Do it all with a Home Equity Line of Credit at Ideal Credit Union
Special 1.99% introductory APR for the first 6 months1
Get the cash you need when you need it with an Ideal Home Equity Line of Credit. Access as little or as much of your credit line as you need for home renovations, a well-deserved vacation, debt consolidation, tuition, wedding expenses or whatever else you may need.
- Fixed introductory 1.99% APR1 for 6 months
- Borrow up to 90% of your home’s value
- Low variable rate after promotional period
- 24/7 access to funds with Ideal Digital Banking
Access your funds 24/7 with Ideal Digital Banking
You'll enjoy 24/7 access to your funds using Ideal Digital Banking — Simply transfer funds directly from your HELOC into your savings or checking account.
Special introductory rate offer ends May 31 — apply today
Apply soon to take advantage of this special introductory rate offer available February 15 through May 31, 2021.
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Home Equity Rates
| Home Equity Type | Term | APR*** |
|---|
Home Equity Installmentº*
(up to 90% property value)1 |
Up to 15 years |
3.99% - 6.50% |
Home Equity Line of Credit+
|
Up to 25 years.10-year draw period and up to 15-year repayment period. |
4.00% - 12.00% (variable rate) |
| No Equity Home Improvement Loanoo |
Up to 60 months |
7.50% |
|
1. Some housing exceptions may apply.
oPayment example: On a $20,000.00 loan with a 5 year term up to 90% property value at 3.99% APR, monthly payments would be $368.25. Closing costs range from $500 to $2,000. Maximum loan amount is $350,000.
ooMaximum loan amount is $25,000. A minimum credit score of 680 is required to obtain this loan. Offer is subject to normal credit qualifications. Payment Example: On a No Equity Home Improvement Loan with a term of 5 years at 7.50%APR, monthly payments would be $500.95.
*Actual rate based on applicant's payment and credit history. Additional appraisal fee may apply should one be needed.
+Minimum Annual Percentage Rate (APR) Floor of 4%. Maximum APR is 12%. APR calculation is subject to change monthly and is based on the Prime Rate as published in the Wall Street Journal. Required payments are calculated at 1% of the outstanding balance. Maximum loan amount is $350,000 with a 10-year draw period and up to 15-year repayment period. Minimum credit score of 660 is required. Properties must be owner-occupied. Eligible property types include SFD and Townhomes (up to 90%), and condos (up to 80%); Not eligible for multi-family properties. Some housing exceptions apply. Closing costs range from $500 to $2,000. Maximum loan amount is $350,000.
***APR= Annual Percentage Rate.
|
Compare Home Equity Loans
| Features | Home Equity Line of Credit | Installment Loan |
|---|
| Description |
Line of credit that you draw on in Ideal Digital Banking, at a branch or by phone. |
Installment loan with a fixed term |
| Maximum Loan to Value1 |
Up to 90% |
Up to 90% |
| Maximum Loan Amount |
$350,000 |
$350,000 |
| Maximum Term |
Up to 25 years.10-year draw period and up to 15-year repayment period. |
Up to 15 years |
| Annual Percentage Rate |
Variable Rate2 |
Fixed Rate |
| Minimum Monthly Payment |
1% of the outstanding balance
|
Fixed amount, based on initial disbursement3 |
| Access to Funds |
Draw on funds right from within Ideal Digital Banking, at a branch or by phone. |
Funds are disbursed in one lump sum |
1. Some housing exceptions apply.
2. Minimum Annual Percentage Rate (APR) Floor of 4%/Max of 12%. APR calculation is subject to change monthly and is based on the Prime Rate as published in the Wall Street Journal.
3. Payment example: On a $20,000.00 loan with a 5 year term up to 90% property value at 3.99% APR, monthly payments would be $368.25. Closing costs range from $500 to $2,000.
