If you are in the market for credit, a home equity line of credit (HELOC) is one of several options that might be right for you. A HELOC, by definition, is a second mortgage taken out against the equity (or cash value) built up in your home

Used wisely, home equity loans can be a relatively low-cost way to borrow money for big expenses. And, they certainly beat 18% credit card rates by a mile. But, before you bite on an offer, be sure to check the fine print…

• Teaser Rates – These great rates are awfully enticing. But be wary! That great rate could jump up to a much higher rate after 6 months or a year, making that short-term bargain very expensive in the long run.
• Prepayment Penalties – Sometimes they’ll throw in a steep prepayment penalty to keep you from paying off the loan and hold you at a higher rate (often several years).
• Unanticipated Costs – Watch for words like closing costs, annual fees, appraisals, and other fees. These costs can add up, making a great deal not so good

As with any loan, you’ll save money if you take the time to compare the interest rates and fees charged by a number of banks and credit unions and look at it from a long-term perspective.

At UHFCU, we offer members home equity programs designed not only to save you money, but also to provide the cash you need for your home improvement project (new kitchen, anyone?), your child’s school tuition, or any other planned or unexpected expenses.

There are no strings attached to our loans. We simply loan you the money at the rate we’ve quoted you. You make your payments and save money every month. It’s as simple as that. Even if you’ve got less than perfect credit, missed payments, or have been turned down by other lenders, we can help. Contact us today with any questions or apply online with a few clicks.

NMLS #421550