Using a home equity line of credit (HELOC) to pay for major life expenses is a sound alternative to conventional bank loans. A home equity line of credit offers flexibility in how much you can borrow, when the outstanding balance is repaid, and for what purpose the funds are used. Additionally, home equity lines of credit are typically offered with a more cost-effective interest rate than personal loans or credit cards, giving you more control over your borrowings for big purchases or consolidating higher-interest debt. Before selecting a home equity line of credit to access the equity in your home, it’s important to shop around for options with various lenders to ensure you’re getting the best deal.
Currently, Logix Federal Credit Union is offering a home equity line of credit for new borrowers with an introductory interest rate as low as 2.99%. The low interest rate made available through the promotion is fixed for the first 12 months after account opening, after which time it reverts to an interest rate based on the current Prime Rate. Homeowners can borrow up to 80% of their combined loan to value, and lines of credit are available for up to $500,000 with the lowest advertised interest rate.
Homeowners who take advantage of the promotional offer provided by Logix Federal Credit Union pay no closing costs, discount points, or annual fees, so long as the line of credit does not exceed $250,000. Additionally, the line of credit must remain open for no less than 36 months after the account is established; otherwise, any closing costs or fees paid for by Logix Federal Credit Union may be recaptured. All borrowers listed on a new home equity line of credit application must qualify based on credit history and score. Also, borrowers must first be members of the credit union.
To be a member of Logix Federal Credit Union, individuals must meet one of the following requirements:
Originally founded as the Lockheed Aircraft Employees Federal Credit Union in 1937, Logix Federal Credit Union offers an array of banking products focused on better rates, improved services, and lower account fees. The credit union manages money for more than 128,000 members and operates 14 full-service branch locations primarily in the Southern California region. Logix Federal Credit Union also provides its members an extensive network of fee-free ATMs across the country.
Homeowners interested in gathering additional information regarding the home equity line of credit promotional offer may do so by visiting any Logix Federal Credit Union branch location, contacting a member service representative at 1-800-328-5328, or by visiting the credit union online.
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