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Orlando

Home Equity Line Of Credit

Borrow what you need, when you need it. A HELOC is like a credit card that borrows against your home’s equity. It gives you the flexibility to get extra cash when you need it while making payments on only the amount you use. It's a great option to help pay for one-time, significant expenses like medical bills, college tuition, home repairs or other unexpected expenses.

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Home Equity Loan Of Credit
  • Introductory rate of 2.99% APR* for 12 months
  • Variable rate as low as 4.00% APR* after 12 months
  • 10-year draw period / 15-year repayment period
  • Orlando Credit Union pays closing costs**
  • No application fee
  • Borrow up to 80% of your home's value including existing mortgages
  • One-time rate lock available*
  • Promotional period through August 31, 2020 

*APR (Annual Percentage Rate). Rate for individuals with excellent credit history based on loan-to-value (LTV) ratio of 80% for a 25 year term with a 10 year draw period and 15 year repayment period. Introductory rate of 2.99% APR is fixed for 12 months. Minimum line and draw to receive introductory rate is $15,000. After 12 months, the rate will adjust to the then-current variable rate: as low as Prime (Index) plus 0.00% (Margin). The floor (lowest) rate equals 4.00% APR and the ceiling (highest) rate equals 18.00% APR. The rate cannot go below 4.00% APR (floor) and the rate cannot be more than 18.00% APR (ceiling). Rate after introductory period is based on Wall Street Prime rate, the borrower’s creditworthiness and loan-to-value (LTV). As of 03/16/2020, Wall Street Journal Prime Rate was 3.25% APR. Rates are variable. Payments may increase or decrease accordingly. Applicants subject to income verification. Property must be owner occupied, single family home located in Central Florida in the counties of Brevard, Hillsborough, Lake, Orange, Osceola, Polk, Seminole or Volusia. Applicant must carry adequate property and flood insurance (if required) on home securing the loan. The rate lock feature is not applicable to the introductory promotional rate.
** Closing Costs will be paid by Orlando Credit Union on Home Equity Lines of Credit greater than $10,000. If the Home Equity Line of Credit is closed within 36 months, borrower must pay back closing costs. Closing costs range from $0 to $1,300, if full appraisal and title insurance is required.