If you’re a homeowner who wouldn’t mind some time off away from home, ValleyStar has the answer. With our low rate Home Equity Line of Credit (HELOC), it’s easy to transfer funds to other ValleyStar accounts, you can consolidate debt if necessary, and a line of credit just gets you what you need, when you need it. Let our local mortgage experts assist you!
Current Rates LoanProtectWhat is a HELOC?
A HELOC is a line of credit that is extended to a homeowner. A home equity line of credit is an excellent way to use the equity in your home to purchase anything you need or want. It’s like having money in your pocket. And, obtaining funds this way allows you to get a much lower rate and greater flexibility as compared to applying for a personal loan. In many cases, there are even tax benefits.*
HELOC versus Home Equity Loan
A home equity line of credit is different from a home equity loan in the sense that it’s more flexible. With a HELOC, you don’t have to use all the money you’re approved for. You can use it as you need it instead of taking it all at once. This could save you money in interest because you only pay for the money actually used.
Our Home Equity Line of Credit Offers:
- Flexible spending power with a low variable rate
- Access to advance line of credit for up to 10 years
- Easy transfer of funds to other ValleyStar accounts as needed
- No prepayment penalties
- Interest may be tax deductible*
‡Home Equity rates are based on an independent index, (the “Index”), which is the weekly average yield on U.S. Treasury Securities adjusted to a constant maturity of one year. We will use the most recent index value available to us as of the third Monday of the month previous to any annual percentage rate adjustment. The annual percentage rate can change annually on the anniversary date of plan opening. The rate cannot increase or decrease more than 2.0 percentage points in any one year period. An initial discount rate may be applicable. The maximum Annual Percentage Rate that can apply is 12% or the maximum permitted by law, whichever is less. However, under no circumstances will your Annual Percentage Rate go below 3.25% at any time during the term of the plan. Other restrictions may apply. All Credit Union loan programs, rates, terms and conditions are subject to change at any time without notice. +All rates are subject to credit approval.
You Can Use A HELOC To:
- Make home improvements
- Consolidate credit card debts
- Purchase a new or classic auto
- Purchase a boat and/or jet ski
- Purchase a camper and/or motor home
- Purchase a motorcycle and/or ATV
- Purchase a second home
- Take a vacation
*Consult with your tax adviser regarding the deductibility of interest.
