Home Equity Line of Credit (HELOC)

Explore your financing possibilities with some help from Argent Credit Union.

 

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Home Equity Line Of Credit Rates

Prime

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Use the money when you need it.

Interest rate as low as
3.250%

APR as low as
3.250%

Maximum Loan-to-Value (LTV)
80%

Additional Details:
Restrictions may apply
Term
Years
Interest Rate
3.250%
Loan Amount
$
Estimated Monthly Payment $
Taxes & insurance not included, therefore the actual payment obligation will be greater.

Prime + 1.00

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Use the money when you need it.

Interest rate as low as
4.250%

APR as low as
4.250%

Maximum Loan-to-Value (LTV)
90%

Additional Details:
Restrictions may apply
Term
Years
Interest Rate
4.250%
Loan Amount
$
Estimated Monthly Payment $
Taxes & insurance not included, therefore the actual payment obligation will be greater.

HELOC Loan Features & Benefits

A home equity line of credit is a revolving loan based on your home’s equity. You can access funds ranging from $10,000 to a full 90% of your equity. HELOCs provide extended draw periods and flexible payback terms making them the perfect fit for long-term financing events, including weddings, college tuitions, or even family vacations. 

Home equity line of credit features include:

  • Introductory rates starting at 2.49%* for the first 12 months
  • Money available when and where you need it
  • Competitive variable interest rates
  • High loan to value ratios (LTV) ranging from 80% to 90%

How To Apply For A HELOC Loan

  1. Pre-Qualification: With the help of Argent Credit Union loan officers, determine the amount of money you are eligible to borrow with a HELOC loan.
  2. Application: Gather important documents such as pay stubs, W-2 forms, tax returns, and credit reports for the Argent team to evaluate. Applications can be done online, in-person, or over the phone. The qualification process should be completed within 1-2 business days.
  3. Documentation: Argent Credit Union loan officers may require additional documentation to approve your home equity line of credit. Respond to all questions promptly to receive your loan as soon as possible.

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Home Equity Line Of Credit Calculator

This calculator helps determine your loan or line payment. For a loan payment, select fixed-term loan. For a credit line payment, you can choose 2%, 1.5% or 1.0% of the outstanding balance or interest only.

Javascript is required for this calculator. If you are using Internet Explorer, you may need to select to ‘Allow Blocked Content’ to view this calculator.

For more information about these these financial calculators please visit: Financial Calculators from KJE Computer Solutions, Inc.



Home Equity Line Of Credit FAQs

Q: Is it possible to make automated payments on my HELOC through a checking account?

A: As long as you have a checking account through Argent Credit Union, automated debit payments can be set up. A payment application form should be provided during your HELOC closing session, which you can complete and return to finalize enrollment.

Q: What percentage of my equity am I eligible to use with a HELOC?

A: The percentage of equity you can use is determined by several factors. Talk to your lender and complete an online application to receive an actual percentage.

Q: What kinds of purchases are best with a HELOC?

A: Unlike a home equity loan, which is used to pay for one-time or large purchases, HELOCs are revolving lines of credit. These loans are excellent for financing events with no established price or time frame. Weddings, remodeling projects, and college tuitions are some of the most common uses of HELOC funds.

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MINIMUM PAYMENT EXAMPLE: If you made only the minimum monthly payment and took no other credit advances it would take 6 years 11 months to pay off a credit advance of $10,000 at an ANNUAL PERCENTAGE RATE of 6.5%. During that period, you would make 82 payments of $150.00 and one (1) final payment of $141.10. Some restrictions apply. Subject to credit approval.

*2.49% fixed Annual Percentage Rate (APR) for first twelve months. Thereafter, variable APR adjusted quarterly based on Wall Street Journal Prime Rate (index) +/- 0 a margin for the life of the loan. As of March 15, 2020, the Prime Rate was 3.25%. Current APR as of December 1, 2020 is 3.25 APR, which includes a 0.00 margin and assumes great credit and loan to value <=80%. Maximum rate of 18% APR. Rates and terms will vary depending upon loan-to-value and credit qualifications. Introductory offer not available for refinances of existing Argent home equity loan/line of credit. No closing costs. Not available for home purchase or investment properties. If you close your line of credit within thirty-six (36) months, you will be required to reimburse the Credit Union for closing costs paid on your behalf. These fees generally total between $400 and $1,000. If you ask, we will provide an itemization. Property insurance is required, flood insurance may be required. Consult with your tax advisor on potential tax savings. Certain restrictions apply. Limited time offer.

Argent Credit Union is an Equal Housing Lender registered with the National Mortgage Licensing System under registration number 421982.