Home Equity Lines of Credit (HELOC Rates)

Turn equity into ongoing financing for just about anything.

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Home Equity Lines of Credit (HELOC)

Home Equity Line of Credit (HELOC) Loans – Is a loan, using your home as collateral, that lets you borrow up to a certain amount, rather than a set dollar amount.

A HELOC acts like a credit card: You are allowed to borrow up to your credit limit during the draw period. During that time you can withdraw money as you need it. As you pay off the principal, your credit revolves and you can use it again. This gives you more flexibility than a fixed-rate home equity loan.  HELOCs have a variable interest rate that fluctuates over the life of the loan. Payments will vary depending on the interest rate, the term remaining, and how much credit you have used.

Convert the equity in your home into cash you can use for: 

  • Debt consolidation 
  • Home remodel projects 
  • Education expenses 
  • Major life events 
  • And much more 

First or Second mortgage liens available on owner occupied Single-Family home, Double, Tri-Plex, or Four-Plex. 

  • Competitive variable rates for ongoing or seasonal needs. Variable rate, variable term, and variable monthly payments (uses the Wall Street Journal Prime Rate as an index).
  • Five year initial draw period followed by up to ten year repayment period (depending on the outstanding balance at the end of five years).
  • Quick access to available credit during the draw period without reapplying.
  • Financing available up to 95% Combined Loan-to-Value, depending on the type of transaction, property type, qualifying credit score, and property occupancy.
  • Closing Costs Option available for loans less than $100,000.**
  • Quick, local decision-making and processing.
  • Since a home equity loan is a secured debt, the average interest rate is typically lower than what you'll pay on an average credit card or other form of unsecured debt.
  • Interest on a home equity loan may be tax deductible.***

Low Closing Costs**

Xplore knows fees and closing costs are just as important as your home loan’s interest rates. For Louisiana residents, if you are looking to refinance or use your home’s equity, we have an option for you! We offer 1st and 2nd mortgages on your primary residence. Contact us today.

 

Learn more by viewing the Home Equity Lines of Credit Disclosure (PDF).

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Disclosure

*APR = Annual Percentage Rate. Actual rate may vary based on credit score, surcharges, loan term, and combined loan-to-value. Term of loan may vary based on amount financed. All loan approvals are based on standard underwriting guidelines.

**Certain restrictions apply. Approval based on creditworthiness. The Low Closing Cost Loan is available on primary residence properties located in Louisiana up to $100,000. The $325 City of New Orleans tax is not considered a closing cost.

***Contact a tax advisor for further information regarding the deductibility of interest and charges.

Xplore Federal Credit Union, New Orleans, LA. Your savings is federally insured to at least $250,000 and backed by the full faith and credit of the United States Government - National Credit Union Administration (NCUA), a U.S. Government Agency. Xplore Federal Credit Union is an equal opportunity housing lender. 

We may provide links to third party sites, independent from Xplore Federal Credit Union. These links are provided only as a convenience. Xplore Federal Credit Union does not manage the operation or content of the website you are about to enter. The privacy and security policies of the site may differ from those of Xplore Federal Credit Union.