An Island Home Equity Line of Credit (HELOC) allows you to borrow money from the equity in your home. You can use the HELOC for any purpose—home improvement, debt consolidation, a new car, tuition, vacation—it's up to you! Your credit line remains available for 15 years.
Island HELOC
Borrow money from the equity in your home and pay both interest and principal each month—1.25% of the outstanding balance of the loan.
- As low as 5.74% APR* guaranteed for the first 6 months
- Use funds for any purpose
- Interest may be tax deductible (ask your tax advisor)
- No points, no origination costs on loans to $100,000**
- Loans up to 80% of appraised home value (less first mortgage)
*APR is Annual Percentage Rate. Limited-time offer for a new Home Equity Line of Credit (HELOC) on owner-occupied single family homes in San Diego, Orange, and Riverside counties, for up to 80% of home value (less first mortgage). With a new Island Checking account and automatic HELOC payments, the APR is 5.74% for the first six months. Otherwise, the APR is 5.99%. After six months, the rate adjusts to the Regular APR (either 4.00% or the Wall St. Journal Prime Rate--whichever is higher), with quarterly adjustments of up to 1% and a 15% APR lifetime maximum. On 05/01/08, the Regular APR was 5.00%. This rate may vary. Any remaining, unpaid principal balance owed at the end of the 15-year HELOC advance/draw period will result in a single balloon payment. Rates, terms and conditions subject to change. Other financing to 100% of home value may be available.
**Origination costs ($500) waived on HELOCs of $100,000 or less. If HELOC is closed or refinanced within 3 years, $500 origination costs are payable, at time of account closure, to reimburse the credit unions. On loans of greater than $100,000, borrower pays all origination costs up-front.
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