Securing a line of credit has financial benefits hard to come by with most other personal finance vehicles. Using the available equity in your home provides an affordable way to pay for some of life’s biggest expenses, like consolidating high-interest credit card debt, funding a child’s college education, or paying for major repairs or upgrades around the house. Before selecting a home equity line of credit to achieve these goals, it’s important to do your research on available offers through local and national financial institutions to ensure you’re getting the deal that suits your needs best.
Currently, Educational Employees Credit Union is waiving the standard $125 application fee for new home equity line of credit borrowers. This promotion helps bring down the up-front cost of securing a new HELOC for those who apply before April 30, 2017. A home equity line of credit offered through Educational Employees Credit Union of California has a simple application process, credit lines between $10,000 and $200,000, and repayment terms extending up to 25 years with a 10-year draw period.
In addition to flexible repayment over time, Educational Employees Credit Union offers homeowners a variety of ways to access their home equity line of credit. Borrowers can cash convenience checks, withdrawal funds at any branch location or EECU ATM, or transfer funds to an eligible checking account via online banking. There are no pre-payment penalties imposed on a new home equity line of credit.
Homeowners may qualify for the promotion offer through Educational Employees Credit Union when their loan-to-value ratio is no more than 80%, and an immediate draw on the line of credit of no less than $10,000 is made. Qualifying for a new home equity line of credit requires a check of credit for all borrowers listed on the application as well as the potential for an appraisal of the property used as collateral.
EECU requires membership prior to being eligible to apply for any of its home ownership products. Individuals who are connected to education as an employee, student, or member of a school organization in any of the 10 counties in California the credit union serves are eligible for membership. Anyone who works for St. Agnes Hospital in Fresno, California, may also qualify for membership with EECU.
EECU has a history dating back to 1934 as a community-focused financial institution designed specifically for educators. Currently, the credit union serves more than 261,000 members throughout California and provides access to local branches as well as a vast network of fee-free ATMs. In addition to home equity products, the credit union offers deposit accounts, personal lending solutions, and investment and insurance advice to its members.
Current homeowners interested in the promotional home equity line of credit offered through EECU may gather additional information by visiting a local branch location, by calling a lending specialist at 1-800-538-3328, or by visiting the credit union online.
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