Home Equity Line of Credit (HELOC)
Achieve your goals with easy access to affordable short-term financing. Apply Now!Unlock Your Home’s Potential With a Bowater Credit Union HELOC
Life happens. A Bowater CU Home Equity Line of Credit helps pay for the everyday things that are important to you.
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Competitive, Affordable Rates
Borrow at lower rates than most credit cards or personal loans.
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Flexible Access to Funds
Tap into your credit line as you need it—no lump-sum borrowing required ($1,000 minimum draw required).
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Easily Borrow and Make Payments
Keep monthly payments manageable while maintaining financial flexibility.
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Borrow Up to 80% of Your Home’s Equity
Access generous financing based on the equity you’ve built in your home.
Everything to Know About Our Home Equity Lines of Credit
Find the flexible funding you need to get things done. A Home Equity Line of Credit (HELOC) from Bowater Credit Union makes it easier to manage ongoing costs and unexpected expenses.
Unlike a traditional loan, a HELOC lets you borrow just the funds you need, as you need them, up to a set limit. Your payments are based only on what you use, at lower rates than most personal loans or credit cards.
It’s the perfect way to fund:
- Home improvement projects
- Starting a business
- Education expenses
- Larger purchases
- Emergencies
Contact us to find out more about how a Bowater Credit Union HELOC can help you meet your short-term funding goals, or click below to start your application.
Easily Apply for a HELOC
Start an Application
Gather your documents and apply for your HELOC online, over the phone, or by coming into a branch.
Get Approved
Get access to the funds you need when you need them with your own personal line of credit.
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“I had a great experience opening accounts here. Quick, polite, friendly and informative service. It will be nice to have a local bank that’s easy to access.”
– Scott B., Calhoun, TN
Why Choose Bowater CU?
Since 1954, Bowater Credit Union has helped southeastern Tennessee families reach their financial goals with honest service and competitive rates. As a not-for-profit cooperative, we return more value to our members through lower loan costs and higher savings yields.
Trust us with your home and home equity borrowing needs — we offer great rates, flexible terms, and local expertise you can count on.
FAQ About Credit Union HELOCs
What is a Home Equity Line of Credit?
A Home Equity Line of Credit, or HELOC, is a revolving line of credit secured by the equity in your home. It allows you to borrow money as needed and make payments only on the amount you use during the initial draw period. When the draw period ends, the HELOC typically converts to a traditional repayment loan, usually with a variable interest rate and a term of up to 30 years.
How is a HELOC different from a home equity loan?
A Home Equity Loan provides a lump sum upfront with a fixed rate and a set repayment schedule. A HELOC, on the other hand, gives you access to funds on an as-needed basis during the draw period, typically at a variable interest rate. While monthly payments may change based on your balance and rate, a HELOC generally offers a more flexible and affordable form of short-term financing than credit cards or personal loans.
What can I use a HELOC loan for?
You can use a HELOC for almost any purpose. Many borrowers use a Home Equity Line of Credit to pay for ongoing home improvement projects, start a small business, consolidate higher-interest debt, fund education costs, or serve as an emergency reserve.
How much can I borrow with a HELOC?
Your available HELOC credit limit depends on the equity in your home—the current appraised value minus your outstanding mortgage balance. At Bowater Credit Union, members may qualify for credit lines up to 80% of their appraised equity, with a maximum limit of $200,000, subject to credit approval.
How much equity do I need to apply for a HELOC?
Most lenders, including Bowater CU, prefer that borrowers have at least 15–20% equity in their home, depending on credit score and other financial factors.
Do I need to be a member to apply for a HELOC from Bowater CU?
Yes, membership is required to apply for a Bowater CU HELOC. Joining is easy:
- You’re eligible if you live, work, worship, or attend school in Bradley, McMinn, Meigs, Monroe, or Polk Counties.
- You may also join if you are an immediate family member of a current member.
- Employees of Partner Companies are welcome to join and enjoy competitive rates, low fees, and personalized service.
- It is possible to become a member through the Bowater Good Fellows, a local non-profit organization—we’ll even cover your contribution when you join!
Explore Other Loan Options
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Personal Loans
Get the cash you need to meet personal needs or unexpected expenses with our flexible personal loans.
*Annual Percentage Rate (APR). Terms and conditions apply.
The rate shown is the lowest available rate. Your rate may be higher depending on your credit score. Approval is not based on credit score.