Home Equity Line of Credit
Get the funds you need with a flexible Home Equity Line of Credit. Low rates, easy access, and the freedom to use your money when you need it.
Apply Now🏔️ Introducing the Everest Federal Credit Union HELOC
Unlock the potential of your home with our new Home Equity Line of Credit (HELOC). Whether you are planning home improvements, consolidating debt, or funding major personal goals, our HELOC provides a flexible and lower-cost alternative to unsecured credit.
Key Product Features
Flexible Access
Access funds as you need them during the designated draw period.
Competitive Rates
Variable rates are tied to the Prime Rate, with margins based on your credit score.
Interest Savings
You only pay interest on the portion of the line that you have actually drawn.
High Limits
Borrow up to $200,000 based on your available equity and credit profile.
Eligibility Requirements
- Must be an EFCU member for 3+ months
- Personal ownership of the property used as collateral
- Minimum 650 credit score
- Acceptable business and personal Debt-to-Income (DTI) ratios
- Verifiable business income
- Property must meet standard condition and marketability guidelines
Draw & Repayment Structure
To encourage responsible credit utilization, our HELOC features a structured timeline:
1
Intial Draw
A mandatory minimum draw of 20% of your approved line is required at closing.
2
Draw Period
You have 6 months from the approval date to draw the remaining balance.
3
Repayment
The repayment period begins immediately after your first draw, with terms lasting up to 10 years.
4
Automatic Closure
The line will automatically close once fully utilized or after the 6-month draw period ends.
Important Note: A fee of 1.5% of the approved amount or $500 (whichever is higher) applies if a loan is approved but the applicant declines the offer.
Explore Other Loan Options
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