Home Equity Line of Credit

A Home Equity Line of Credit (HELOC) uses your home as collateral and gives you a revolving credit line for significant expenses or consolidating higher-interest rate debt. The amount you qualify for is calculated based on your home’s loan-to-value ratio, payment term, income, and credit history.

Town & Country Credit Union HELOC Options

• Five or 10-year draw period with monthly principal plus interest payments. (These payments reduce the principal and help rebuild equity).
• Five or 10-year draw period with monthly interest-only payments.

How it Works

• The draw period is the fixed length of time you can access funds from your HELOC. During the draw, you will choose to make monthly interest-only payments or principal plus interest payments once you advance funds.
• Payments will be recalculated monthly to account for advances and variable-interest rate changes.
• After the draw period ends, you won’t be able to advance any additional funds. You’ll make principal plus interest payments tied to the prime rate over 180 months.

Additional Info

• Rate: HELOCs have a variable interest rate tied to the prime rate. Interest is paid only on the money that you advance.
• Line of Credit Size: Borrow up to 80% of the equity in your home.
• Accessing your Line of Credit: Easily transfer the funds by phone or online from your HELOC account into your checking account.
• Timeline: Quicker funding time than a Home Equity Loan.
• Fees: A property valuation will need to be completed to learn the value of your home. There are also other fees associated with this loan.

*APR = Annual Percentage Rate. Rate accurate as of 11/8/2024. Rates dependent on credit and underwriting factors and automatic payment. 5- or 10-year draw period with a 180-month repayment after draw applies. Rate adjusts on the first day of each month as the Prime rate changes based on the Wall Street Journal. Maximum APR is 18%. There may be additional fees up to $1,000. Terms and conditions apply and are subject to change.

We offer Home Equity Lines of Credit in Fargo, Kenmare, Minot, Stanley, West Fargo, Moorhead and more.