help desk software

DCCU Routing # 251483311





Home Equity Loans

Home Equity Plus

It's a line of credit PLUS a fixed-rate loan - all in one!


Home Equity Plus | Lending to fit your life.

Home Equity Plus starts as a line of credit and allows you to conveniently convert up to 3 fixed loan segments for a 5 or 10-year term.  The available limit on the line of credit returns to the original line of credit limit as monthly principal payments are applied.  Home Equity Plus offers the flexibility you need because it’s a line of credit PLUS a fixed-rate loan – all in one!


Membership required. “No closing cost” does not include the cost of an appraisal if one is needed. Minimum loan amount of $10,000 required for no closing cost offer. Offer subject to creditworthiness and collateral limits. Collateral may be evaluated using tax assessment valuations or an appraisal may be requested to support your application for credit. Original closing cost will be assessed if the loan is paid off and closed within two years of funding. A $25 fee applies to all variable to fixed conversions. Line of credit balances under the plan have a variable rate of interest and the minimum monthly payment can change as a result. Fixed rate/fixed term balances under the plan have a fixed rate of interest for the fixed term selected at the time of conversion. Max APR is 17.00% for variable rate balances and 18.00% for fixed term/fixed rate balances. Property insurance is required. Terms, restrictions, and fees may apply. For complete credit costs and terms, call 1.800.245.8085.

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
  • 5.500%
  • APR
  • 5.500%
  • Preferred Home Equity Plus – 90%
  • Mortgage is with another lender
  • Rate
  • 5.750%
  • APR
  • 5.750%
  • Premier Home Equity Plus – 80%
  • Mortgage is with DCCU
  • Rate
  • 5.000%
  • APR
  • 5.000%
  • Premier Home Equity Plus – 90%
  • Mortgage is with DCCU
  • Rate
  • 5.250%
  • APR
  • 5.250%

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