Contact our Real Estate Loan Department for any questions regarding our Home Equity Lines of Credit. Just call 303-573-1170 ext. 2606 or toll free at 1-877-293-6328.
If you own your home, even if you recently purchased it or refinanced it, you may owe less than the market value of your home. The difference between what you owe and what your home is worth is called equity.
A Denver Community Credit Union HELOC allows you to borrow up to 85% of your home’s value, less the balance on your 1st mortgage.
Our rates are tied to Prime, a rate that is determined on the Fed Funds Rate set by the Federal Reserve. The Wall Street Journal publishes the consensus prime rate based off of surveys of large banks. Currently, Denver Community Credit Union offers rates as low as 1% below Prime. Your rate is also based on credit history.
No. You can use your line of credit for any purpose, including but not limited to home remodeling. Many people use their line of credit to pay for college tuition, vacations, weddings, automobiles, RV’s etc.
Most of the time, the interest on your home equity line of credit is tax deductible. We cannot guarantee whether your interest is tax deductible or not. Please check with a tax advisor to be sure.
No. The HELOC is just a line of credit. You choose how much or little to use, when to use it and what to use it for. If your HELCOC balance is $0, you will not be penalized or charged any fees.
For more information, to check rates, or to apply call a Mortgage Loan Representative at 303-573-1170. You can also apply online here.
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