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Say Hello to Your HELOC

Dec 02, 2019

 

A home equity line of credit (HELOC) gives you access to cash based on the Couple enjoying their new homevalue of your home. You can draw from it and repay all or some of it monthly, like a credit card.

Your HELOC can serve as a good source of funding for household renovations, new appliances, vehicle purchase, paying taxes, consolidating debt, and more. This line of credit is more versatile than you think. At RCU, the annual percentage rate is as low as 5.25%, so it can be beneficial to transfer Visa® balances or pay off high-interest-rate cards opened over the holidays. And as an added benefit, the interest on the HELOC may be tax deductible. Be sure to ask your tax advisor about that.

If you haven’t yet opened a HELOC, get started here. It takes only 15-20 minutes and opening it doesn’t affect your credit until you start using it. It’s a great rainy-day account for emergencies that require quick action.

If you already have a HELOC, your money is there waiting for you, so why not put it to good use? When you pay for a big-ticket item, simply transfer funds from your HELOC through RCU’s online and mobile banking to pay yourself back. Sign in to online banking and take these easy steps:

  • Select the Transfers & Payments menu
  • Select Transfers
  • In “From this Account,” choose HELOC, and in the “To this Account” field, choose Checking

 

CATEGORIES:
  • Car and Home
  • Home Equity Loans
  • Blog

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