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Home Equity Line-of-Credit

Put the Money In Your Home to Work for You!

Use an EXCEL Federal Credit Union home equity line-of-credit for renovations, tuition, a vacation, or any number of large purchases. This revolving credit line allows you to borrow funds as needed1 and, the funds become available to use again as you make payments on the principal. Put the money you’ve invested in your home to work for you with an EXCEL Home Equity Line-of-Credit!

  • Rates as low as PRIME2
  • 20 year term
  • Interest only payments for first 10 years3
  • No closing costs on loan amounts of $100,000 or less
  • $10,000 loan minimum
  • Fast approvals
  • Transfer funds into your checking account anytime

Documentation that may be needed includes:

  • Last two years of tax returns
  • Last bank statement from your financial institution
  • Last two check stubs from your employer(s)
  • Last mortgage statement from your mortgage lender
  • A legal description of the property

APPLY ONLINE at www.excelfcu.org or CALL 770-441-9235.

1Up to your credit limit.

2Approval and rates based on credit worthiness. Rates stated as Annual Percentage Rates (APRs). Cost of appraisal is refunded at close of loan. Stated APR based on a credit score of 740 or better and loan amount equal to or less than $100,000. We calculate your variable rate by adding 0.00-3.00% to the Prime Rate published in the “Money Rates” section of The Wall Street Journal every month. The rate will never be more than 18.00%.

3The line is revolving for the first 10 years with interest only payments; the line is frozen for the second 10 years, accepting monthly payments of 1.5% of the balance or $50, whichever is greater. If not paid off at the end of the term, a balloon payment may be required.

Example:
If you made an initial credit advance of $15,000.00 at an annual percentage rate of 4.50%, made only the minimum monthly payments and took no other credit advances during the Draw Period, you would make 120 monthly payments of $56.25. After the Draw Period ends, the Repayment

Period would begin during which you would make 119 monthly payments varying between $225.00 and $59.21 and a final balloon payment estimated to be $3,917.51. This example assumes a ten (10) year draw period and a ten (10) year repayment period. The example also assumes that no additional credit advances were taken, and that only the minimum payment was made each month, and that the rate remained constant at 4.50% during each year. It does not necessarily indicate how the Index or your payments will change in the future.

Eligible properties must be in Georgia and include single family detached and attached units, Planned Unit Developments (PUD) and condominiums. Qualified homes must be owner-occupied and the principal residence of the borrower. Investment properties, vacant lots, purchase money seconds, and manufactured homes are not eligible. Rates are subject to change without notice. Other rates, terms and loan programs available. Excel Federal Credit Union membership is required. Speak with member services at 770-441-9235 for more details.