Unlock Possibilites with a HELOC
Access the power of your home's equity and make your dreams a reality.
Transform your home
Up to
$750,000
Up to 80% CLTV
1
For Home Investments
Transform your home into your perfect oasis this 2025.
For Life Plans
Ensure you have the funds available to create memorable moments with loved ones.
For Financial Empowerment
Pay off high-interest debts and start the new year with a fresh financial outlook.
Enjoy a 10-year draw period and 10-year repayment period1
······
Frequently Asked Questions
What is Prime Rate and Margin when it pertains to my Member Rate?
A HELOC (Home Equity Line of Credit) prime rate is the interest rate that serves as a benchmark for setting HELOC interest rates. The prime rate is often tied to the federal funds rate set by the Federal Reserve, meaning it can fluctuate based on economic conditions and Federal Reserve policy changes.For a HELOC, the interest rate is typically expressed as the prime rate plus a margin. For example, if the prime rate is 8.75% and the margin is 0.25%, the HELOC rate would be 9.00%. This margin can vary based on the borrower's creditworthiness and the lending institution's policies.
Who is eligible for a HELOC?
Homeowners with equity in their homes. Take your home's value, and then subtract all amounts that are owed on that property. The difference is the amount of equity you have. For example, if you have a property worth $400,000, and the total mortgage balances owed on the property are $200,000, then you have a total of $200,000 in equity.2Are there fees I can expect with this process?
Estimated costs related to the process: Drive-by Appraisal ($400.00), Title Fees ($350.00-$450.00), Origination Fee ($60.00). Late payment charge will be 5.00% of payment amount. Enjoy NO FEES to apply for this product, annual service, or for pre-payment!Disclosures
1
Annual Percentage Rate. Rate may change without notice. Rate shown is the lowest possible and is based on FICO/Credit Score and other factors. This is subject to standard Downey Federal Credit Union (DFCU) credit approval. DFCU does business in accordance with the Federal Fair Housing Law and Equal Credit Opportunity Act and deposits are Federally Insured by NCUA. Membership must be in good standing in order to be approved, non-members would have to establish membership before loan funding. Additional restrictions apply. Please contact a DFCU Loan Representative for complete details and qualifying criteria. Other rates and terms are available.
2
Please consult with a financial advisor regarding your specific situation. The statements provided are general guidelines.
