Home Equity Line of Credit
Flexible funding you can use for any reason at all
Cars and computers break down, college tuition costs go up, and that cruise you've been planning with your Pittsburgh friends? Well, you could use a break. With a Clearview home equity line of credit, you can pay for all these things, and a lot more. We give you easy access to a low-cost line of credit that you can tap into time and again to pay the bills, buy the things you need, and simply make yourself a little happier now and then.- Low introductory rate of 6.99%1
- No application fees or annual fees
- Closing costs refunded up to $2002
- Credit limit varies depending on the equity you have in your Pennsylvania home
- No restrictions on use of funds, can even be used to consolidate higher-interest loans3
- Access money whenever you need it through digital banking or with checks
- Low introductory rate
- Refund on closing costs
- Fast, easy access to money
*Rates as low as
Things to know before you apply for a home equity line of credit
How does a home equity line of credit work?
A home equity line of credit (also referred to as a HELOC) is an open revolving form of credit that’s secured by the paid value of your home. Typically homeowners can apply for a home equity line of credit with up to 85% of their home’s equity, or the difference between what’s currently owed on their home loan and the market value of it. Home equity lines of credit usually have better interest rates and more flexible repayment terms than any other loan type. Unlike traditional loans, funds are withdrawn as needed rather than being received in a lump sum (similar to a credit card).
It's also worth noting that you may have a "draw" period, during which time any available funds can be accessed, generally ranging from 5-10 years. Once that draw period has concluded, any withdrawn funds will need to be repaid, either immediately or within a set time frame. Most often, these funds are used to pay for home improvement projects, but they can be spent however you choose — a wedding, vacations, adoption, debt consolidation, and more.
How much equity is in my home?
To figure out how much equity you have in your home, take a look at your most recent mortgage statement and find the outstanding balance. Subtract the amount you owe from your home's market value and the number you get will give you an idea of available equity. You can also use our home equity calculator to determine this figure!
What are the advantages of credit union HELOCs?
Unlike larger financial institutions, we're non-profit and don't have shareholders. As a result, credit union HELOCs are generally offered with more flexibility when it comes to payment terms as well as lower interest rates. We also take pride in the personal relationships we build with our members. After all, our vision is to help you enjoy a better life.
*APR = Annual Percentage Rate. All rates are subject to change without notice. Loan must be secured by primary residence, which must be owner-occupied. All loan approvals are subject to normal underwriting guidelines. The consumer should consult a tax adviser for further information regarding the deductibility of interest and charges. Home Equity Loans, Lines of Credit, and First Mortgages are available in all states except Alaska, Hawaii, and Texas.
1. APR = Annual Percentage Rate. Rates are based on the loan-to-value, term of loan, and creditworthiness. Home Equity Rates listed are based on an 80% loan-to-value. Other rates and terms are available.
2. Introductory rate is based on a 6-month introductory term with initial advance of $10,000 in new funds. The introductory rate will be effective for 6 months from closing date. After 6 months, the variable rate will be indexed as low as Prime Rate minus 0.75%, based on creditworthiness and loan-to-value, with a floor of 2.99% APR. The maximum variable rate that may be imposed is 18%. Variable rate includes 0.25% discount if you have an active Absolute Checking® account. Introductory rate not available on the interest only product. The index used to determine the APR will be the Prime Rate found in the Money Rates Section of the Wall Street Journal published on the first working day of the month. The APR will then be adjusted and effective on the first day of the same month. Minimum credit limit is $10,000.
3. Consult a tax adviser for further information regarding the deductibility of interest and charges.
If you're not currently a member and are approved for a loan, your general membership is built in to that process. Learn more about eligibility and benefits.
For new members, you can apply by using our online application, starting a video call with Clearview Live®, visiting your local financial center, or calling us directly at 1-800-926-0003.
Once an application is completed, it’s either sent to underwriting for review, or for closing if it has been pre-approved or instant approved.
