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Financial Guidance Library

Helping others achieve financial success

Financial Guidance Library

Find money under your roof

Let Your House Pay
Renovate the kitchen, pay tuition or finance a vacation all with a home equity line of credit– or HELOC as it’s called. Equity is the difference between the appraised value of your home and the balance on your mortgage. Use a home equity line of credit like you would a credit card – draw only what you need and pay back as you use it. Once approved, it’s generally good for 15 years.

Apply in a branch or through online banking. You’ll need:
• Income verification
• Proof of insurance
• Last mortgage statement
• A new appraisal ordered by Family Trust

New Payment Method
Beginning June 1, it will be easier to repay your home equity line of credit. When you have an Annual Percentage Rate of 8.00% or less, your minimum payment will be 1.00% of the balance; members with an interest rate over 8.00% will pay
1.50% of the balance (1). This change will reduce minimum monthly payments, which will especially help members with higher balances.

1. Minimum monthly payment is $100. This pay plan may not apply to certain HELOCs. Please call 803-867- 4100 for questions.