Home Equity Line of Credit (HELOC)

Your home is built on a strong foundation. A Home Equity Line of Credit (HELOC) is built on a strong working relationship between Pelican State Credit Union and you.


Not only do you get low rates, you get an open end line of credit. That's less paper to push and more personal discretion. You control how much to spend and when. Unless, of course, your spouse has some say in it.

Benefits
  • Great low rates
  • Only pay interest on what you use
  • Interest may be tax deductible*
  • Use funds for any purpose
  • Re-access as needed without re-applying
  • Loans range from $25,000 - $250,000
  • Local decision-making
  • Personal service
  • Talk to a community-driven credit union

All Pelican State Credit Union mortgages comply with federal and state regulations. $700 credit will be processed at the time of closing, only applies to new loans greater than $15,000 and up to 100% Loan to Value (LTV). This is a one-time offer. Raising the limit of an existing loan is subject to the same restrictions. This offer is subject to change at any time. $10,000 minimum line of credit-$250,000 maximum line of credit. Up to 115% LTV available, depending on credit worthiness. The rate is variable and will not be less than 3.25% or above 18% or the maximum allowed by law. The Annual Percentage Rate (APR) is subject to change quarterly and is indexed to the Wall Street Journal Prime. Applicable fees for title insurance, appraisal, inspections, escrow, flood insurance determination, and recording charges will be paid by the borrower. Adequate property insurance must be maintained. Payment is amortized over 20 years, calculated monthly. There is a 5 year draw period, after 60 months the available credit is removed. If borrower is not a member, a $10 fee is required to join the credit union. Minimum advance of $500. Please ask a Pelican State Credit Union mortgage loan staff member for complete details.


*Consult a tax professional.