HELOC is a line of credit secured by a mortgage on a borrower’s
primary residence, second home or vacation home. North Georgia
Credit Union shall offer its members a HELOC subject to the
proceeds cannot be used for:
or commercial use;
of primary residence;
off existing first mortgage.
HELOC’s are subject to risk-based pricing
rates are variable on all HELOC’s. Rates will adjust
in January and July of each year and will move in accordance
with the Prime Rate as published in the Wall Street Journal.
Any rate changes should comply with the Georgia Fair Lending
Act and should never exceed 18% under any circumstances.
– 5-year draw period with a 15-year payment period.
loan amount is $100,000 per member and the minimum advance
is $1,000. The maximum limit is in addition to any other loan
limits in this policy.
us for more information on home equity lines of credit, or click
here for a loan application.
here for rates on North Georgia Credit Union
home equity lines of credit.
Click here to view the terms and conditions of our home equity lines of credit, or click here to learn what to do when your home is on the line.
Important Terms on our Home Equity Line of Credit