Home Equity Line of Credit
The Home Equity Line of Credit (HELOC) is the perfect way for members to use the equity built up in their homes to their advantage. Once set up, the HELOC provides access to cash for purchases such as a dream vacation, an RV, home renovations or an investment opportunity. Funds up to the agreed limit are quickly advanced upon request.
Members have immediate access to the cash through their chequing accounts, debit or payment cards or special line of credit cheques.
Examples of available amounts are shown here.
| Appraised value of Home | $100,000 | $150,000 | $200,000 |
| 75% of Appraised Value | $75,000 | $112,500 | $150,000 |
| Less amount owing on 1st mortgage | $25,000 | $60,000 | $80,000 |
| Equals maximum Home Equity Line of Credit | $50,000 | $52,500 |
$70,000
|
Is a HELOC the right choice for you?
If you are interested in a Home Equity Line of Credit, please contact your branch for an appointment or email Wainwright Credit Union.