Using A HELOC To Put Your Home Equity to Work
Using a HELOC can allow you to use the old borrowing power you have from equity in your home.
Read MoreHELOC
Rates
as low as
7.25%
APR
The APR (Annual Percentage Rate) is effective as of 11/16/2024 and ranges from 7.25% to 9.50% APR. This rate is variable and applies to a 10-year draw period. During this time, the member will be responsible for paying 1.50% of the outstanding balance. The repayment period will be amortized over the remaining term. The property must be owner-occupied; mobile and manufactured homes are not eligible. Upon submitting an application, you may qualify for a higher or lower line of credit amount and/or higher APR. The APR is determined by various factors within Arkansas Federal’s custom scoring model, including, but not limited to, credit score, credit history, income, and debt-to-income. You must have a minimum household annual income of $25,000, be over 18 years of age, and have a valid U.S. Social Security Number to be considered for an Arkansas Federal loan. Loan approval is subject to confirmation that your income, debt-to-income ratio, credit history, and application information meet all requirements. Loans are available for up to 95% of your home’s value minus your mortgage balance. Offer and rate advertised are subject to change without notice. Membership with Arkansas Federal is required.
Need cash? If you’re a homeowner you may already have it. With home values rising, chances are the value of your home has gone up, which means you could be sitting on a lot of equity. Turn it into cash with a Home Equity Line of Credit (HELOC). Use it to make home improvements, consolidate debt, and more!
Benefits
Rolling your bills into one can make debt easier to manage, save you a lot of money, and help pay down debt faster.The interest on a home equity loan may be tax-deductible, provided the funds were used to buy or build a home or make improvements to one, as defined by the IRS. Consult with your tax advisor regarding tax deductions as tax rules change.
Flexibility
Not sure how much your project(s) will cost? No problem. A HELOC allows you to borrow funds overtime as needed.
Low Cost
Because HELOCs are secured, you’ll enjoy a lower interest rate than personal loans, credit cards, or other types of unsecured loans.
Easy Access
We make it easy to access your funds when you need them. Use our app to make payments easily, get an advance on your HELOC funds, and more.
What could you use a HELOC for?
Upgrade your home.
Upgrade your home with additions, repairs, and renovations. And unlike a credit card, the interest you pay may be tax deductible.
Consolidate Your Debt.
A HELOC interest rate is likely to be lower than your revolving credit cards, saving you on interest. By consolidating your high-interest debt with a HELOC, you’ll have just one bill instead of several—one payment and one due date.
Pay for College
Are you or your children heading off to college? Or do you have hefty private student loan debt? A HELOC can help you manage the costs.
