Unlock your home's potential with a Teachers Home Equity Line of Credit
With no closing costs2 or prepayment penalty, a home equity line of credit (HELOC) from Teachers is the smart way to borrow. Whether you are consolidating debt, making home improvements, paying off medical bills, or furthering your education, a Teachers HELOC helps you gain the financial flexibility you deserve.
Fast funding and flexible options save you time and money.
With a Teachers HELOC you can:
- Benefit from rates as low as 7.74% APR* for the first 12 months for up to 80% of the value of your home and a variable prime rate as low as 7.74% APR* thereafter.
- Remodel your home or use the credit line for big purchases – it’s easy to draw from at any time.
- Pay interest only or principal and interest payments from the start of your loan – with limits ranging from $25,000 to $1,000,000.
We can help make the home loan process easier for you. Contact one of our lending experts today.
* APR = Annual Percentage Rate. For one year, Prime for life plus margin thereafter. All offers of credit are subject to credit approval and property valuation; applicants may be offered credit at higher rates and other terms. Loan-to-Value (“LTV”) restrictions apply. Hazard insurance is required on all loans secured by real property; if the premises is in a special flood hazard area flood insurance may also be required. Minimum draw at closing required. Closing costs will be paid by Teachers Federal Credit Union, but must be repaid by the borrower(s) if the minimum balance requirement on the HELOC is not met for the first 36 months of account opening. 2Closing costs will be paid by Teachers Federal Credit Union, but must be repaid by the borrower(s) if the minimum balance requirement on the HELOC is not met for the first 36 months of account opening.
** The introductory rate is 7.74% APR for 12 months and applies to primary residence transactions only with a maximum 80% LTV. Home Equity rates and terms accurate as of 05/04/2023 and are subject to change without notice. Prime rate is 8.00% APR. HELOC is a variable rate product. The annual percentage rate may change monthly. The rate cannot increase or decrease more than 1.0 percentage point at each adjustment, with a rate not to exceed the maximum legal limit for Federal Credit Unions (currently 18%). The annual percentage rate will never go below 3% at any time during the term of the plan.
Secondary Home: Home Equity Line of Credit products securitizing second home introductory rates as low as 7.74% APR, Prime +Margin for life thereafter. Minimum draw at closing required. Borrower is responsible for all closing costs.
Teachers Federal Credit Union offers either an amortizing or an interest only repayment option. (1) The amortizing loan has a 20 year drawdown period followed by a 10 year repayment period. (2) The interest only loan has a 10 year draw period followed by a 20 year repayment period.
Lines up to $50,000 require $15,000 minimum advance and must maintain a minimum balance of $10,000 for 36 months to avoid repayment of closing costs. Lines $50,001 - $100,000 require $30,000 minimum advance and must maintain a minimum balance of $20,000 for 36 months to avoid repayment of closing costs. Lines $100,001 - $200,000 requires $60,000 minimum advance and must maintain a minimum balance of $40,000 for 36 months to avoid repayment of closing costs. Lines $200,001.00 -$500,000.00 require $150,000.00 minimum advance and must maintain a minimum balance of $100,000.00 to avoid repayment of closing costs. Variable rate equal to the Wall Street Journal Prime Rate as published 30 days prior to interest rate adjustment date, applied at loan origination.
Please consult with a Teachers Federal Credit Union representative at 1-800-341-4333 for more information.
Membership required, $1.00 minimum Regular Savings account is required at or prior to HELOC opening.
Consult a tax professional regarding the deductibility of your interest payments and charges.
Teachers Federal Credit Union NMLS number is 401530