What is a HELOC?


*NO Closing Costs!


Definition: A HELOC (Home Equity Line of Credit) is a variable rate mortgage which uses the equity in your home as collateral. A Home Equity can be either a first or second mortgage.

Common uses for a Home Equity

  • Consolidating debt
  • Wedding costs
  • Education costs
  • Home improvements
How to Calculate your available Line of Credit
Home Value: Loan to Value Lending Limit 1st Mortgage (if applicable) Available Funds
    $200,000.00 X 75%         =         $150,000.00 -     $100,000.00 =     $50,000.00

Current Interest Rate for a Home Equity

A Home Equity Line of Credit bases its rate off of the Wall Street Journal Prime Rate. Therefore, the rate is set by the Federal Reserve.

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Or Call Us At:   912.356.9225


+ What will my payment be?

  • Your minimum payment will be the greater of $50.00 or the amount needed to repay your balance with interest.

+What will my interest rate be and will it change?

  • A Home Equity is a line of credit with a variable interest rate based off of the Wall Street Journal Prime Rate. WCCU updates rates on July 1st to match the Prime rate from June 1st.

+ What if I draw more money?

  • If you withdraw additional funds during the draw period or the interest rate changes, your monthly payment may change.
  • Your payments are recalculated after each draw to repay your principal balance over the remaining months of your repayment period.

+ What is the draw period?

  • The draw period is the fixed length of time during which you can access funds from your home equity line of credit. It runs 5 years from the date your loan closes.

What Makes Us Different

Workmen’s Circle Credit Union is currently having a Home Equity Line of Credit Promotion that will cover all closing fees,*except for an appraisal (if needed). 

Timeframe: 3 – 4 weeks

Your Home Equity Line of Credit will be underwritten and approved in house. Your loan will be approved by our member appointed Loan Committee. Our office is located at 527 Stephenson Avenue. Your loan processor will be your loan closer. 


Or Call Us At: 912.356.9225