibility requirements.
  • Eligible upon approved credit.
  • Minimum loan amount – $3,000.
  • Initial advance of $3,000 is required.

Product Fees

  • Account subject to all General Account Fees (Refer to Services Fee Guide).
  • Late Fee 5% of monthly payment, minimum $10, maximum $35.
  • Early Closure fee of $400.
    • For owner occupied properties only. If the line is closed within 3 years, the waived closing costs will be owed back to the credit union.

Product Features

  • 10 Year draw with 20-year amortization.
  • Variable Rate Loan*.
  • Rates subject to change.
  • Fast processing.
  • Loan payment protection options.
  • Monthly itemized statement.

*Annual percentage rate will be calculated using the Prime Index calculated from the Wall Street Journal Prime Rate plus a margin, with a floor of 4.00%. The margin will be determined at time of loan approval. Maximum annual percentage rate over the life of the loan is 18%. Some restrictions may apply.

Prime Rate as published in the Wall Street Journal, Western Edition on the last business day of each calendar quarter.

Interest rates will be determined by the amount financed, the loan term and member credit history.

Note: All loan approvals must follow AMUCU lending underwriting guidelines.

Product Benefits

  • Waived closing costs.
    • For owner occupied properties only. If the line is closed within 3 years, the waived closing costs will be owed back to the credit union.
  • Interest on a home equity loan may be tax deductible.
  • Competitive rates.
  • Free online access.

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© 2019 American United Federal Credit Union. All Rights Reserved. Unauthorized account access or use is not permitted and may constitute a crime punishable by law. ABA Routing Number: 324078640

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