Home Equity Line of Credit
Tap into your equity for the cash you need!
With a Centris Home Equity Line of Credit (HELOC) that includes a fixed-rate lock option, you can use the equity you’ve already built as a homeowner to pursue your financial goals. Just dip into your equity for the cash you need, when you need it and pay interest on only what you use.
Advantages of a HELOC*
- Borrow when you need it.
- Pay off your current balance at any time and borrow again.
- Have up to five fixed-rate segments at one time.
- Lock in a portion of your balance at a fixed rate.
- Make interest only payments on any unlocked portion of your balance.
- Peace-of-mind on fixed-rate lock segment with protection from rising rates and predictable monthly payments.
- You choose your repayment terms for fixed-rate segments
(5-year, 10-year, 15-year or 20-year).
How Does a HELOC Work?
Current Rates
Home Equity Line of Credit
| Term | APR |
|---|---|
| 12 Month Introductory Rate | Variable* as low as 6.50% APR |
| Rate After Introductory Period | Variable* as low as 8.24% APR |
Minimum amount for a home equity line of credit is $10,000. The rates may vary based on individual credit worthiness and underwriting factors. Programs, rates, terms, and conditions are subject to change without notice. All loans subject to approval. Other restrictions may apply. Inquire at Centris for complete terms and conditions at (800) 334-2328.
Looking for a Home Equity Loan?
HELOC Frequently Asked Questions
How does a HELOC work?
A HELOC (home equity line of credit) is a revolving line of credit from the equity you’ve built up in your home, that uses your home as collateral. You can borrow against the line of credit up to a limit, make payments and then take money out again to use for additional expenses. Since the money being borrowed against the credit line can be different each month, your monthly payment amounts will vary, depending on the credit line’s usage. Unlike the home equity loan where it has a fixed interest rate, the HELOC may have a variable rate, which means your interest rate could go up or down if the market interest rate changes.
What is a Home Equity Line of Credit (HELOC)?
A home equity line of credit (HELOC) is a revolving line of credit — similar to a credit card, except you can typically get a larger line of credit with a HELOC and a lower interest rate than a credit card since you’re using your home as collateral.
How do I get a Home Equity Line of Credit (HELOC)?
At Centris Federal Credit Union, you can begin the process of obtaining a HELOC by applying online or setting up an appointment with one of our financial experts to help you determine if a HELOC is the best option for your needs.
How do I qualify for a HELOC?
To qualify for a home equity line of credit (HELOC), most lenders will first consider whether or not you have sufficient equity in your home. Typically, you should have at least 15-20% equity in your home. They will also review your income, employment history, credit score, debt-to-income ratio, property type and condition to determine whether or not you qualify.
Is a Home Equity Line of Credit (HELOC) interest tax deductible?
If you are using the funds to buy, build or substantially improve the home in which you are using the equity then the interest is tax deductible. It’s best to always check with the IRS for the latest rules or consult with a tax professional to ensure you meet the requirements for deducting the interest of your HELOC.
What are current HELOC interest rates?
A home equity line of credit (HELOC) may have a variable rate, which means that your interest rate could go up or down if the market interest rate changes. At Centris Federal Credit Union, our HELOC has a 12-month introductory fixed rate and then a variable rate after the introductory period. We also offer a fixed-rate lock option with our HELOC. This allows you the ability to lock in a portion of the balance you owe at a fixed rate protecting it from rising rates and giving you peace-of-mind with predictable monthly payments. You choose your repayment terms for the fixed-rate segments (5-year, 10-year, 15-year or 20-year). To learn more about our fixed-rate lock option and to find out what our current rate is on a HELOC, you can see our rates here.
Are HELOC rates fixed?
HELOC rates are typically variable rates, which means they can change over time based on the prime rate or another index. With a HELOC rate being variable, this means your monthly payments can fluctuate. At Centris Federal Credit Union, we offer our HELOC with a fixed-rate lock option, which means after the 12-month introductory period, you can lock in a portion or all of your balance or borrowed amount at a fixed rate giving you peace-of-mind with protection from rising rates and more predictable monthly payments. To learn more about our HELOC with the fixed-rate lock option, schedule an appointment with one of our experts.
Does a HELOC require an appraisal?
Yes, a HELOC typically requires an appraisal to help your lender determine the current market value of your home, which will help them calculate how much equity you have. This will essentially give them an idea of how much they can lend you. To learn more about this process, you can chat with one of our experts at any branch location or you can schedule an appointment.
How long is a Home Equity Line of Credit (HELOC) term?
Typically, a home equity line of credit (HELOC) has a term that consists of two phases: the draw period and the repayment period. The draw period usually lasts 5 to 10 years and during this time, you can borrow against your line of credit. During the draw period, you typically only have to make interest payments on the amount you’ve borrowed. After the draw period ends, the repayment period starts, which usually lasts 10 to 20 years. During the repayment period, you can no longer borrow money and you must repay both the principal and the interest. Between the draw period and repayment period the total term for a HELOC can range from 15 to 30 years.