North Coast Credit Union - Home Equity Lines of Credit

Put the equity in your home to good use with a Home Equity Line of Credit (HELOC). In addition to paying for home repairs or remodels, members also use HELOCs for large purchases, debt consolidation, family vacations or college tuition. HELOCs provide a hedge for potential future needs and work as an alternative to credit cards.

*APR=Annual Percentage Rate. Loans are approved based on qualifications. Equal Housing Opportunity Lender.

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Apply for up to 80% of the Equity in Your Home

Minimum loan amount is $20,000. Maximum is $100,000.

You Only Pay Interest on the Amount You Draw

If you don't use it, you don't pay any interest.

You Can Draw from Your HELOC for 5 Years

After your draw period, you will have 15 years to repay your loan.

Annual Fee Waived for the First Year

The annual fee will be $50 thereafter.

Debt Protection

If your life takes an unexpected turn, your family’s finances can be strained. But with MEMBER’S CHOICE™ Borrower Security with Life Plus, your loan payments or balance may be canceled, up to the contract maximums, in case of involuntary unemployment, disability, or death. It’s just one more way you can look out for the people you love.

Disclosure

Your purchase of MEMBER’S CHOICE™ Borrower Security with Life Plus is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions and exclusions may apply.

Please contact your neighborhood branch or refer to the Member Agreement for a full explanation of the terms of MEMBER’S CHOICE™ Borrower Security with Life Plus. You may cancel the protection at any time. If you cancel protection within 30 days, you will receive a full refund of any fee paid.

Unique ID & Copyright

The Line of Credit may adjust quarterly and is based on the Prime Rate (index) as published in the Wall Street Journal rounded to the nearest 0.250% plus a margin. The Margin will range from 0% - 6.000% based on your credit worthiness and Loan to Value (LTV). The index will be pulled 10 days prior to the end of each quarter. The APR for all new advances and existing balances may change on the first business day following the end of each quarter. The APR will never be greater than 18.000% APR, and never be less than a floor interest rate established by the Credit Union of 3.000% (depending on product). Prime Rate as of 05/04/2023 is 8.250%. The minimum payment will equal interest only during the 5 year draw period. After the 5 years, the draw period will close and further advances will not be available. After the draw period expiration the loan will be recalculated to pay the loan off in the remaining 15 years. A $50.00 annual fee applies. Qualified members are eligible for one HELOC per primary residence. All loans are subject to credit approval. Some restrictions may apply to manufactured or mobile homes.

Loan Rates