HELOC: Access Your Home's Equity with InFirst Federal Credit Union
Need funds for a major project or to consolidate debt? If you are a homeowner, utilizing your home's equity with InFirst Federal Credit Union could be the answer.
This guide explains how a Home Equity Line of Credit (HELOC) works, when it makes sense, and how InFirst FCU can help you access your equity while keeping things simple.
What Is a HELOC?
A Home Equity Line of Credit (HELOC) is a revolving line of credit, similar to a credit card, but secured by the equity in your home. You are approved for a specific credit limit, and you can "draw" funds from it as needed.
A HELOC can help you:
Fund significant home improvements in stages
Pay for recurring expenses like college tuition
Consolidate high-interest debt
Create a "just-in-case" emergency fund
A HELOC offers you flexibility to pay for ongoing or variable expenses. Refinancing with InFirst FCU can help you get a better loan that fits your needs and budget.
How to Apply for a HELOC With InFirst FCU
At InFirst FCU, we make the process as smooth as possible. Follow these steps to get started:
Check Your Equity: Lenders use a "loan-to-value" (LTV) ratio. InFirst FCU offers up to 90% combined LTV for Home Equity Lines of Credit.
Review Your Finances: Lenders will review your credit history and income stability. A strong credit profile helps you secure the best rates.
Gather Your Documents: You will typically need proof of income, current mortgage statements, and property insurance information.
Apply Online or in Branch: We offer easy application options to fit your schedule.
Finalize Your Line: Once approved, InFirst FCU handles the rest—setting up your new line of credit so you can access your funds.
Explore InFirst FCU Home Equity Options
Who Can Get a HELOC With InFirst FCU?
To get a HELOC with InFirst FCU, you need to be a member of the credit union. If you’re not already a member, joining is easy and quick.
Our field of membership is open to a wide audience, including:
Federal Employees & Retirees: You are eligible if you are a retired federal employee or an employee of many federal agencies, like the OPM, FCC, FTC, and SEC.
First Responders: Members of the InFirst Responders Foundation.
Community Members: Individuals who live, work, worship, or attend school in the specific communities we serve.
Family Members: Immediate family members of anyone eligible can also join.
HELOC vs. Home Equity Loan
It's common to confuse a HELOC with a Home Equity Loan. Both use your home's equity, but they work in different ways. InFirst FCU offers both, and the right one depends on your goals.
Home Equity Loan: This gives you a single, lump-sum payment. It's best for significant, one-time expenses (like debt consolidation) and typically has a fixed interest rate and a stable monthly payment.
HELOC (Home Equity Line of Credit): This gives you a revolving line of credit to use as needed, best for ongoing or recurring expenses (like renovations). It typically has a variable interest rate, and your payments may change based on your balance.
Here is a simple breakdown of the key differences:
| Feature | Home Equity Line of Credit (HELOC) | Home Equity Loan (HEL) |
|---|---|---|
| How Funds Are Received | ||
| Access to Funds | As a revolving line of credit to use as needed. | As a single, one-time lump sum. |
| Best For | ||
| Typical Use | Ongoing or recurring expenses (e.g., renovations, tuition). | Large, one-time expenses (e.g., debt consolidation, a new roof). |
| Interest Rate | ||
| Rate Type | Typically variable. | Typically fixed. |
| Payments | ||
| Monthly Payments | Variable monthly payment amounts. | Fixed monthly payment amounts. |
Get Started With InFirst FCU Today
Ready to access your home's equity? Apply easily online or visit one of our local branches.
Our friendly loan officers are here to help you every step of the way. With InFirst FCU, you get competitive rates and personalized service from a trusted credit union.
Take control of your home's equity today!