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Home Equity Line of Credit (HELOC) for 1.99% APR*

1.99% APR* Home Equity Line of Credit

We can help you make your home your own!

Home Equity Line of Credit (HELOC) for 1.99% APR*. This is an introductory rate until January 2018. Apply between April 1 – June 30, 2017.

  • No application fee
  • No minimum initial draw
  • No annual fees

A HELOC is a line of credit with a 7-year draw period and an 8-year repayment period for a total of 15 years. It’s a variable-rate loan where the rate is subject to change every quarter. The amount borrowed depends on income, credit history, and the market value of your home.

*APR = Annual Percentage Rate. The 1.99% introductory APR applies until January 1, 2018, and is limited to credit union members with newly-opened HELOCs during the introductory period. Thereafter, a variable rate of 5.00% to 18.00% will apply, and is based on credit history, loan to value and other underwriting criteria. The variable APR is based on the index value plus a margin (currently 4.00%), subject to change, but at no time shall exceed 18%. Applications must be submitted by June 30, 2017 to receive consideration for the introductory APR. The introductory rate cannot be combined with any other offer, and includes the .25% discount for qualifying members. Closing costs range from $450 to $750, and will be applied to accounts closed or that fall below $20,000 within the first year of opening. Property insurance is required and, if applicable, flood insurance will be required. Additional restrictions, limitations, and exclusions may apply. Please contact Birmingham Bloomfield Credit Union for additional details. NMLS#500296