Discover Our New Interest-Only Home Equity Line of Credit
At Colorado Credit Union, we understand that your home is more than just a place to live; it’s an asset that can help you achieve your financial dreams. That’s why we’re excited to introduce our new Interest-Only HELOC, designed to give you the flexibility to transform your dreams into reality, empowering you to make the most of your home's potential.
This means lower monthly payments, providing you with greater control over your finances and the flexibility to allocate funds towards home renovations, debt consolidation, or significant life milestones. Additionally, our competitive rates and tailored service ensure that our knowledgeable lending team is with you every step of the way.
What is a HELOC?
A Home Equity Line of Credit, or HELOC, is a revolving line of credit that allows you to borrow against the equity you’ve built in your home. With our Interest-Only HELOC, you can access funds for home renovations, education expenses, debt consolidation, or any of life’s big opportunities – all while making affordable monthly interest-only payments during the 10-year draw period.
Key Features of our Interest-Only HELOC
| Low Rates | 25-Year Term | 10-Year Draw Period | 15-Year Repayment Period |
|---|---|---|---|
| Rates as low as 7.50% APR* | Consists of a 10-year draw period and a 15-year repayment period | Monthly interest-only payments during the 10-year draw period | Monthly principal and interest payments during the 15-year repayment period |
| Variable rate tied to Prime interest rate | Enjoy the peace of mind that comes with long-term stability | Borrow as needed and only pay interest on what you use during the first 10 years | After the draw period, make payments that include both principal and interest for the next 15 years to pay off your loan |
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Competitive RatesBenefit from low interest rates, tailed to fit your financial needs. |
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Flexible AccessAccess your funds whenever you need them through online and mobile banking, HELOC checks, and/or a HELOC debit card. |
The estimated payment examples shown below are Interest-Only payments.
| Rate as low as | Loan Amount Example | Payment Estimate Example |
|---|---|---|
| 7.50% APR* | $50,000 | $312.50 |
| 8.25% APR* | $50,000 | $343.75 |
Curious about your home equity?
Why Choose Colorado Credit Union?
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Personalized Service: Our experienced and knowledgeable home equity specialists are here to assist you every step of the way. We believe in building relationships that last, and we’re dedicated to your success.
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Financial Education: We provide tools and resources to help you make informed decisions about your finances.
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Community Focus: As a member-owned credit union, we reinvest in our community and provide services that truly make a difference.
Apply Today!
Unlock the potential of your home and take control of your financial future with our Interest-Only HELOC. Apply today and start your journey towards financial empowerment with Colorado Credit Union. For more information, call 303.978.2274 or stop by your local branch today.
* Prime + .75% Annual Percentage Rate is available with combined loan to value of no more than 90%, loans of at least $10,000, and credit qualification. APR will vary based on Prime Rate as published in the Wall Street Journal which was 7.50% as of 1/1/2025. APR will not exceed 18% or be lower than 3.75%. Not all applicants will qualify for the lowest rate. Estimated closing costs range from $478-$1719, including appraisal. Contact a tax advisor for tax deductibility information. Second lien real estate loans are available on Colorado residences only. Property insurance is required. Colorado Credit Union membership required. Escrow funds are not collected and will not be included within the monthly payment. Other restrictions may apply, call for details.