Home Equity Line of Credit | HELOC | Redstone Federal Credit Union

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Home Equity Line of Credit

When you need to borrow for a home renovation, tuition, or other expense and can afford to use your home as collateral, a Home Equity Loan or a Home Equity Line of Credit (HELOC) may be right for you. Often referred to as a second mortgage, both a Home Equity Loan and a HELOC include competitive rates and several lending options.

While there are a few key differences between a Home Equity Loan and a HELOC, both offer a practical way for you to tap into your home equity to reach your goals.


Which is right for you?

Home Equity Line of Credit

Borrow up to

$150,000

Minimum loan amount $10,000.

Finance up to

100%

of the appraised value of your home

APR as low as

5.500%

Entertainment

Access to pre-sales and discounts on tickets to sporting events

Preferred seating offers for select Cirque du Soleil shows

Travel

Incredible travel packages, savings, and upgrades

Premium benefits at prestigious hotels worldwide

Trip Cancellation (reimburses some unused fares)

Dining

Complimentary wine tastings at Sonoma County wineries

Savings at restaurants and gourmet retailers

Service

24/7 Visa Signature Concierge2  service, which includes:

Travel and dining arrangements

Entertainment and event tickets

Hospitality services

Savings

Special offers from select retailers with Visa Discounts**

Price Protection (reimburses the price difference of an item if you find it advertised for less within 60 days of purchase)

I am looking for:

A First Credit Card

Need to establish your credit?

The Visa Traditional card is ideal for students and other members who are ready to open their first credit card. With responsible spending, you can use your Visa Traditional card to build a strong credit foundation, which will help you achieve your goals throughout your life—from buying a home to enjoying your retirement.

Our Visa Traditional card includes round-the-clock-support, real-time fraud text alerts, 24/7 Roadside Assistance, and much more. You can monitor your card activity and manage your account— anytime, anywhere—with Redstone’s Online and Mobile banking. There are so many ways for you to stay on top of your finances and plan for your future.

A Second Chance

Need to reestablish your credit?

If you’ve had challenges with your credit in the past and you want another chance to get your finances in order, the Visa Traditional card can help you move in the right direction.

Build your credit with peace of mind, knowing that you’re backed by the security and convenience of Visa and Redstone’s outstanding member support. It’s easy to keep tabs on your spending with Redstone’s Online and Mobile banking. And with resources like Redstone’s FinanceWorks money management tool, you’ll have what you need to establish healthy habits and keep moving forward.

Key Features: 

  • Variable rate, tied to Prime.
  • Borrow funds as needed. Advance through online banking or access with your HELOC Visa credit card.
  • Payments are due on the 15th of every month.
  • Minimum monthly payment is 1.5% of outstanding balance or $100.00, whichever is greater.
  • May be eligible for tax benefits on interest (check with your tax advisor).
  • No annual fee, no appraisal fee, no closing costs.

Ready to apply for a Home Equity Line of Credit Loan? It’s easy!

Home Equity Line of Credit

Borrow up to

$150,000

Minimum loan amount $10,000.

Finance up to

100%

of the appraised value of your home

APR as low as

4.625%

Key Features

  • Variable rate, tied to Prime.
  • Borrow funds as needed. Advance through online banking or access with your HELOC Visa credit card.
  • Payments are due on the 15th of every month.
  • Minimum monthly payment is 1.5% of outstanding balance or $100.00, whichever is greater.
  • May be eligible for tax benefits on interest (check with your tax advisor).
  • No annual fee, no appraisal fee, no closing costs.

Ready to apply for a Home Equity Line of Credit? It’s easy!

Every Redstone Visa credit card includes all of these features

Redstone convenience icon

Convenience

Quick and easy purchases 

Visa is accepted all over the world

Warranty Manager Service: additional product registration to extend the manufacturer's original warranty on products you buy

Redstone account security icon

Security

Zero-liability fraud protection

Monitor credit card activity with Credit Card Control

Real-time fraud monitoring and fraud text alerts

Identity theft assistance

Redstone discounts and rewards icon

Savings & Discounts

With Visa SavingsEdge®, you’ll receive discounts at select retailers when you use your Visa credit card.

Redstone Discounts!® when you use your card at many local businesses.

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Additional Benefits    

Travel and Emergency Assistance

24-hour Roadside Dispatch service

Auto Rental Collision Damage Waiver insurance coverage for cars rented with your Visa card

Warranty Manager Service manage, use, and extend the warranties of eligible items purchased with your Visa card

Mortgages are only available for properties located in Alabama and Tennessee.

All mortgage loans are subject to credit approval. You must be an RFCU® member to obtain a mortgage loan. Must be eligible for membership and open a share savings account.  A minimum balance of $5.00 is required to open and must be maintained in share savings account at all times.  All mortgage loans are subject to credit approval. Rates are determined by an evaluation of applicant credit at account opening.  Your rate may be different. Fixed rates remain fixed for the life of the loan and adjustable rates are subject to change after consummation. Various types of mortgage loan programs and terms are available. Must have online banking user name and password to access HELOC online application. Must create separate user name and password to gain access to Home Equity mortgage application process. RFCU is an Equal Opportunity Lender.. Other restrictions may apply.

HELOC: The minimum Annual Percentage Rate (APR) shall not be adjusted lower than 5.5% or higher than 18% or the maximum allowed by law, whichever is less.. However, your initial APR is based on an evaluation of your credit at account opening and may be different. The maximum APR is 18% or the maximum allowed by law, whichever is less. $10,000 to $150,000 equity lines up to 100% of Total Loan-To-Value (TLTV) for owner occupied property or 75% of TLTV for non-owner occupied. No advances are allowed under your Home Equity Line of Credit after 15 years (for owner-occupied property) or 12 years (for non-owner occupied property). RFCU pays closing costs. Property insurance is required.

VISA HELOC Credit Card: The minimum transaction amount allowed at any one time is $1.00, up to the approved maximum credit limit, but no more than $30,000 in any given day. ATM transaction limits apply and may vary. Individual institutions set their own ATM transaction limits. Credit card purchases are considered advances from your Home Equity Line of Credit and are subject to the terms and conditions of your Home Equity Line of Credit Agreement and Disclosure Statement and the HELOC Visa Credit Card Opt-In/Op-Out Addendum. Certain fees may apply, see these documents for additional detail.

*Finance up to 100% of total Loan-To-Value of the equity in your primary residence or 75% of total Loan-To-Value for non-owner occupied

**Redstone Discounts! and Visa Discounts are provided by participating merchants. Must use RFCU credit card to receive discount. RFCU does not warrant, guarantee, or insure any product, purchase, or service offered by participating merchants.

***Benefits offered by Visa USA. Redstone Federal Credit Union (RFCU) does not warrant, guarantee, or insure any service or product offered by Visa. RFCU and the Visa Corporation are separate entities. Certain terms, conditions, and exclusions may apply. In order for coverage to apply you must use your covered Visa card to secure transactions. Please refer to your Guide to Benefits for further details. Visa's Zero Liability policy covers U.S.–issued cards only and does not apply to ATM transactions, PIN transactions not processed by Visa, or certain commercial card transactions. You must notify Redstone Federal Credit Union immediately of any unauthorized use. Consult issuer for additional details or visit www.visa.com/security.

****Extended Service Agreements are offered through a third-party administrator, and may not be available in all states. Terms and conditions may vary by product type. Call 1-800-882-8057 for details regarding specific products.

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