There’s a simple, affordable way to financial freedom—and it starts right at home.
Did you know 340 million Americans are in debt—much of which is from high-interest credit card debt? It’s a problem we see far too often. But for homeowners, the ability to kick those high-interest rates to the curb and consolidate your debt is possible using a low-rate Home Equity Line of Credit (HELOC) from Credit Union of New Jersey.
How your home can help:
The equity you’ve created with your home can lend some serious power when it comes to debt consolidation. HELOCs can be used for debts of all sizes—borrow as little as $5,000 and as much as $500,000. Withdraw money whenever you’d like, and only get charged interest on the line of credit when you draw on it.
- Borrow anywhere from $5,000 all the way to $500,000
- Interest rates as low as 8.99% APR¹
- Repayment up to 15 years
- Payments are based on how much money you’ve used from the line. If it’s at zero, you pay nothing
- Loan amounts up to 100% of your home’s value minus your first mortgage and any other liens on this property
Tackling debt with the tools you already have.
Although they’re great for home improvements and fixes, Home Equity Lines of Credit can be used for anything you want. It’s a line of credit paired with the ability to stabilize not just your home, but your finances, too.
The real beauty of a HELOC is that interest is only charged on the line when you withdraw money from it. And even then, that interest is only based on the amount outstanding—so it’s like a credit card in that respect.
Borrow the money you need, right when you need it with a low rate and payments you can afford. As you repay the loan, your credit line is replenished automatically.
Here’s how our members use HELOCs:
Consolidate high-interest debt with a low rate and affordable monthly payments.
From a new wrap-around porch your dream kitchen, your home’s existing equity can help create more.
When considering a major expense, even college tuition, a HELOC may be a worth option to consider.
Ready to get started?Apply for a HELOC
APR = Annual Percentage Rate. APR is subject to change without notice. The variable APR applicable to your account will be indexed to the Prime Rate as published in the Wall Street Journal. As of July 27, 2023, the current Prime Rate is 8.50%. The maximum combined loan to value for all liens is 80% to receive a rate as low as 8.99% APR and is 90% to receive a rate as low as 9.99% APR. APR that can apply is 18.00% or the maximum permitted by law, whichever is less. APR may vary depending on credit history. Homeowners insurance is required. Flood insurance is required where necessary. Member eligibility required. A five-dollar ($5.00) donation to the CU of NJ Foundation qualifies you for membership if you’re not already eligible through an employer group.