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Home Equity Line of Credit

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Home Equity Lines of Credit (HELOCs)

Our variable rate HELOCs can be useful tools under the right circumstances. 30-year term with a variable rate and no closing costs*, you can consolidate bills or tackle a project – use it how you want, whenever you want.

You can establish a credit line up to 80 percent of your home’s appraised equity up to $200,000.  If you have an exisitng first mortgage, you may be able to have a credit line of up to 90% Combined Loan-to-Value.  HELOCs can be an excellent safety net to have in place – if you make sure you have a Line of Credit in place now, you’ll be ready if a major unexpected expense arises.

Use it to pay for short-term goals or for bill consolidation – you can pay off several high-interest debts and just have one low monthly payment.

To find out more, or if you have any questions, email us at

Our HELOC Rates

Term
Rate
APR*
Payments per $1,000 borrowed
30 yrs
4.00
4.00
$4.77

*APR = Annual Percentage Rate. Amount shown here is the lowest available rate.

Your rate may be higher or lower depending on your credit score and the loan-to-value ratio of your loan. Approval is not based on your credit score.

Rates updated as of 5/16/2022

What is a HELOC?

When you take out a HELOC, you are borrowing against the existing equity in your home. Because your home secures your loan, you’re usually able to enjoy fairly low interest rates.

During the draw period, you take out money as-needed from your line of credit. You’re required only to make payments on what you’ve withdrawn – or sometimes only on the interest – as you go. During your repayment period, you make payments on the remaining principal and interest. You can no longer withdraw funds once you enter the repayment period.

HELOCs differ from fixed rate home equity loans, in which you typically receive a lump sum upfront, then make monthly payments on your loan amount.

How can you use a HELOC?

A HELOC is a versatile option that borrowers can use in a variety of situations.

You can use HELOCs for anything from debt consolidation to home improvement projects. They’re best-suited to emergencies and short-term projects or financial needs.

Other examples of short-term expenses might be wedding or business expenses.

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Why apply for a HELOC?

If you have at least 15 to 20 percent equity in your home and good credit, you might be a good candidate for a HELOC to fund a short-term project or goal. To determine your percentage, simply divide your remaining mortgage balance by your home’s appraised value.

Once we approve your HELOC application, we determine your credit limit, which can be as much as 80 percent of your home’s equity, or up to 90% combined with your exisiting first mortgage.

HELOC interest rates are variable, which means they can change with the prime rate. So if interest rates are low, you might want to consider taking out a HELOC.

Since you only withdraw from your HELOC when you need it, you don’t necessarily need to worry about paying off a huge lump sum. An additional HELOC benefit: if you’re beginning a home improvement project, your HELOC interest might be tax-deductible.

Have Questions About HELOC?

Still have questions about what a Home Equity Line of Credit is and if it is the right option for you? Contact us below or feel free to give us a call at

On the Contact Form below: Do NOT include personal information (such as your account number or social security number). Messages sent using the form below are not secure. To send a secured message to Bowater Credit Union, log in to myBRANCH and use the message feature.

Are You Interested In Other Loan Options?

At Bowater Credit Union, our priority is providing you personalized, community-based customer service to match you with the right financial solutions. If you’re interested in taking out a loan but a HELOC isn’t the best match, we will work with you to find it.

Pledge Loans

A perfect loan option for people who have hard-earned cash in a Bowater CU Savings Account or CD and don’t want to dip into the accounts. Borrow what your need and pay back the loan periodically or in one lump sum.

Personal Loans

Your signature alone gives you access to cash with our unsecured loans. Choose from our revolving line of credit, a 90-day note or personal loan. This is perfect option for getting the cash you need quickly at a low rate.

Mortgage Refinancing

This is a perfect loan options for people who are looking to get a better interest rate or monthly payment on their home loan and free up some extra money each month.

*Restrictions, terms, and conditions apply. Call for details.