Your home is a reflection of you, so why shouldn’t your loan be also? Whether you dream of an epic vacation, college degree, home renovation or more – our powerful new equity line gives you the freedom to lock rates whenever you want and keep that rate until the balance is paid. With a low rate that’s there when you need it, you can relax and enjoy the comfort of this sweet home equity loan..
Between bucket list dreams and to-do list projects, you have exciting choices to make. Fortera’s meLOC lets you focus on these instead of deciding between the locked rate of a home equity loan or the flexibility of a line of credit. meLOC gives you both. It’s our Home Equity Line of Credit (HELOC) that’s ready when you are and offers you the advantage of locking in fixed lower rates until the balance is paid.
A Home Equity Line of Credit provides funds for you to balance larger expenses with big time flexibility. Once approved, you have full access to your funds at the ready. You can make withdrawals up to your approved limit whenever you would like (certain fees may apply) and our meLoc even lets you check off multiple items on those bucket and to-do lists together. You’ll have the ability to use up to three rate locks* at one-time. Each lock will have its own rate that is locked in for a 10-year term. Once you’ve paid off one of the locks, you can add another in its place.
Heloc Fixed Rate Option
HELOC's adjust quarterly on Jan.1, April 1, July 1, and Oct. 1. Maximum adjustment of 1% per quarter. The maximum rate is 15.00%. *APR=Annual Percentage Rate. The ANNUAL PERCENTAGE RATE you receive will be based on credit worthiness and loan to value amount. Not all members will qualify for the best or lowest rate. All loans are subject to approval. Rates, terms, and conditions are subject to change.
Auto-pay Advantage: A discount of 0.25% will be deducted from the above stated annual percentage rates when the payment is received automatically from a Fortera draft account. This discount is only available on new loan transactions with an effective date on or after the date of this addendum. The annual percentage rate will default back to the normal rate in the event the payment status or draft account status changes.
**Loan to Value Ratio (LTV): A ratio used by lenders to calculate the loan amount requested as a percentage of the value of a home. To determine the loan to value ratio, divide the loan amount by the home's value. The LTV ratio is used to determine what loan types the borrower qualifies for as well as the cost and fees associated with obtaining the loan.
A Better Way To Tap Home Equity?
Interest Only Payment Loan to Value is greater than 80% (9.00%-12.00%APR) HELOC's adjust monthly on the first day of the month. There is no limit on the amount by which the annual percentage rate can change during any one-year period. The maximum rate is 18.00%. The minimum rate will never be below 3.25%. *APR=Annual Percentage Rate. The ANNUAL PERCENTAGE RATE you receive will be based on credit worthiness and loan to value amount. Not all members will qualify for the best or lowest rate. All loans are subject to approval. Rates, terms, and conditions are subject to change.
Our skilled experts are easy to reach and happy to help. For members and non-members alike, meetings and consultations are always free, so make the most of your money, on us.
Need to submit a claim? No problem, we've got you covered. You can submit a claim at myclaim.cunamutual.com. If you have any questions, please text us at 931.431.6800 or email us at info@ and we will be happy to help.
Fixed Rate Heloc: What It Is & How It Works
To verify your identity, we always ask that you come prepared with a government-issued ID. It is important that it is not expired. Examples of acceptable IDs include a State Driver's License or a U.S or Foreign Passport. If we have trouble validating your ID, we may ask for a secondary ID. If you have a question about whether or not an ID can be used, just text us at 931.431.6800.
As a Fortera Credit Union member, you have access to additional insurance protection through our partner, TruStage. They provide Life, Auto, Home, and Accidental Death Coverage. You can get up to $1, 000 of Accidental Death coverage for free by visiting trustage.com and claiming your offer.
If your life takes an unexpected turn, your family’s finances can be strained. But with Member's Choice Borrower Security with Life Plus, your loan payments or balance may be canceled, up to the contract maximums, in case of involuntary unemployment, disability, or death. It’s just one more way you can look out for the people you love.
Home Equity Loan Vs. Line Of Credit
Take an important step toward financial security. Email us at loans@ and ask about Member's Choice Borrower Security with Life Plus today.
Your purchase of Member's Choice Borrower Security with Life Plus is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions and exclusions may apply. Please contact your loan representative or refer to the Member Agreement for a full explanation of the terms of Member's Choice Borrower Security with Life Plus. You may cancel the protection at any time. If you cancel protection within 30 days, you will receive a full refund of any fee paid.
Tag us in. Whether you are on your couch or halfway around the world, use Fortera Video Chat to get quick answers from a friendly face.
What Affects The Rate I Get On My Home Equity Loan Or Heloc?
The two biggest differences between a Home Equity Loan and a Home Equity Line of Credit are the types of interest rates for each loan and how one receives their funds. Home Equity Loans are fixed-rate loans and they are given to the member in one large lump sum. Home Equity Lines of Credit are variable rate loans and members receive access to a line of credit. They can borrow as much as they need without having to commit to a large lump sum.
This loan is great for projects that don't have a fixed price. If you are remodeling your kitchen, adding a deck to your home, paying for some additional college courses, etc. this is a great option for you. It allows you the flexibility to borrow what you need instead of requiring you to borrow a larger sum.
These financial tools are very similar. The largest difference between the two is how they are accessed. Credit Cards are loans designed to be convenient for our members. Need a mini loan? Grab your credit card and get what you need. Because HELOCs do not come with a card, spending money does not usually happen instantly. For many of our members that do not feel comfortable with a Credit Card or struggle with overspending or splurge-spending, a HELOC can be a great tool because it requires you to slow down and think before making a large purchase.
Using Home Equity To Pay Off Medical Bills And Reduce Medical Debt
To verify your identity, we always ask that you come prepared with a government issued ID. It is important that it is not expired. Examples of acceptable IDs include a State Driver's License or a U.S or Foreign Passport. If we have trouble validating your ID, we may ask for a secondary ID. If you have a question about whether or not an ID can be used, just text us at 931.431.6800.Verás el ícono EN en los enlaces que te llevarán a páginas web que por el momento solo están disponibles en el sitio web de U.S. Bank en Inglés.
If you have an existing HELOC, you can lock in a fixed-rate option anytime using the U.S. Bank mobile app or online banking – no appointment needed. Simply log in and go to your home equity line of credit account details.
To open a new HELOC, you can apply online. Once you close on the HELOC you can lock in a fixed rate.
Home Equity Line Of Credit
When interest rates are on the rise, add some certainty to your monthly payments. Lock in a fixed rate on some or all of your current home equity line of credit (HELOC).
Once you close on a HELOC, you have the option to lock in a fixed interest rate for up to 20 years on some or all of the money you borrow. That way, if interest rates rise in the future, your fixed-rate option(s) won’t.
The process for getting a HELOC is simple. You’ll need to complete a basic application, submit any requested documentation and, if approved, close at a branch.
The Pros And Cons Of Using Your Home's Equity For A Line Of Credit
Our U.S. Bank self-service tool makes it even easier to manage your HELOC and lock or unlock rates on your own. Check out this video to learn how.
Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, home equity and credit products are offered by U.S. Bank National Association. Deposit products are offered by U.S. Bank National
