
Home Equity Line of Credit
Make Your Home A Place You Love.
Your Home, Your Opportunity
Your home’s equity is a powerful tool. Whether you’re upgrading your space, consolidating debt, or tackling a new project, we’re here to help you make the most of it with smart, flexible solutions.
Flexibility
A Home Equity Line of Credit (HELOC) includes a variable interest rate and allows you to borrow multiple times during the draw period.
Unlimited Uses
Your funds are yours to use for repairs, debt, or unexpected costs.
Fast & Easy Application
Apply online in minutes and check your eligibility. Average close time is 17 business days from approval.
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 HELOC application.
Rates
Term |
APR* |
---|---|
*APR=Annual Percentage Rate. Rates displayed assume excellent credit, 80% or less combined loan -to- value, as well as .50% discount for auto transfer payment from a Call Federal checking account. The discount is only available at time of processing and will be removed should the auto transfer stop. Subject to membership in the credit union, credit approval and closing. Property insurance required. Property must be member’s primary residence and located in the Commonwealth of Virginia. Home Equity rates include a Flood Determination fee when applicable. For 15-Year HELOC, rates are subject to change quarterly (January, April, July, and October) on the 1st of the applicable month based on the Prime Rate published in the Wall Street Journal. The maximum rate for this product is 15%. Rate Effective Date: February 1, 2025. |
|
Term 15 Years |
APR* as low as 7.75% – 9.425% (Variable) |
Calculators
Estimate payments and plan for your financial goals.
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.
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.
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
Apply Now
To apply for your HELOC, use the link below or visit a branch to get started.
We’re here to help!
Contact Call Federal today for more information and expert guidance to meet your needs.