Home Equity Line of Credit
Flexible Long-Term Access to Your Home Equity
By getting a line of credit you can borrow from your home’s equity as you need and pay back at a variable rate. Perfect to quickly fund home improvements, college tuition, and other major purchases as they arise.
- Variable Rate1
- Minimum $25,000
- 10 year draw period with interest only payments, then 10 year repayment term (principle plus interest)
- 80% and 90% loan to value options²
Upgrade Your Home, the Workers Way
Whether you’re painting a room, replacing windows or installing a pool, home projects are exciting, and we want to share your vision! Before you start, meet with a Workers Wayᵀᴹ Financial coach who will help create a customized plan to reach your home improvement goals.
Convenient Online Payments
Pay your loan anytime from your online banking account or through the mobile app.3
Home Equity Line of Credit
Apply Now| Financing | Interest Rate |
|---|---|
| 80% Financing | Prime -0.50% |
| 90% Financing - HELOCPlus | Prime +1.00% |
1Subject to credit underwriting and approval. Loan amount may vary based upon credit approval. Visit our rates page for all available rates and terms. Rates effective as of 8/18/2021 and subject to change at any time. Offers may be withdrawn at any time. Workers Federal Credit Union membership required. APR=Annual Percentage Rate.
2Maximum combined loan to value is 80% or 90% for owner-occupied primary residence. Investment properties are not eligible. Homeowner’s insurance is required. Minimum loan amount is $25,000.
- 80% Financing: There is a 10-year draw period and a 10-year repayment period. An annual fee of $30 will be waived if the borrower has the monthly payment paid automatically from a Workers checking account. Offer applies to new Workers Federal Credit Union lines only. Owner-occupied primary residence only to a maximum 80% combined loan-to-value and a maximum of 75% combined loan-to-value on owner-occupied second homes. Investment properties are not eligible. Homeowner’s insurance is required. $350 early termination fee will be charged if discharged within the first two years. Current Wall Street Journal Prime is 8.25%. Maximum Rate is 18%. Minimum Rate is 2.99%. The Interest Rate will be set on the first business day of each month at minus .5% below the Prime Rate published in the Wall Street Journal on the last business day of the previous month. Minimum line amount is $25,000.
- 90% Financing: The interest Rate will be set on the first business day of each month at 1.00% above the Prime Rate published in the Wall Street Journal on the last business day of the previous month. The Current Wall Street Journal Prime is 8.25%. Maximum rate is 18%. Minimum Rate is 5.00%. There is a 10-year draw period and a 10-year repayment period. Maximum loan to value is 90%. An annual fee of $30 will be waived if the borrower has the monthly payment paid automatically from a Workers checking account. $350 early termination fee will be charged if discharged within the first two years. Offer applies to new loans only on owner-occupied single family and condominiums only. Investment properties are not eligible. Homeowners insurance required.
3Text, data, and messaging rates apply for downloading/utilizing the app and text alerts.