We have a fairly quick turnaround time. Average time from application to closing can be as little as 2 weeks. This will depend on how responsive the borrower is, and whether an appraisal is required. If an appraisal is required, the time to closing may be longer due to scheduling. We will preapprove your request prior to moving forward with any services that would incur a cost.
With our HELOC’s we will finance up to 90% loan to value. We will finance up to 100% loan to value on a Fixed Equity loan.
A knowledgeable SharePoint CU Financial Services Representative can help you determine the right loan product based on your needs.
The biggest benefit is the rate. Loans secured by a primary residence tend to be significantly lower than any other loan product, such as a credit card or personal loan.
We offer both a variable rate Home Equity Line of Credit (HELOC) and Fixed rate term Home Equity loan. The Home Equity Line of Credit (HELOC) is a revolving line of credit secured by your primary residence or cabins/vacation homes. The HELOC offers a 7-year draw period, and then a 10-year repayment period. Our Fixed Home Equity Loan is a one-time advance that is then repaid over a fixed term at a fixed rate. We offer terms up to 15 years.