Easy Equity Loans... What are those?
Posted: June 5, 2018
Have you ever heard of a home equity line of credit, and wondered how it works, and why it may be a good option for you?
WESTconsin Credit Union offers Easy Equity loans (otherwise known as a HELOC loan) for our members that own a home and are looking for an open line of credit that they can tap into whenever they want for whatever they want. Sounds like something you might be interested in? Great! Here are a few common questions we would like to help you with right away.
- What is an Easy Equity line of credit?
- An Easy Equity line of credit is a loan that puts the equity in your home to use. An Easy Equity line of credit (also known as a HELOC) is a line of credit secured by your home that gives you a revolving credit line.
- What determines the amount of my line of credit?
- The amount of equity you have built up in your home and your credit history determines what your credit line will be.
- What is the monthly payment?
- Your monthly payment is based off the amount of the credit line that you use. The lower your amount of funds used, the lower your payment.
- What can the line of credit be used for?
- You can quite simply use these funds for anything you choose. You can use it for home improvements, medical bills, tuition, weddings, and to pay off high interest credit cards. You decide when and how you use the funds.
- How do I access the funds?
- Having an Easy Equity loan provides you with quick and convenient access to available funds anytime or anywhere you might need them. You can access them through our mobile app, online banking, or even through text banking. If you would rather stop into one of our offices or call our service center, one of our friendly team members would be happy to assist you with pulling money for your Easy Equity account.
- How do I apply for an Easy Equity loan?
- You can apply online through our online mortgage loan application. Have more questions? One of our knowledgeable and friendly mortgage loan officers are happy to assist you through this process. Please give our service center a call and ask to speak to your local Mortgage Loan Officer if you need assistance.