HELOC - Home Equity Line of Credit | Santa Fe Federal Credit Union

Our HELOC program is the best in Texas! If you have equity in your home, you may qualify for a HELOC. A HELOC allows you to access the funds you need, when you need them. You could borrow up to 80% of your home's tax appraisal value (minus any other liens), to use for home improvement projects, debt consolidation, or anything else!

Perks:

Lower rate than personal loans
Flexibility to use the money when you need it, on what you need!

For more information, call our Amarillo branch at 806.373.0736.

Details:

HELOC Minimum: $10,000
HELOC Maximum: No max (with approved credit)
Minimum HELOC Advance: $4,000
Annual HELOC Advances Allowed: Unlimited
$300 Origination Fee with no additional closing costs in most situations.

Note: This loan product is only available to members living in a Texas residence.

Please reach out to a Santa Fe FCU loan officer for more information. All loans with approved credit and are subject to Santa Fe FCU's lending policies. A verification of income will be required.

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HELOC FAQ

Do I have to use the money for home improvements?

No. The advances on the HELOC can be used for any purpose. We have members who use the HELOC to help fund their child's college education. Retirees use the HELOC to supplement their retirement income. We have members who get really innovative with the borrowing power of a HELOC and use it for investment purposes or debt consolidation.

Are the interest rates better than other loan options?

The interest rates are variable and at SFFCU our HELOC rates start at 100 basis points below prime (floor of 4%). Members enjoy the convenience of a ten year draw period with the flexibility of interest only minimum monthly payments! The repayment period starts after that with equal monthly payments of principal and interest for the next ten years. The flexibility of our HELOC is accommodating to every member's situation!

Is the interest tax deductible?

In general, the interest on a HELOC is tax deductible. Ask your tax adviser for more information on this.

Are there fees and closing costs?

There is a $300 origination fee with our HELOCs, but no other closing costs are required in typical situations. No escrow accounts are required. The industry average for HELOC closing costs is 2%-5% of the loan amount, making our HELOC a great value for our members!

HELOC Rates