Your HELOC, Made Easy
Clear answers. Flexible options. No guesswork.
Learn How to Make the Most of Your Home’s Equity.
From draw periods to rate locks, we’ve broken everything down in simple terms so you can use your home’s equity with confidence. And if you have questions that aren’t covered here, we’re always here to help.
Home Equity Line of Credit (HELOC) Flex
You have access to the HELOC Flex for 10-years. After 10-years, the line is closed and you have 20-years to pay back the remaining balance.
The interest rate on the Home Equity Line of Credit is variable.
The payment is the prior month’s accrued interest based on the outstanding loan balance.
The payment is calculated by taking the remaining balance and dividing it by 240-months. The payment consists of the principal plus accrued interest.
Example: $20,000 balance divided by 240-payments equals $83.33. Your payment would be $83.33 plus the accrued interest from the previous month.
Example: $20,000 balance divided by 240-payments equals $83.33. Your payment would be $83.33 plus the accrued interest from the previous month.
HELOC Flex Lock Option
You may request to have a specified amount (minimum $5,000) from the HELOC be converted to a fixed interest rate and term loan or “Lock”. You may have a fixed payment on this balance. You may elect a repayment term up to 20-years based on the loan amount.
You may visit a branch or contact the Member Service Center to request a Lock.
Not currently. You may visit a branch or call the Member Service Center to initiate a request.
You will be required to make the minimum required payment on the HELOC as well as the payment on the fixed-rate loan. Both the fixed-rate loan and HELOC payments are due on the 25th of each month.
- Your available credit limit will be reduced by the amount you convert to a fixed-rate and term, which lowers the credit available for future draws.
- As you pay down the balance on the fixed-rate/term portion, your available credit will increase by the principal applied to that fixed-rate balance.
You may elect to convert the HELOC Flex to a fixed-rate and term portion a maximum of six times during the draw period. You are allowed to have a maximum of three active fixed-rate locks as well as the HELOC at any given time.
No. UVA Community Credit Union will only report one loan to the credit bureau. The HELOC balance (if any), and the loan balances and the payments will all be consolidated into one balance and one payment and be reported under the original HELOC Flex suffix only.
The fixed-term lock rate is based on your original credit score, loan-to-value, and occupancy status (i.e., primary residence, second home, rental property), at the time the HELOC Flex was opened.
HELOC Flex/Home Equity Loan Payments
You can access your HELOC through home equity checks, Online Banking, mobile app, ITM, Call 24, Member Service Center, or any branch.
Your draw period is the time you can borrow against your line of credit, 10-years. After that, your repayment period begins, which lasts 20-years. You can also check your loan documents for exact dates.
Yes! If you’d like to refinance your HELOC or request a higher credit limit, reach out to your loan officer. We’ll review your account and options to find what works best for you.
If you want to convert a fixed-term home equity loan to a HELOC, our team can walk you through the process, explain any fees, and help you decide if it’s the right move for your needs.
The payment is due date is the 25th of each month.