OnPath Credit Union

Home Equity Line of Credit in Louisiana

Homeowners understand that there are times when extra money is needed. Whether it is time for kids to go off to college, you want to renovate your home or there is a large, unexpected medical bill, it can be overwhelming to think about how to pay for it.

Credit cards have high-interest rates, and traditional bank loans can be difficult to get. For these situations, a home equity line of credit, also known as a HELOC, can be the perfect solution.

How a Home Equity Line of Credit Works

With a home equity line of credit, you are borrowing money against the equity you have built up in your home. The collateral for the loan is the house itself. Unlike other loans, in which once the money is gone, it is gone, the line of credit is replenished as you repay the balance.

With a HELOC, you have a draw period in which you can take out the amount you need as you need it. Once you have repaid the line of credit, you are able to borrow against the equity again.

In order to qualify for this line of credit, you must have equity in your home. You usually can take out a loan for up to 85% of the home’s value minus the mortgage you still owe. As with a mortgage loan, we look at a number of factors, such as credit score, income, debts, and employment, to determine approval.

Benefits of a HELOC

Besides being able to access money when you need it, a HELOC presents homeowners with a variety of benefits. To determine the value of the house, an appraisal will be conducted. Some other lenders charge for this, but at OnPath Federal Credit Union, there is no appraisal fee. The application process is also fast and easy, helping you get money into your hands quickly. Lenders will be able to take out loans beginning at $25,000, which allows for large and unknown expenses.

Why Choose Us

If you are thinking about taking out a home equity line of credit, OnPath Federal Credit Union is a reliable company to work with. Our professionals are knowledgeable and trustworthy, and they will understandably explain available services and products.

A HELOC is typically an affordable way to have access to money for certain expenses. If you are looking to consolidate high-interest credit cards or are preparing for a new family member, contact OnPath Federal Credit Union online or call us at 800-749-6193 to find out about our services.

*APR = Annual Percentage Rate. Introductory rate as low as 1.99% APR reflects 36-month term, includes all discounts, and is based on applicant meeting certain criteria. Estimated payment is $39 per month, per $1,000 based on rate of 1.99% APR for 36 months.

Finance charges begin on the date the loan is made and interest accrues during the payment deferral period. First payment is due within 90 days of loan disbursal. Other terms and conditions may apply. Offer subject to change without notice. For more details, contact 504.733.7274 or 800.749.6193. Offer expires 5.31.20. Insured by the NCUA.

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