Home Equity Line of Credit
With a home equity line of credit (HELOC), you can borrow money against one of your greatest assets... your home.
Much like a credit card, a HELOC gives you the flexibility to pay down your credit line and access funds as you need them.
A HELOC is a convenient and cost-effective option to finance home improvement projects or consolidate debt. You can also access the account to pay for vacations, weddings, college tuition, or whatever else life brings your way.
Benefits of a Home Equity Line of Credit
- Rates as low as 5.25% APR variable (Prime Rate + zero)*
- No Fees or closing costs
- Visa Platinum Card for convenient access to funds
No Interest No Payment through October 31stBeginning 08/01/2019 and ending 10/31/2019, members can receive an interest rate of 0% and no payments for up to 90 days for cash advances of $10,000+ on new or existing qualifying 20-year term HELOCs. Beginning 11/01/2019, the rate on outstanding balances will revert to a variable rate based on the Wall Street Journal Prime Rate plus or minus the margin stated in your original home equity line of credit agreement. Existing HELOCs with outstanding balances as of 7-31-19 will continue to make regularly scheduled monthly payments through 10/31/2019, however, no interest will accrue on new advances of $10K+ made 8/01/2019 through 10/31/2019. Payments for qualified advances from 8/1/2019 through 10/31/2019 will not be amortized until the November 2019 payment. Principle and/or interest payments will resume in November 2019. As of 09/01/2019, Prime Rate is 5.25%. Available on approved credit. Other restrictions may apply. Consult a tax advisor on tax liability. Equal Housing Lender. NMLS #440574.
as low as
Interest-Only Home Equity Line of Credit
USU Credit Union is offering a special interest-only Home Equity Line of Credit that can significantly lower your monthly payments and increase your cash flow.
- Rates as low as 5.50% APR Variable (Prime Rate + zero)
- Interest-only payments for the first five years
- 20-year term
- No fees
How Do I Draw Funds from an Existing HELOC?
There are several options when it comes to withdrawing your funds from your HELOC.
Advancing Funds from a HELOC via Mobile Branch:
- Log in to your mobile banking account via the mobile banking app.
- Click on the options icon in the upper left corner of the app.
- Choose Transfer Money.
- In the From account field, choose the HELOC loan from which you would like to advance funds.
- In the To account field, choose the share in which you would like the funds to be deposited.
- Enter the amount of the loan advance in the dollar amount field. Click Submit, and then Confirm to complete the transaction.
Advancing Funds from a HELOC via Online Branch:
- Log in to your account via your online branch.
- Click on the Transfers tab located at the top of the main account screen.
- In the Transfer this Amount field, enter the amount you would like to advance from the loan.
- In the From this Account field, choose the HELOC loan from which you would like to advance funds from the drop-down menu.
- In the To this Account field, choose the share in which you would like the funds deposited from the drop-down menu.
- In the When to Transfer field, choose the desired time in which you would like the transaction to occur. (Example: Right Now for immediate transfer of funds, or schedule a future transfer on a specific day of the month. You can also set up a recurring transfer.)
- Click Next.
- Verify the transaction. If it is accurate, click Confirm Transfer. You will receive a confirmation that the transfer has been completed.
Advancing Funds from a HELOC via Audio Branch:
- Connect to the audio branch via telephone at 801-621-4550.
- Choose option 2 for transfers.
- Choose option 2 for loan to share transfer.
- Choose option 1 for a transfer within the account, or option 2 to transfer to another account.
- Enter the loan ID of the HELOC from which you would like to advance funds.
- Enter the share ID of the share in which you would like funds to be deposited.
- Enter the amount of the loan advance. Press 1 to process the transaction.
- Current and available balances are given, and a confirmation of the transaction completion. Press option 2 to return to the main transfer menu.
Advancing Funds in a Branch:
- Visit any loan officer to help you complete the transaction.
Advancing Funds Using a HELOC Visa Platinum Card:
- You can use a HELOC Visa Platinum card at any merchant that accepts Visa. Funds will automatically deduct from the HELOC limit when it is used.
- You can also use the card to perform a cash advance at the teller line in a branch, or at an ATM to withdraw funds.
Advancing Funds Using a HELOC Check:
- You can write a check to any merchant that accepts checks, and funds will be automatically deducted from the HELOC limit upon clearing.
Speak with a USU Credit Union Home Loan Expert
Visit with us in person:
Our home loan professionals are available to answer your questions via call, online chat, text, or email from 9 am to 5 pm Monday – Friday and from 9 am to 2 pm on Saturday. In-person consultation hours vary by branch.
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Prefer a home equity loan with a single, lump-sum of money at a fixed rate?
All rates and offers available for a limited time and subject to change without notice. Other restrictions apply. Home equity loans and lines of credit have a maximum variable APR of 18%. Fees may apply if closed within 24 months. Click here for a full list of rates and terms.** ***