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Home Equity

Home Equity Lines of Credit

Use this flexible credit line for home improvements, auto purchase, college tuition, debt consolidation or any expense that arises!

  • Rates as low as Prime plus .25%
  • No annual fees
  • No application fees
  • No closing costs*
  • Interest-only payment option for first 10 years
  • 120-month open credit lines available from $7,500 to $500,000
  • Up to 80% Loan-To-Value
  • Potential tax benefits
  • Free easy-to-use convenience checks to access your credit line
  • Overdraft protection for your Credit Union checking account
  • Receive Gold REWARDS with a Home Equity Line of Credit!

It's Easy To Apply!

Apply Now

Receive quick and helpful service from the professionals in our Mortgage Department. Use our Contact Form or email us at or call 800.873.5100 for more details.


Convenient Loan Repayment Options

  • Use QuickPay to pay your Credit Union loan using a credit card, your iTHINK Financial account, or an external account. Schedule one-time or recurring payments from your computer or phone 24/7.
  • Transfer your payment from your account at another financial institution using eTransfers or contact us to set up a recurrent Direct Payment.
  • Set up recurring scheduled automatic transfers from your Credit Union checking or savings account to your loan by using Online Banking.
  • Make one-time transfers from your Credit Union checking or savings account to your loan by using Online Banking or our Mobile Banking App.
  • Make payment by mail or at a branch or at a CO-OP Shared Branch.
  • Set up email or text alerts through eAlerts for convenient payment reminders.


How does a HELOC loan work?

A HELOC is a lot like a credit card. When you have a balance you have a payment, but if the balance is zero, there is no payment. Each month’s payment is based on the current outstanding balance.

A HELOC is a loan that lasts for 20 years. During the first 10 years you can withdraw any amount up to your credit limit to use for any legal purpose. You control how much is taken out on each withdrawal. Additionally, any payment that exceeds the minimum payment due will reduce the balance on the loan making the next month’s minimum payment lower.

How are payments calculated?

Minimum payments for the first 10 years are based on the interest due from the outstanding balance. We compute the interest on a daily basis and provide a monthly statement so you know the minimum due on the 15th of each month. A good way to estimate the minimum payment is to take the interest rate, multiply it by the balance outstanding, and divide by 12. For example $10,000 balance X interest rate of 4.25% (.0425) / 12 = $35.42 estimated minimum payment.

After the 10 year draw period has expired, the loan converts to a fully amortizing loan for the remaining 10 years. What this means is that the payment will be calculated each month so that the payment amount will bring the loan to zero by the end of the 10 year amortization period. The fully amortizing payment is usually two to three times as much as the interest only payment during the 10 year draw period. Sometime near the conversion to the amortization period, many Members opt to renew their HELOC so they can continue to have the ability to draw on the account.

Are there closing costs for a HELOC?

We pay the closing costs on HELOCs for loan requests of $100,000 or less. If you request a HELOC in excess of $100,000 we will send you an estimate of the closing costs which includes title insurance charges, applicable taxes, and government recording fees, along with the other costs associated with obtaining the loan. Should you decide to close out your HELOC within three years of obtaining it, we will ask you to reimburse the Credit Union for the lesser of the actual closing costs paid by the Credit Union or $400. Paying off your HELOC is not the same as closing the loan. You can pay your balance to zero and maintain a zero balance for months and the loan will not be closed. The line can be closed by specific request or by selling the property.

Can the interest rate change?

Interest rates on HELOCs are variable rate loans which means the rate can rise and fall as the PRIME rate goes up and down. The PRIME Rate is published weekly in the Wall Street Journal. Currently PRIME Rate is 3.25% and your HELOC rate will be based on your creditworthiness.

How long does it take to get a loan approval?

Initial loan approvals are typically made by the next business day. Because a HELOC is a loan backed by the equity of your home, a property valuation is prepared and validation of clear title, evidence of insurance and income, along with other federal requirements are completed before a HELOC loan is granted. Typically the loan receives final approval within two to three weeks from receiving required documentation.

If you have additional questions, please contact the professionals in our Mortgage Team at or 800.873.5100, ext. 7722.

Helpful Tools

Learn about another Second Mortgage option: Fixed-Rate Second Mortgages

Glossary of Home Loan Terminology – Become an expert on home loan terms with our handy reference!

Our Calculators provide answers to your most common questions about Mortgages.

What You Should Know About Home Equity Lines of Credit (HELOC Booklet)

Know Before You Owe – Mortgages

*APR=Annual Percentage Rate. Actual loan rate will be based upon the borrower(s) creditworthiness. Minimum credit score of 660 required. Rates subject to change without notice. The APR is the cost of the loan in percentage terms taking into account various loan charges of which interest is only one such charge. The APR on all 2nd Mortgage products is equal to the stated rate based on the following: The Credit Union will pay your closing costs on loans up to $100,000. For loans $100,001 or more, the borrower pays closing costs and APR will vary from stated Rate. If the Second Mortgage or Home Equity Line of Credit is discontinued or paid off within three years and the credit union paid your closing costs, you will reimburse the credit union the actual closing costs, not to exceed $1,200. $325 minimum Appraisal Fee when tax assessment or automated value analysis does not meet desired equity or loan amount is greater than $250,000. Hazard, flood and other applicable insurances may be required. All iTHINK Financial real estate loans are subject to income verification and credit approval. For more information contact a Mortgage Advisor for full details on the rates, terms, fees and conditions that may apply. Certain states may not be eligible. The floor interest rate on the HELOC is 4.00% with a maximum cap of 18.00%.


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