Your home. Your equity.
A roof over your head (and your families) doesn't come easy—but it does come with equity. A Home Equity Line of Credit (HELOC) from Credit Union of New Jersey lets you borrow up to $500k for whatever you need. From kitchen renovations to paying off debt, all the way to having an emergency fund if you hopefully never need it, a HELOC does more than just open new doors—it creates them.
Features of our Home Equity Line of Credit
- Great low rates
- Repayment up to 15 years
- Payments are based on how much money you’ve used from the line. If it’s at zero, you pay nothing.
- Borrow as little as $5,000 and as much as $500,000
- Loan amounts up to 90% of your home’s value minus your first mortgage and any other liens on this property
Although they’re great for home improvements and fixes, Home Equity Lines of Credit can be used for anything you want. From a new deck to consolidating high-interest debt, they have the ability to stabilize not just your home, but your finances, too.
The real beauty of a HELOC is that interest is only charged on the line when you withdraw money from it. And even then, that interest is only based on the amount outstanding—so it’s like a credit card in that respect.
Take advantage of interest rates much lower than and credit limits much higher than personal loans or credit cards. In fact, you can borrow as little as $5,000 and as much as $500,000 based on the value of your home minus existing mortgages and any other liens.
APR = Annual Percentage Rate. APR is subject to change without notice. The variable APR applicable to your account will be indexed to the Prime Rate as published in the Wall Street Journal. As of July 27, 2023, the current Prime Rate is 8.50%. The maximum combined loan to value for all liens is 80% to receive a rate as low as 8.99% APR and is 90% to receive a rate as low as 9.99% APR. APR that can apply is 18.00% or the maximum permitted by law, whichever is less. APR may vary depending on credit history. Homeowners insurance is required. Flood insurance is required where necessary. Member eligibility required. A five-dollar ($5.00) donation to the CU of NJ Foundation qualifies you for membership if you’re not already eligible through an employer group.