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Home Equity Line of Credit
Access money up to a set amount, use it when you need it, and pay it back over time with a home equity line of credit.
Access
Up to $250,000¹ for qualified borrowers
Affordable
Rates as low as 7.50% APR¹
Time
15-year draw period2
How does a HELOC work?
Pay for home improvements or personal expenses, or consolidate your debt with a home equity line of credit. It is a loan, but it works more like revolving credit, much like a credit card. With a HELOC, you get approved for a set amount, then draw the money as you need it and make payments over time. As a credit union, we offer competitive HELOC rates and loan amounts between $5,000 and $250,000.
Our teams will help you schedule home appraisals, find an attorney, set a remote closing date, and more. And they will explain the new interest-only payment option that could give you larger loan amounts with lower payments. Get yourself one of the best home equity lines of credit and put your home to work!
Terms
Confirm your property qualifies
- Must be primary or secondary home, no income-producing properties
- Maximum loan is $250,000
- Property must be in NC, SC, VA or GA3
- Loan-To-Value (LTV) up to 90%4
Features
Move forward with flexibility
- Advances: Use the app5 or online banking to get money
- All loans have a 15-year draw period and a 10-year amortization schedule after the draw period
- Interest-only HELOC payments are the interest of the drawn amount, and traditional HELOC payments are 1% of the outstanding loan balance, plus interest
- Can be used as overdraft protection6
Home Equity Line of Credit
Personal Loan Rates - HELOC
| 0 | HELOC Type | Loan to Value | APR¹ |
|---|---|---|---|
| 1 | Traditional | Up to 90% LTV | As low as 7.50% |
| 2 | Interest-only | Up to 90% LTV | As low as 8.00% |
Effective Date: 11/14/2024
Access your equity
Home Equity Lines of Credit can be a great option for managing large purchases and even paying down debt. With loan amounts ranging from $5,000 - $250,000, use the calculator to determine how much equity could be available to you.
Home Equity Calculator
The Home Equity Loan Calculator is provided for informational purposes only. All loans are subject to approval. Final finance amount may be different.1
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Here are a few FAQs
How much can I borrow with a Home Equity Line of Credit?
The maximum loan amount is $250,000 - but your credit limit will be based on your individual factors.
Are Home Equity Line of Credit rates fixed or variable?
The Civic Home Equity Line of Credit is a variable rate loan product.
What are the payment terms of a Home Equity Line of Credit?
You have 15 years to make advances. At the conclusion of this time any outstanding balance is amortized over a 10 year repayment period.
Can I transfer a Home Equity Line of Credit from another financial institution?
Yes. You can refinance an existing Home Equity Loan into a Home Equity Line of Credit with Civic.
Will a Home Equity Line of Credit affect my credit score?
Yes. Civic reports your payment history to the credit bureaus.
How do I access my Home Equity Line of Credit funds?
Advanced funds can be placed into any Bonus Checking, Select Savings, or Money Market account. We recommend the Bonus checking for quickest access through your debit card.
What interest rate will I pay?
Your final interest rate will depend on your loan to value (LTV), line amount and other individual factors.
How long is the Home Equity Line of Credit application process?
We process all loan applications as soon as possible and usually have an answer within 1-2 business days.
What are the benefits of a Home Equity Line of Credit?
Home Equity Lines of Credit can come with certain tax benefits not available with personal loans. Consult your tax advisor or accountant to see if you qualify.
What will I need to complete my application?
We’ll ask you a few questions to get a preliminary approval. Your loan officer will reach out with details of what documentation is needed to complete your application.
How are Home Equity Line of Credit payments calculated?
For Traditional HELOC, your payment is 1% of the outstanding balance, plus any interest that has accrued.
For Interest-only HELOC, your payment is the interest rate of the drawn amount.
Is an appraisal required?
Yes. An appraisal is required to validate the value of your property to best determine the amount of equity you have in your home.
Apply for a home equity line of credit up to $250,000
Pay for home improvements or personal expenses, or consolidate your debt with a home equity line of credit from Civic.
1 APR = Annual Percentage Rate. Subject to approval. The minimum APR for a Traditional Civic Home Equity Line of Credit (HELOC) is variable during the draw period and is 7.50% or the Prime Rate as published in the Wall Street Journal, ten days before the end of the prior month (called the "Index"), plus a margin. The minimum APR for a Civic Interest-only HELOC is 8.00%. The margin for Interest-Only HELOC starts at 1% APR. Your margin will be determined by several factors including but not limited to your credit qualifications, combined loan-to-value and loan amount. The maximum APR for a HELOC is 18%. Rates are subject to change daily. Civic membership must be established prior to scheduled closing. No purchase money seconds. Adequate property and flood insurance are required for the life of the loan. The minimum loan amount for a HELOC is $5,000. If your loan requires an appraisal, title insurance, or attorney fees, they must be paid at the borrower’s expense. Fees range from $700 to $4,000. . Final payment/finance amounts may be different.
2 Members may borrow against their available credit line for a period of 15 years, after which, principle and interest payments will be required until the loan is paid in full.
3 Property must be located in NC, SC, GA, or VA. Home equity lines of credit are not available for manufactured homes or investment properties.
4 Subject to approval. All applicants must meet underwriting criteria. Loan or line amount may be up to 90% less the amount owed on outstanding mortgages, if any.
5 Message and data rates may apply.
6 Overdraft Transfer Service is available from a Checking, Savings, or Money Market account with no minimum increments or transfer fees. Members may also apply for an overdraft Line of Credit from which transfers are made in increments of $50 up to available limits.
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