Home Equity Lines of Credit
Home Equity Loans remain one of the most cost-effective ways to borrow money. The interest rate is much lower than the typical credit card or unsecured line of credit and the higher limit can help finance everything from home improvements to college education.
Our Home Equity Lines of Credit rate is variable and based on the Prime rate as published in The Wall Street Journal. Variable rate is the Prime rate +1.0%.
- Current rate starts at 6.50% APR1
- $50 Annual Fee, waived if balance exceeds $50,000
- Interest Only Payments, billed over preceding 30 day period
- Flat fee closing costs of $400.00 plus appraisal
- 5 Year Draw Period, 10 Year Repayment Balloon (15 year total)
How to Apply
Talk to a member of our Solutions Team about applying for a Home Equity Line of Credit by calling 773-565-2000.
1: APR = annual percentage rate
Home Equity Lines of Credit have a $10,000 minimum. FFCU will waive the closing costs for HELOC with an initial balance of at least $5,000 that remain open for a minimum of 2 years. The HELOC rate is variable and based on the Prime rate as published in The Wall Street Journal, has a floor of 4.50%, and can change quarterly (January 1, April 1, July 1, and October 1) based on the last day of every 3rd month. Payment will be dependent on amount outstanding. Product varies based on terms of loan. Payment will be either .75% of outstanding balance or the interest due on the account for the payment period. Property insurance and flood insurance will be required on Home Equity Loans and Lines. This site is not an offer for credit, all loans are subject to approval, products and terms can change.