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DCCU Routing # 251483311





Home Equity Loans

Prepare for your next renovation project

Limtied-time offer: receive rates as low as 3.50% APR and pay no closing costs or appraisal fees. 


Home Equity Plus | Lending to fit your life.

Be prepared for whatever project you're planning with Home Equity Plus. It's a line of credit PLUS a fixed-rate loan all in one - and the easy way to pay for renovations, unexpected expenses, and more. Discover how your home's equity can work for you! 

Limited-time offer:

Rates as low as 3.50% APR | No Closing Costs | No appraisal fees | Offer ends May 31, 2022

Membership required. Subject to creditworthiness and collateral limits. *Offer applies to funded loans for applications submitted 03/01/2022 - 05/31/2022. 1Rates accurate as of 03/01/2022 and subject to change. 2Minimum loan amount of $10,000 required for no closing costs and no appraisal fee. Appraisal only ordered if required. 3Appraisal fee paid by the member and then reimbursed at closing. Appraisal fees vary, maximum reimbursement is $750. If account is closed or paid off within 24 months of opening it, you will pay a reimbursement fee equal to the amount of closing costs and appraisal fee paid by DCCU. Minimum and maximum loan or credit limits apply. Line of credit balances under the plan have a variable rate of interest and the minimum monthly payment can change as a result. Variable balances may be converted to fixed rate/fixed term balances, a $25 fee will apply. Fixed balances have a fixed rate of interest for the fixed term selected at the time of conversion. Max APR is 17% for variable rate balances and 18% for fixed term/fixed rate balances. Property insurance is required. Title insurance required for loans greater than $350,000 and must be paid by the member. Terms, restrictions, and fees may apply.

Features & Benefits of Home Equity Plus

Home Equity Plus is the smart way to unlock your home’s value to pay for things you need like home improvements, education costs, debt consolidation, preparing for unexpected expenses, and more.

No Closing Costs

Great Low Rates

No Annual Fee

A Streamlined Application Process

Credit Line to Fixed Loan Conversions

Easy Access to Funds

with Online Banking and Mobile App

Help Me Decide

Advantages

  • 20 year draw period with an additional 15 year repayment period
  • Interest begins to accrue with 1st advance
  • Principal can be reused as payments are paid
  • Interest rate and payments that may adjust down with market movements
  • No fees, excluding appraisals, with a minimum $10,000 line of credit
  • Streamlined application for fast approval
  • Convert from Variable Rate to a 5 or 10 Year Fixed-Rate at any time
  • One time closing for the life of the product
Family of four reading a book together on the couch

Best Choice For

  • Having a line of credit with extended advance options and a longer payment term.
  • Having the convenience of having funds available and ability to convert to a fixed rate at any time.
  • Accessing cash for an ongoing project
  • Building a safety net for unexpected expenses

 

Family of four reading a book together on the couch

Disadvantages

  • Your home is being used as collateral in this secured loan
  • The interest rate you pay is variable, meaning it can change over time
  • Risk of taking on more debt
  • Reduces the amount of equity already invested in your home
  • Depending on how much you withdraw, you might be stuck with large principal and interest payments during the repayment period

 

Family of four reading a book together on the couch

How Home Equity Plus Works

It’s the smart way to unlock your home’s value to pay for things you need like home improvements, education costs, debt consolidation, preparing for unexpected expenses, and more.

  1. You apply and are approved for $35,000 Home Equity Line of Credit.
  2. You decide to remodel your kitchen at an estimated cost of $15,000.
  3. Pay for the renovations from the line of credit until the renovation is complete and the actual cost is known.
  4. Once the project is complete, with Home Equity Plus you can use Online Banking or the Mobile App to convert the $15,000 to a 5 or 10 year fixed loan with scheduled monthly principal and interest payments.
  5. You now have $15,000 locked into a fixed rate, and the remaining $20,000 balance in your line of credit is available for future needs.
  6. Make one monthly payment for both the fixed loan segment and any minimum payment due for the line of credit.
  7. As monthly principal payments are made, the available limit on the line of credit returns to the original amount.

Home Equity Loan Options

  • Preferred Home Equity Plus – 80%
  • Mortgage is with another lender
  • Rate
  • 4.000%
  • APR
  • 4.000%
  • Preferred Home Equity Plus – 90%
  • Mortgage is with another lender
  • Rate
  • 4.250%
  • APR
  • 4.250%
  • Premier Home Equity Plus – 80%
  • Mortgage is with DCCU
  • Rate
  • 3.500%
  • APR
  • 3.500%
  • Premier Home Equity Plus – 90%
  • Mortgage is with DCCU
  • Rate
  • 3.750%
  • APR
  • 3.750%

INSIGHTS & ADVICE

Why Choose Home Equity Plus Over a Credit Card

Kyle Scaife
Home Equity Plus gives you the flexibility of payment options and a low interest rate.
Kyle Scaife
Retail Branch Manager

Comparing HELOC to a Credit Card:

Both Allow For:

  • Easy access via online banking and mobile app
  • Both can be used to pay for home improvements, education, and unexpected expenses

Home Equity Loan is a better choice than a credit card for:

  • Lower interest rates
  • Flexibility to use funds for wider variety of reasons
  • Paying off debt to save money
  • Pay down the principal off faster

 

Additional Resources