Wauna Credit Union is offering special terms for HELOCs (Home Equity Line Of Credit) until July 31st! Now is the time to put your home’s equity to work for those fun home improvement projects, or nearly any need one might have. One reason so many people prefer HELOCs to Home Equity Loans is that you use the money you need when you need it. It is rotating and versatile!
Our current promotion offers a 1.99% interest rate for the first 6 months! Plus, since we are a Credit Union, there are NO Loan Origination Fees like many other financial institutions have. And, as an added bonus, we will give the holder of every approved HELOC a DIY project starter kit including a tape measure, torpedo level, & a carpenter’s pencil!
To learn more, we cornered Barbara Norman, an expert from our Wauna CU Mortgage Department, here’s what she had to say about HELOCs.
First, we asked Barbara to name THREE great things about a HELOCs, and she was quick to respond!
- Access to emergency funds instantly!
- Pay interest only on funds used!
- No costs (except appraisal if needed)!
Next, we asked her what a homeowner would need to qualify for a HELOC?
- Income, equity in the home, & pretty good credit.
- A month of Paystubs.
- 2 years W-2s and Federal Tax Returns.
- Home Owner’s insurance.
- Current Mortgage Statement on 1st Mortgage, if any, and possible other docs depending on circumstances.
What can homeowners spend the money on? Are there rules or limitations?
Barbara: They can spend it on buying a car, pay off debts, home improvements, cash for vacation, buying additional property, and much more!
What is the benefit of getting a HELOC via Wauna CU?
Barbara: We pay for the title policy, flood certification, recording fees, and tax service, if any. The member would pay only for appraisal, if it is required.
We thought we’d stump Barbara when we asked this question: What is the ‘Coolest” thing about HELOCs? Because of course, how could a HELOC be cool? But, Barbara didn’t even blink when she responded, why you ask? Because as Barbara has proven HELOCs ARE COOL!
Barbara: I think the coolest thing about a HELOC is having the funds for emergencies; whether your water main breaks, roof leaks, or you have a medical emergency, it takes the worry out of the equation.
Thanks Barbara!
Now, we all know a little more about Home Equity Lines of Credit, and if you would like one, please apply online or stop in any branch to talk to your local Member Service Officer.
Learn More about our HELOC Promotion: https://waunafcu.org/loans/current-loan-promotion.shtml
