Easily Access Your Home's Equity
It’s time to put your home equity to work for you. With a Leaders Credit Union HELOC, you can use your equity for home improvements or anything you choose.
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Home Equity Line of Credit
Put your home’s equity to work with Leaders.
HELOCs Turn Equity into Cash
Get the money you need using your home as collateral. Are you:
A homeowner with equity in your house?
In need of ready cash to pay for expenses?
Looking for a HELOC with an easy online application process?
In search of a low introductory rate?
Seeking a HELOC that you can connect to your checking account for easy payments?
Wanting simple tools to help you manage your money?
Rates as low as 6.99% APR¹
Link to your Leaders checking account and spend funds with a free Leaders debit Mastercard®
Draw on your line of credit for 7 years
Highlights
Get the money you need with an affordable HELOC.
No prepayment or early termination penalty
Intuitive portal to track your HELOC and make payments
Rates as low as 6.99% APR¹
Link to your Leaders checking account and spend funds with a free Leaders debit Mastercard®
Draw on your line of credit for 7 years
No prepayment or early termination penalty
Intuitive portal to track your HELOC and make payments
Get Approved Today
Easy online application process
Testimonials
What Our Members Are Saying About Leaders
Frequently Asked Questions About HELOCs
- What is a HELOC?
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A home equity line of credit (HELOC) is a revolving source of money that allows homeowners to borrow against their home equity and withdraw funds as needed. It differs from a home equity loan in that you have the flexibility to withdraw funds only when you need them and you pay only for what you withdraw.
With Leaders’ HELOCs, homeowners can withdraw funds over 7 years and have a 15 year repayment period.
- How much money can I borrow with a HELOC?
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With Leaders Credit Union, you can borrow up to $200,000 with a HELOC. Our Express HELOC offers lines of credit up to $10,000 while our Home Equity Smartline™ HELOC offers lines of credit between $10,001 and $200,000.
- How much are the closing costs for a HELOC?
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With Leaders Express HELOC, there are no closing costs. For the Home Equity Smartline™ HELOC, the closing costs will be based on your HELOC amount and other factors and may be as low as $199. We currently have a promotion which offers a no closing cost option for HELOCs up to $100,000. Ask a financial champion for more details.
- How long do I have to withdraw funds from my HELOC?
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Leaders Credit Union HELOCs have a 7-year withdrawal period and a 15-year repayment period. That means you may withdraw funds up to your HELOC limit for the first seven years after your closing. At the end of seven years a member has an additional 15 years to repay what has been borrowed.
- How is the interest rate for a HELOC calculated?
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HELOC interest rates are based on an index such as the Prime rate plus a margin. Leaders’ margins can range from 0.25% APR to 6% APR and will remain the same for the term of the loan. The total APR is variable and may fluctuate over the term of the HELOC.
With our new 36-month Promo Smartline you can lock-in rates as low as 6.99% APR¹ for the first 36-months.
- How do I withdraw funds from my HELOC?
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With Leaders Credit Union, withdrawals are easy. You can make automatic withdrawals and put them in your Leaders checking account. From there, you can spend the funds by writing checks or using your free Leaders MasterCard® debit card.
- Are there any restrictions on how I can use the funds from my HELOC?
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No. HELOCs are loans that are secured by your home equity. You can use the money to make home improvements, buy a car, pay debt, or finance your child’s college education. The money is there to use as you see fit.
Ready to get started?
today!
Do You Have HELOC Questions?
We're happy to help! Stop by one of our branches and speak with a Financial Champion today.
