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Home Equity CreditLineA Home Equity CreditLine allows you to borrow on the equity you've built up in your home, for any purpose, whenever you need it.
Unlike a consumer loan, the interest you pay may be tax deductible.1 That makes a Home Equity CreditLine a smart way to borrow for home improvements, a new car, a boat, college tuition, or anything you need.
At SLFCU, you can borrow up to 100%2 of the appraised value of your home, less any outstanding mortgages, and you pay interest only on the amount you actually borrow - not on your available CreditLine.
No initial advance is required when you first set up your CreditLine and your payment is recalculated with each draw.
Apply online or call us any time day or night at 505-293-0500 or 800-947-5328.
1. Consult your tax advisor reagarding tax deductibility.
2. Borrow up to 100% when SLFCU holds the first mortgage, up to 95% otherwise. All loans subject to credit approval. You must carry insurance on the property that secures this plan. Variable rate loan, adjusted quarterly with the adjustment not to exceed 1/2% and not to vary more than 6% from the rate of issue for the first ten years. In no event will the annual percentage rate fall below 5.5%.
Please check the 'Rates' page for mortgage disclosures.
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