Home Equity Line of Credit

Now you can use the equity your home has earned to establish a line of credit. Use these funds to accomplish many of your goals from renovation and short-term financing to debt consolidation and tuition.

If you need cash to create a special wedding, anniversary or just want to consolidate your debts, a Home Equity Line Of Credit (HELOC) is one of the most practical ways to go. You can have peace of mind with a home equity line of credit, easily access through our Visa® credit card, for home improvements, college expenses, or even vacations. Now's the time to enjoy our low rates and have more cash on hand! Contact your closest branch to apply.

Why should I choose Redstone Home Equity Line of Credit?

  • No annual fee
  • No appraisal fee
  • No closing costs
  • Competitive rates
  • Options for owner and non-owner occupied residences
  • Visa credit card to access your line
  • Possible tax deductions (check with your tax advisor)
  • Easy to apply though online banking if you are a member. Not a member? Come in to any branch or give us a call at 800-234-1234.

How does a Redstone Home Equity Line of Credit work?

  • Finance up to 100% of Total Loan-To-Value of the equity in your primary residence (75% of Total Loan-To-Value for non-owner occupied)
  • Minimum credit limit is $10,000. Maximum credit limit is $150,000
  • A payment will be due on the 15th of each month

How does a Redstone Home Equity Line of Credit Visa credit card work?

  • The Home Equity Line of Credit Visa credit card can be used anywhere Visa is accepted and is a convenient way to pay for purchases, plus you get additional benefits:

  • Purchase Savings: through Redstone Discounts! and Visa Discounts*
  • Visa Benefits: zero-liability fraud protection; 24-hour roadside dispatch service; real-time fraud monitoring; and identity theft assistance**
  • Warranty Manager Service: additional product registration to extend the manufacturer's original warranty***

 

 

 

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. Various types of mortgage loan programs and terms are available. Must have online banking user name and password to access online application. Redstone Federal Credit Union is an Equal Credit Opportunity Lender. Other restrictions may apply.

The minimum Annual Percentage Rate (APR) is 4.25% and may vary. 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.

For 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.

*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.

Apply for a Home Equity Line of Credit Today

Already a member of Redstone Federal Credit Union? Apply for a HELOC through your online account.

Apply Now

Ready to become a member and apply for a loan? Join online or visit one of our branches.

Add Value to Your Home

Find out the Top 5 Remodeling Projects that add the most value to your home. Download this eBook to start your project.

Download the Home Remodel ebook

HELOC Visa® Credit Card

HELOC Visa

Have an existing HELOC? Request a card to access your line of credit.

Tired of Your House?

Now may be the time to sell your existing home and buy your dream home. Download the guide for more info.

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Ready to start reaping the benefits of RFCU membership? Join today!

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Can't find what you're looking for?

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Center at 800-234-1234
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Saturday: 8 am – 5 pm