Interest-Only Home Equity Line of Credit
Bring Your Dream Home To Life.
Build More with Your Home’s Equity
Your home’s value is more than a number—it’s an opportunity. Whether you’re renovating, consolidating debt, or planning for the future, we’re here to help you take the next step with flexible solutions designed for you.
5.25% APR Intro Rate
for the first 12 Months with an Interest-Only Home Equity Line of Credit. After Intro Rate, APR can range from 7.50% to 9.175% based on Prime Rate and other criteria.1
Join us at the Richmond Home + Garden Show
Visit the Richmond Raceway Complex, February 28th – March 2nd, for home and garden inspiration to help you love your space even more. Enjoy exclusive ticket discounts just for you!
Unlock Your Home’s Potential
Empower your finances with a revolving line of credit that taps into your home equity.
Flexibility
An Interest-Only Home Equity Line of Credit (HELOC) provides you with a revolving line of credit secured by the value of your home. However, the key difference is how the payments are structured. Our rates are tied to the Wall Street Journal Prime plus margin.
Quick & Timely
Our team will process your application quickly and efficiently. The average closing time is 17 business days! We will work with you to determine the right solution for you and your situation.
Save Money
We do not charge application fees to apply. And we want you to pay your loan back as quickly as possible, so we don’t charge prepayment penalties either.
Unlimited Uses
Your funds are yours to use for repairs, debt, or unexpected costs.
Easy Application
Apply online in minutes and check your eligibility.
Free Financial Wellness Coaching
Get expert help to make smart home equity choices.
Outstanding Support
Call Federal is here to help at every step of your Interest-Only HELOC application.
Five Star Feedback
★★★★★
Kristen H.Call Federal works constantly to improve. They aren’t just looking for new ways to charge unnecessary fees. Instead, they work to make their members feel appreciated.
Calculators
Estimate payments and plan for your financial goals.
Keeping it simple
Call Federal Credit Union is here to help with every step of your HELOC application.
Apply Online
Enter a few details into our secure online loan application
Get Pre-Approved
We’ll offer you a loan amount with a likely rate for your chosen term*
Get Your Funds
With your financing ready, you can start your next big project or start working toward a goal
Need A Little More Information?
Choosing between a Call Federal Interest-Only HELOC, a traditional HELOC, or a Home Equity Loan depends on your financial goals and how you plan to use the funds. Here’s a quick guide to help you decide:
HELOC:
Ideal for ongoing expenses like home projects or unexpected costs, a HELOC provides a revolving line of credit with a set limit. You can withdraw funds as needed during the draw period and pay interest only on the amount you use. It offers maximum flexibility for evolving needs.
Home Equity Loan:
Best for fixed expenses such as major renovations or debt consolidation, a Home Equity Loan gives you a lump sum upfront. With a fixed interest rate and term, you’ll have consistent monthly payments, making it easier to budget.
Interest-Only HELOC:
Perfect for home improvement projects, large purchases, or managing debt, this option lets you make interest-only payments during the initial draw period. It provides immediate financial relief and flexibility while preserving cash flow.
Let us help you determine the right solution for your unique situation—contact Call Federal today!
An Interest-Only Home Equity Line of Credit (HELOC) is similar to a traditional HELOC in that it provides homeowners with a revolving line of credit secured by the value of their home. The key difference lies in how payments are structured.
With an Interest-Only HELOC, you are only required to pay the interest on the amount you borrow during the initial draw period, giving you greater financial flexibility. This can result in lower monthly payments upfront, but it’s important to plan for repayment of the principal balance after the draw period ends.
This option is ideal for homeowners looking to manage short-term expenses or projects while maintaining control over their cash flow. If you’d like to explore how this type of financing could work for you, contact us today!
Call Federal can lend up to 100% combined loan to value (CLTV) on home equity loans and lines of credit. CLTV simply means, we take any balance you may have on a mortgage (if applicable), plus your home equity loan or line amount and divide that by the appraised value of your property. The maximum CLTV approval may vary based on factors such as creditworthiness, collateral conditions, lien position, and other qualifying factors. For personalized information regarding your eligibility and loan terms, please contact Call Federal directly.
Call Federal’s Home Equity Loans and Lines of Credit (HELOCs) offer several advantages to help you achieve your financial goals:
- Competitive Rates: By using your home’s equity as collateral, you can secure lower interest rates compared to traditional loan options.
- Flexible Options: Choose between fixed-rate Home Equity Loans for predictable payments or variable-rate HELOCs for ongoing access to funds, allowing you to select the structure that best suits your needs.
- Versatile Use: Utilize the funds for various purposes, such as consolidating debt, financing home improvements, or managing unexpected expenses, giving you the freedom to allocate resources as you see fit.
- Transparent Process: Benefit from a clear and cost-effective loan process with no application fees or prepayment penalties, ensuring you understand all terms and conditions.
- Complimentary Financial Coaching: Access free financial coaching to make informed decisions about leveraging your home equity, empowering you with the knowledge to manage your finances effectively.
These benefits reflect Call Federal’s commitment to providing practical financial solutions and exceptional service to its members.
Not finding what you’re looking for? See all FAQs.
For Your Information
Understand the requirements for a Home Equity Line of Credit and discover how to qualify for flexible borrowing options.
The first requirement to consider is how much equity is available in your home. While many lenders typically require at least 15% equity to access a HELOC, Call Federal offers options for up to 100% Loan-To-Value (LTV), pending eligibility. To calculate your available equity, subtract the remaining balance of your current mortgage from your property’s current market value.
Another requirement when considering a HELOC with Call Federal Credit Union is your DTI, or debt-to-income ratio. We strive for our borrowers to have a DTI of 45% or lower to qualify for our equity loan products.
Like all loan products, your credit history is key in qualifying and securing the best rates. In looking at what’s required for a HELOC, lenders commonly expect a minimum score above 630.
While we’ve covered the basics of what is required to qualify for a home equity line of credit, your lender may require you to present specific documentation with your application. Information such as your most recent tax returns, proof of income, and any recent mortgage statements could be required when applying.
We’re here to help!
Contact Call Federal today for more information and expert guidance to meet your needs.
Disclosures
-
APR=Annual Percentage Rate. The disclosed rate is valid as of February 1, 2025. Rates and conditions are subject to change at any time and may vary based on creditworthiness, qualifications and collateral conditions. Please consult with your loan officer when applying to see if this offer is still valid. Subject to membership in the credit union, credit approval and closing. Property insurance required. Offer only valid for new loans, and not valid for refinance of existing Call Federal loans or lines of credit. Property must be member’s primary residence and located in the Commonwealth of Virginia. If the application expires outside of the promotional period, this incentive cannot be renewed. Application must be submitted by 11:59PM EST on May 31, 2025. 1Introductory rate of 5.25% APR valid for 12 months from account opening. Afterward, the APR can range from 7.50% to 9.175% APR based on Wall Street Journal Prime Rate + margin. Interest only payments required during the 10-year draw period and there may be significant monthly payment increases when the line of credit enters into repayment phase. A nominal flood insurance fee is assessed. Equal Housing Lender.