HELOC - A line-of-credit secured by equity in your home.
Thinking about doing some major remodeling to your home? Do you have unwanted credit card debt? Need a little help financing your child’s education? An IAACU home equity loan is tailor-made for these and many other worthwhile purposes.
Are there costs associated with opening a HELOC? Typically the only cost you will incur is the price of an appraisal if required.
Is there a minimum loan amount/limit? The minimum loan amount/limit for a HELOC is $5,000.
What are the terms of a HELOC? Our Home Equity Loans are open for 20 years. The first 10 years of the loan is considered the draw period. During the draw period you can take multiple advances. Minimum monthly payments will begin with the first advance on the line of credit. After 10 years the ability to take advances is suspended and the remaining balance will be amortized over a ten year term.