Whether it's home improvement, debt consolidation, or an unexpected expense - now is the perfect time to unlock your home's equity at a great low rate!
Learn about Cobalt Credit Union home loans:
What is a HELOC? | How does a HELOC work? | Features of a HELOC
Finance with a HELOC
A Home Equity Line of Credit (HELOC)is a flexible way to borrow money by using the equity in your home. It’s a revolving line of credit—similar to a credit card—secured by your home, giving you access to funds when you need them.
Even if you don't have an immediate need for funds, opening a Home Equity Line of Credit (HELOC)* can be a smart financial decision. A HELOC allows you to access funds as needed during the draw period, with interest charged only on the amount you borrow. You can borrow, repay and borrow again, giving you ongoing access to credit as you manage your financial needs.
How does a HELOC work?
With a HELOC, you’re approved for a specific credit limit based on the value of your home and how much you still owe on your mortgage. You can borrow from this line of credit as needed, up to your limit, and only pay interest on the amount you use—not the full credit line.
Features
- Variable rate
- Introductory rate for 60 months
- Good for those who want available credit all the time
- Interest-only payments for the first 10 years
- Minimum loan amount is $10,000
- Maximum loan amount is $250,000
Lines of credit are available for Nebraska and Iowa properties within Cobalt Credit Union's lending area and subject to approval criteria. Some restrictions apply. Contact a representative for details. Equal Housing Lender.
