A UNITED SA^®  Home Equity Line of Credit (HELOC) ¹ is an open-end, revolving loan product that allows you to withdraw funds from your available credit line.  During your draw period (up to a specified credit limit) your loan is replenished every time you pay it down ².  For example, you can draw funds for home improvements and, as you pay that balance down or off, you can later draw from those same funds for additional home improvements or other important uses. 

Home Equity Line of Credit (HELOC) Highlights:

• The property must be a homestead and owner-occupied and not larger than a two-family dwelling.  Mobile homes and manufactured homes will not be considered for an equity loan.
• Rates are variable.³
• Interest may be tax-deductible.⁴
• The minimum HELOC is $5,000 and the maximum is $100,000.
• Choose between monthly, semi-monthly or bi-weekly payment plans.
• Financing cannot exceed 80% of fair market value of the homestead less the amount of any other mortgage or debt secured by the property. ⁵
• No pre-payment penalties.

Probably the most valuable financial asset you have is the equity built up in your home. Equity is the difference between the present market value of your home and the total of any outstanding mortgages and other liens. As the market value of your home increases, so does your equity.  Equity loans will be secured with a lien on your homestead and can be used for any legal purpose, for example:

• to pay off debts
• to make home improvements
• to pay college tuition
• to purchase large ticket items

Click here to access our Home Equity Calculator.

Visit UNITED SA or call the Loan Department at (210) 561-4500 or 1-800-531-8456 for a Home Equity Line of Credit application. You may also e-mail your application request to credit.union@unitedsafcu.org.

1 UNITED SA Home Equity Lines of Credit (HELOCs) are available in Texas only. In accordance with the Texas Constitution, a 12-day cooling-off period and a 3-day rescission period are required before HELOC funds may be dispersed. All loans are subject to credit approval.

2 The minimum draw is $4,000 for the first advance and $4,000 for each subsequent advance. 

3 The variable rate is based on the value of an index. The index is the Prime Rate published in the Money Rates column of the Wall Street Journal. When a range of rates has been published, the highest rate will be used. We will use the most recent index value available as of 30 days before the date of any Annual Percentage Rate adjustment. The Annual Percentage Rate on variable rate lines may increase or decrease quarterly, not to exceed 18 percent.

4 Consult a tax advisor concerning your specific situation.

5 In Texas, credit limits on HELOCs are further restricted to 50% of the fair market value of the homestead.