HELOC Dos & Don'ts
Understand what a HELOC is, when it might make sense, and pitfalls to avoid.
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Members tell us they’re being contacted by imposters who claim to be on our Fraud Prevention Team. We will NEVER request information about your account or identity – by phone, email, or text message. If you receive a text alert for a purchase you didn’t make, DO NOT approve it. We will NEVER instruct you to approve a transaction. When in doubt, call us at 800-634-2340 .
Home Equity Line of Credit
Cover home projects and major expenses to enhance your life.
A home equity line of credit (HELOC) lets you borrow money with your home as the "security deposit." Withdraw money as you need it, pay it back over time.
- For a large planned expense or refinancing
- Unique fixed-interest rate
- Variable rates as low as 6.49%APR for 12 months
and as low as %APR thereafter1 - Repayment period: Up to 20 years
Every HELOC we offer comes with ZERO closing costs and we mean it. None, nada, zilch – compare and save!
Not sure if a HELOC is right for you?
Contact us at (800) 634-2340 and we can assist with answering your questions.
LoanXpress Pre-Approved Offers
To see if you are pre-approved (and can skip the usual application), log in to your Online Banking account, click "Apply for a Loan" in the menu then select "LoanXpress." Or, log in to our Mobile app, click "More" in the bottom right menu then select "LoanXpress."
Fixed-Rate
Variable-Rate
Major Expense
Cover remodeling projects, college tuition, or another large expense with dependable payments you can budget.
Just in Case
Line up your HELOC for peace of mind. Withdraw money if you need to cover a major, unexpected cost.
Access to Money (Draw Period)
Access to Money (Draw Period) for Fixed-Rate
5 Years
Access to Money (Draw Period) for Variable-Rate
10 Years
Years to Repay (Term)
Years to Repay (Term) for Fixed-Rate
Up to 20 Years
Years to Repay (Term) for Variable-Rate
20 Years
Minimum Required
Minimum Required for Fixed-Rate
$10,000
Minimum Required for Variable-Rate
$10,000
Loan to Home Value (LTV)
Loan to Home Value (LTV) for Fixed-Rate
Up To 90%
Loan to Home Value (LTV) for Variable-Rate
Up To 90%
Intro Rate
Intro Rate for Fixed-Rate
N/A
Intro Rate for Variable-Rate
Variable rates as low as 6.49%APR for 12 months and
as low as %APR thereafter1
Zero Closing Costs
Say no to all those fees! When we say zero closing costs, we mean it.2
- No fees for your HELOC application, appraisal, origination, mortgage tax, etc.
- Borrow up to 90% of your home's appraised value
- Fixed and variable-rate options available
- Repayment term: Up to 20 years
Should I Refinance?
See how much you can reduce your monthly payments by refinancing the mortgage or home equity loan you already have.
- Compare our rates to your loan's rate
- Mortgages from any provider are eligible
- Refinance existing home equity loans up to $500,000
Save on Insurance
Instead of overpaying for insurance, keep it for yourself. Visit our online insurance shopper to see if you can save!3
- One application, multiple quotes
- Home, auto, and life
- Affordable payments
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Getting quotes on your insurance can reveal eye-opening savings. Submit one request and get multiple quotes.
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APR = Annual Percentage Rate. Intro rate effective for first 12 months. Rate is subject to adjustment annually and the first variable rate adjustment will occur one year from the loan funding date. The floor rate will be set at the time of loan funding, will be in effect for the life of the loan, and will be indicated on the loan agreement. Loans with LTVs of up to 90% in first position and LTVs of up to 80% in second position will be equal to the Prime Rate minus 0.50%. Loans with LTVs between 81% - 90% will be equal to the Prime Rate plus 0.50%.
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The Annual Percentage Rate (APR) will be set when the application is submitted and will be indicated on the loan agreement. Fixed Rate HELOC: The representative monthly payment based on a 10-year term, in first mortgage position at a 6.25% Annual Percentage Rate is $11.23 per $1,000 borrowed. Variable Rate HELOC: Intro rate effective for first 12 months. After the initial 12-month discount has expired, your annual percentage rate can change annually on the first day of the month following the expiration of your discount rate. After the intro rate, loans with LTVs of up to 90% in first position and LTVs of up to 80% in second position will be equal to the Prime Rate minus 0.50%. Loans with LTVs between 81% - 90% on second lien position will be equal to the Prime Rate plus 0.50%. The floor rate will be set when the application is submitted, will be in effect for the life of the loan, and will be indicated on the loan agreement. The representative monthly payment based on a 20-year variable term, in first mortgage position at an 8.000% Annual Percentage Rate is $8.36 per $1,000 borrowed. Rates are accurate as of 10/16/2023 and are subject to change without notice.
Title insurance may be required and is paid by the borrower. Closing costs paid by CAP COM, on behalf of the borrower, will be paid on cumulative loan amounts up to and including $250,000 and will be added to the payoff amount of the loan if the home equity is paid and closed within three years of loan closing. The most common amounts for closing costs are estimated between $0 and $6,500 but depending on location and other factors it could be higher or lower.
All Lines of Credit require a minimum limit of $10,000. Other rates are available and subject to change without notice. Mortgages in New York State only. Broadview FCU NMLS Identifier: 458314
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Insurance products offered through Broadview Insurance Agency a wholly owned subsidiary of Broadview Federal Credit Union. Any insurance required as a condition of an extension of credit by CAP COM Federal Credit Union a division of Broadview FCU is not required to be purchased from Broadview Insurance Agency and can be purchased from an agent or insurance company of the individual’s choice. Business conducted with Broadview Insurance Agency is separate and distinct from any business with CAP COM Federal Credit Union a division of Broadview FCU. Broadview FCU is not responsible for products and services purchased through Broadview Insurance Agency. Broadview FCU does not warrant, guarantee or insure any service or product offered by any insurance company.
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For a complete list of credit union loan originator NMLS numbers, click here.
