Home Equity Loans

Delta County Credit Union offers a straightforward, easy-to-use Home Equity Line of Credit (HELOC) loan. Loan rates are tied to the Prime lending rate. The Credit Union offers three rates, with the lowest being one percent under prime.

How are HELOC rates determined? The Credit Union sets your HELOC rate, based on you credit score. If you have a score at or above 700, you receive a rate of one percent under prime. Credit scores that fall in the range of 640-699 receive a rate one-half percent above prime. Scores that fall below 639 then have a HELOC rate of two percent over prime. These rates can change twice per year, on January 1st and July 1st, based on the movement of the prime rate. The maximum change is 2%/year with a minium rate of 5.5% and a maximum rate of 10.5%.

The minimum monthly repayment is $100/month on the first $10,000 drawn out. Once the balance is above $10,000, the minimum repayment is 1% of the outstanding balance. (Example: $20,000 balance equals a payment of $200/month)

Payment dates are flexible based on what is best for your budget. Draws can be requested in person or via the telephone.

HELOC accounts are open for five years. They can be paid off at any time and then re-used again within the five year period. Accounts will be renewed after five years, if payments have been timely.

Please stop-in to pick-up an application for a HELOC Loan. We will need a copy of a property tax bill and a current pay-stub to start processing the loan request.

Note: Currently all rates are 5.5% because the prime rate is down to 3.25% and all loans have reached our minimum rate.