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.
Our home equity loans are designed to provide you with the ultimate flexibility. Take advances via check, Online Banking or through one of our three branch locations. Rates start as low as .25% under prime, and you’ll never pay an annual fee. In some cases you can even choose an interest only payment option, giving you the freedom to choose your own repayment plan.
Are there costs associated with opening a HELOC?
Yes, costs will vary from loan to loan however they typically include: the cost of an appraisal (if needed) and any closing costs associated with the loan.
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.