FedChoice will be closed on Wednesday, June 19th, 2024 in observance of Juneteenth. 
We encourage members to check their accounts via eBanking. Click here for Toll-Free ATMs

Go to main content FedChoice Federal Credit Union
Routing #: 254074785About Contact Forms

How Low Can We Go?

Why should I get a Home Equity Line-of-Credit?

If you plan to use the money periodically and not all at once, you may want to obtain a home equity line-of-credit. For example, if you’re doing a remodeling project and the contractor will be paid in several installments, or you’ll be making tuition payments at the beginning of each semester. A home equity line-of-credit is a credit line much like a credit card, giving you the flexibility to borrow what you need when you need it.

  • Competitive variable interest rates.‡
  • Lines-of-Credit are available up to $500,000.
  • Lines are available up to 90% CLTV.+
  • Interest may be tax deductible!^

Home Equity Lending provides a convenient source of funds for members who have a need for often significant levels of financing. A Home Equity Line is a Line-of-Credit secured by the equity in your home. At FedChoice, our Home Equity Lines have a ten (10) year draw period and then a fifteen (15) year re-payment period. What this means is that you can borrow on and pay down your line as often as you would like during the first 10 years. At the end of the 10 years, you can’t borrow any more but you have 15 years to pay off the balance.

The Consumer Financial Protection Bureau has published an informative brochure to help you understand the differences between home equity loans and home equity lines-of-credit so that you may determine which product will best suit your needs. Click here.

View Rates

Don't forget to protect your most valuable asset!

TruStage® gives credit union members access to property insurance coverage underwritten by Liberty Mutual® Insurance Company.

Learn More

* The Classic Home Equity Line-of-Credit is based on The Wall Street Journal Prime. Rate adjusted monthly. The Classic Home Equity Line-of-Credit is subject to a floor of 3.50% APR.
‡ Variable rate is based on The Wall Street Journal Prime. Rate adjusted monthly.
† The Smart Choice Home Equity Loan and the HELOC must be secured by the owner-occupied primary residence. Homeowner’s insurance is required. All loans are subject to credit approval.
^ Consult with your tax advisor regarding the deductibility of interest and charges. The interest on the portion of the loan that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes. Other conditions apply.
+ CLTV = Combined Loan to Value.