A Home Equity Line of Credit (HELOC) is a flexible, affordable way to borrow against the value of your home. A HELOC gives you the flexibility to borrow only what you need, when you need it, and make payments on the amount you actually use. Think of it as a revolving credit line with a much lower rate than most credit cards or personal loans. Use it for projects, education, debt consolidation, or unexpected expenses — and enjoy the convenience of borrowing and repaying on your schedule.
Common HELOC Uses
- Home improvements and renovations
- Consolidating higher-rate debt
- Paying for education expenses
- Major purchases or life events
- Covering medical costs
- Emergency funds when you need them most
Benefits of a HELOC with KTCCU
- Flexible access to funds – Borrow, repay, and borrow again during your draw period.
- Lower rates than credit cards – Save money with competitive, variable interest rates.
- High loan-to-value – Borrow up to 90% of your home’s value (combined LTV), subject to credit and underwriting.
- Appraisal savings – No appraisal required for HELOCs under $50,000.
- Convenient draw and repayment – 5-year draw period; repayment term based on your credit limit (up to 15 years for larger balances).
- Easy online application – Apply securely online in just a few minutes.
- Local decisions, fast approvals – All applications reviewed right here at KTCCU.
How It Works
With a KTCCU Home Equity Line of Credit, you’ll enjoy a 5-year draw period, during which you can borrow as needed and make payments on the amount you actually use—not your full credit limit. As you repay, those funds become available again for future use. After the draw period, your account moves into the repayment period, which is based on your credit limit.
Your HELOC rate is tied to the Wall Street Prime Rate (Prime) and may adjust over time, subject to both a minimum floor rate and a maximum cap.*
Repayment options include:
- Up to 84 months for balances up to $10,000
- Up to 120 months for balances of $10,000.01–$30,000
- Up to 180 months for balances over $30,000
What to Expect When You Apply
2. Wait while we review your application
Our lending team will review your application and follow up if supporting documents (e.g., proof of income or insurance) are needed.
3. Review and sign your loan documents
Review and sign your closing documents. Once completed, we will finalize your HELOC.
4. Use your funds when you need them
After closing, your credit line is ready. Borrow, repay, and borrow again any time during your draw period.