Home Equity Line of Credit
DESCRIPTION
Our Home Equity Line of Credit offers a competitive variable rate with financing up to 100% of loan to value (LTV). Our Home Equity Loan is available for financing property in Boise and throughout Idaho.
GENERAL OPTIONS
- Financing terms up to 20 years
- Fees paid by Les Bois Federal Credit Union (except the appraisal fee)
- 80% LTV or Less
- Quarterly adjustable interest rate based on the Wall Street Journal Prime Rate
- Over 80% LTV (maximum loan amount is 100% of the appraised value)
- Quarterly adjustable interest rate based on the Wall Street Journal Prime Rate
- Value is based on tax assessed value or appraised value, less 1st mortgage
- Draws (loan advances)
- Initial draw (advance) is a minimum of $5,000; subsequent draw minimum is $500
- Draw period is 5 years (period during which the member may withdraw funds)
- After draw period the loan can be amortized over the remaining 15 years
- Payments are adjusted after each draw, based on the new principal balance
- Draws are initiated by Advance Vouchers and are immediately available
- APPLY NOW
How long does it take to get a HELOC?
In most cases, it will take from 15 to 30 days between applications to closing.
Why is this a good loan for me?
Home Equity Lines provide maximum flexibility. You will have access to funds as you need them.
See Disclosure with Loan Application