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Consider a PrimeWay Federal Credit Union home equity line of credit and take advantage of the value you’ve added to your home. You’ve spent countless hours turning your house into a home over the years. Maybe your family has grown in size during that time and you need to add on to your home. Maybe there are new costs on the horizon such as college or a wedding. Maybe you just want to spruce up your kitchen or bathroom.

NOW OFFERING HOME EQUITY LINE OF CREDIT (HELOC)

Six Month Intro Rate

Thereafter, Rates As Low As

1.99% APR*

6.00% APR*

What is a Home Equity Line of Credit (HELOC)?

A home equity line of credit is when you can repeatedly draw and repay from a pre-established credit line based upon the available equity in your home. Equity is the remaining value after you subtract any outstanding loan balance from the home’s market value.

Let's say you have a home with a market value of $400,000 mortgage and your current outstanding mortgage balance is $200,000. The amount of equity you have in your home is $200,000. You may be able to borrow up to 80% against the equity in your home. For example:

Market Value:$400,000
X 80% =$320,000
Outstanding mortgage:($200,000)
Available Equity =$120,000

Take advantage of the equity that you have built in your home:

  • Consolidate all of your bills
  • Pay off high-interest credit card debt
  • Purchase a new automobile
  • Pay for a child’s college education
  • Help pay for elderly care