There are so many ways to use the equity in your home. Tackle that home renovation you’ve been putting off. Consolidate some high-interest debt. Pay for tuition. Finally take that dream vacation.
No matter how you plan to use your equity, our HELOCPlus+ can help. It combines the flexibility of a Home Equity Line of Credit and the “budgetability” that comes with a fixed-rate Home Equity Loan (that’s the “Plus+” part).
And you’re definitely going to love our introductory rate1 of 4.99% APR for six months on the HELOC part.
After the introductory fixed-rate period, the APR will vary based on the prime rate plus a margin2 ranging from 0.25% to 2.50%. As of March 4, 2025, the prime rate was 7.50%. Current variable rates range from 7.75% APR to 10.00% APR.
Lock in a Rate for a Longer Term With the Plus+ Part of the HELOC Plus
But if you’re looking to protect yourself against future rate increases by locking in a rate for a longer period of time, you can do that too by taking advantage of the “Plus+” part with a fixed-rate Home Equity Loan3 as low as 5.24% APR for 36 months.
How It Works
The HELOC part is a revolving line of credit, giving you the freedom to use it when and how you see fit. You can access available funds as many times as you need during the first 10 years of the loan. During this period, you make interest-only payments on the amount drawn on the HELOC part. The interest rate on a HELOC is a variable rate, meaning the rate can change over time.
The “Plus+” part allows you to “lock” in a portion of the HELOCPlus+ as a fixed-rate loan, giving you a fixed payment that includes principal and interest, so you know exactly what you’ll be paying from month to month.
If you lock in a portion utilizing the “Plus+” part, you may continue to borrow against any available funds in your HELOCPlus+. As you borrow, you may choose to utilize the HELOC part, making interest-only payments, or you may choose to utilize the “Plus+” part as long as you have no more than three active “Pluses” at one time.
Take a Look Here to See How It Works
| When using the “HELOC” part of a HELOC Plus… |
When using the “Plus+” part of the HELOCPlus+… | |
| Interest Rate | Variable rate based on an index, plus margin | Fixed rate for the duration of the “lock” period |
| Access to Funds | At closing and as needed during the first 10 years (the “draw” period) | Entire amount you choose to “lock” when your lock agreement is finalized |
| Limitations on the Parts of a HELOCPlus+ | Unlimited advances/draws during the 10-year draw period | A maximum number of three “locks” are allowed at one time |
| Minimum Advance | $500 | $5,000 per “lock” |
| Payments During Draw Period | Interest-only payments for 10 years on the amount drawn | Fixed principal and interest payments on the amount you choose to lock |
| Payments During Repayment Period | Principal and interest payments for years 11-30 | “Locks” are available for 36 months, 60 months, 84 months, 120 months, and 180 months |
1Cannot be combined with other promotions. Property insurance is required. All rates and offers are subject to change without notice. The introductory offer is not available if the property has been used by the current owners to secure another Home Equity Line of Credit in the past two years at Avadian.
2The amount of the margin will vary based on several factors, including creditworthiness and loan to value ratio. Maximum lifetime rate on Home Equity Line of Credit is 15.00% APR. Closing costs will be waived with a minimum advance at closing of $10,000. The closing costs will not be waived if the funds advanced at closing are used to pay off existing loans with Avadian. Closing costs and other fees are estimated to be between $300 and $700. If the Home Equity Line of Credit falls below $9,000 in the first six months, you will have to reimburse the closing costs waived by the credit union.
3For the “Plus+” fixed-rate loan of the HELOC Plus, the APR is based on creditworthiness. Rate shown above represents a loan-to-value of 80%. For the fixed-rate Home Equity Loan portion, the payment will be $30.08 per $1,000 for 36 months at 5.24% APR. Taxes and insurance are not included; your actual payment obligation will be higher.
Equal Housing Opportunity Lender
The credit union is federally insured by the National Credit Union Administration.
Additional insurance of up to $250,000 on your savings accounts is provided by Excess Share Insurance Corporation, a licensed insurance company.
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