*APR = Annual Percentage Rate. Rates are variable and vary with Prime Index Rate as published by the current Wall Street Journal, currently 3.25%. We add a margin to the index to determine the actual interest rate. The minimum APR is 3.75% The maximum APR is 15.00%. Actual rates depend on member credit qualifications including credit and employment history, and amount of equity in the property. Promotional waiver of closing costs pertains to all costs required to open the line of credit except for any required appraisal. If an appraisal is required, borrower will be required to pay for such appraisal, normally $675 or more. If the Home Equity Line of Credit is paid off and closed within the first 36 months, waived closing costs must be repaid to the credit union (up to $300). Minimum loan amount is $10,000, but there is no minimum advance requirement. Credit is subject to approval, not all applicants will qualify. Fees that occur after the line is opened, such as annual fee ($35) and reconveyance fee are not considered closing costs. Flood and /or property hazard insurance may be required and are also not considered closing costs. All Credit Union loan programs, rates, terms, and conditions are subject to change at any time without notice. All loans subject to approval of property. Current APR range of % is accurate as of 10/01/2021. Promotion is valid for applications taken between August 11, 2021 and November 30, 2021 (and the loan must be funded no later than December 30, 2021).
You’re satisfied with your current mortgage and/or you don’t want to jump through the hoops to refinance and get cash out
You’re unsure of how much cash out you need
You love the idea of having some financial flexibility
You like the sound of paying off debts quicker
When you line up a HELOC with iQ, you’re doing business with a local organization with deep roots in our shared community. We truly care about taking good care of you. Let us help you get securely situated to handle whatever might come your way. Until October 30, 2021 we'll even cover those closing costs to keep more money in your pocket.*
Remodel your home
Pay off credit card debt
Make a down payment on a new home
Have extra money to pay for emergencies
Have access to cash when you want it
Pay off other high-interest debt
With a HELOC, you only pay interest on what you use. And iQ offers several options specifically designed to meet your financial needs. A HELOC is a great way to create a pool of ready cash to give you peace of mind. It’s ideal if you don’t know how much you may need and want financial flexibility or if you just want to tap your home equity without having to refinance.
Easy application process
Apply online, over the phone, or inside online banking
Locally processed and serviced
Typically doesn't require appraisal
Limits as low as $10,000
Options for non-owner-occupied properties
|Loan Type||APR||Fixed or Variable Rate||Index||Margin||Annual Fee||Title-Date||More Info|
|up to 80% Home Equity Line of Credit||3.75% - 5.00%||Variable||Prime Rate||-.25% - 1.75%||$35|
|85% Home Equity Line of Credit||3.75% - 5.75%||Variable||Prime Rate||.50% - 2.50%||$35|
|90% Home Equity Line of Credit||4.50% - 5.50%||Variable||Prime Rate||1.25% - 2.25%||$35|
* APR = Annual Percentage Rate. Actual rates depend on member credit qualifications including credit and employment history, and amount of equity in the property. The current Wall Street Journal prime index rate is 3.25%. We add a margin to the index to determine the actual interest rate. The minimum APR is 3.75%. The maximum APR is 15.00%. Rates for fixed term conversions taken against the line range from 3.75% APR to 7.5% APR. Loan Costs: Range between $155 and $1,500 to cover third party costs, and are paid by the borrower. Learn more about Home Equity.