Home Equity Line of Credit (HELOC)
Get the funds you need, when and where you need themChange is a fact of life. So it’s good to know you can manage it. Union Bank ® is here to help you make the most of the equity you’ve grown in your home, so you can meet life’s biggest changes head-on. Our convenient FlexEquity ® home equity line of credit (HELOC) offering makes it easy to get the funds you need.
How can a home equity line of credit be used?Think of a home equity line of credit like any other line of credit. You can borrow against your HELOC in any amount up to the established credit limit, and then use those funds however you wish. For example, you could use your HELOC to pay for:
- Home renovations
- College tuition
- Consolidating higher-interest debt
- Large purchases
- Or "going green"
How are home equity lines of credit determined?Your lender will determine the credit limit for your HELOC account. Some equity is not eligible for borrowing so that lenders can reduce their risk and you do not exhaust all of your home's equity. After a final credit limit and payment method are determined, you can use the borrowed money any way you wish. Typically, you will be charged interest on the amount borrowed and make monthly payments to reduce the outstanding balance, just like a normal credit card.
Need a line of credit with some flexibility? With a Union Bank FlexEquity®, you choose your plan.Our Union Bank FlexEquity variable APR home equity line of credit offers you:
- Low interest rates: Our interest rates are typically lower than most credit cards or consumer loans, and interest may be tax-deductible. Consult your tax advisor.
- Low fees: Our FlexEquity home equity line of credit’s fees are low to open—and use—your line.
Benefits of a home equity line of credit: Convenience.
- Ongoing and convenient access to funds so you can decide when to draw, how much to use, and the payment option that suits you best as financial needs arise
- Transfer funds to your checking account via online banking, by visiting a branch or writing checks for as little as $500
- Ability to spend up to your limit, pay down the balance then use the line again as needed during your draw period
No matter which plan you choose, you’ll have options.We have options that will allow you to access the available equity in your primary residence, rental, vacation property, or second home as well, so if you’re in the market for a line of credit, talk to us first.
Call 1-866-UBLOANS, visit a branch, or fill out our online form today.