By establishing a variable-rate line of credit you can access your money when you need it, wherever you are, to help with home improvements, large purchases, college tuition and more.
- Borrow up to 80% of your home's value including existing mortgages
- Draw on the line for periods up to 15 years
- Choose from accrued interest-only payments or 1% of the outstanding balance
- Your Annual Percentage Rate (APR) will vary with the market based on the Prime Rate.*
- Discounts on closing costs up to $1,000**
- Quick approval and fast closing
- Automatic payments
- No application fee
- No annual fee
- Interest may be tax deductible. (Consult your tax advisor for details.)
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| Home Equity Variable Line of Credit
|
| Annual Percentage Rate (APR)
|
Prime + .25% (3.75%)
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| Rate
|
Your APR will vary with the market based on the prime rate. *
|
| Payment Options
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1% of outstanding balance
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| Draw Period
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15 years
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| Maximum Financing
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Up to 80% of home's value excluding existing mortgages
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*Prime Rate as published in the Wall Street Journal + 0.250 (currently 3.50%) as of 09/21/16, subject to change.
**No closing costs options are only available for equity lines up to 15 years. $15,000 minimum draw required at closing. Closing costs up to $1,000 may be paid by FAIRWINDS. This includes the application fee, origination charge, appraisal, title insurance, settlement and search fees, recording fees, and mortgage document stamps. Closing costs over $1,000 are the responsibility of the member.
Loans are subject to credit union membership eligibility, credit approval, and verification of information provided on the application. Other terms and conditions may apply. Terms and conditions subject to change at any time without prior notice.
In order to open the loan plan, you must pay a flood zone determination fee of $20 to the Credit Union and certain fees to third parties which generally total between $300 and $3,800. You may request more specific cost information about third-party fees from the Credit Union. Property insurance on the property that secures the plan is required to open the plan.
†APR = Annual Percentage Rate. A minimum initial draw of $15,000 is required at closing. After 12 months, your APR will be a variable APR based upon the Prime Rate, plus a margin, for the remaining life of the line, subject to a maximum APR of 18.00%. Your margin will be based on several factors, including your credit history, loan to value ratio, property type, and lien status. All normal closing costs will be paid by FAIRWINDS, up to $1,000. Certain terms and restrictions apply. Offer subject to termination or change at any time without notice.
FAIRWINDS Member Reviews
Home Equity Loan is rated
4.25 out of
5 by
48.
Rated 2 out of
5 by
HELOC from
HELOC Issues
I opened an account at FAIRWINDS approximately a year ago and opened a Home Equity Line of Credit within the last 6 months. There were several problems opening the HELOC, but once it was opened, I did not make a draw until early October 2015. Before my first draw, I was advised that I was behind in my payments. When I called the number on the dunning email, I was told that my loan was "on the collection side," but the person on the phone was unable to help me. I went into the College Park branch and Amanda, the HELOC representative, and Nick, the branch manager, quickly fixed the problem. Nick called me 3 days later to confirm that I was satisfied.
Date published: 2015-10-24
Rated 1 out of
5 by
Javie88 from
Painful HELOC!
I've been a FCU member for more than 10 years. My recent experience securing a HELOC loan was beyond tolerable. From an erroneous appraisal requiring numerous calls and even office visits to correct, to unnecessary issuance of cashiers checks to pay off accounts (these checks were not asked for nor needed), to changing of the agreed upon (in writing) interest rate and finding out at the closing, to flat out being accused of providing false information! Had I known it would take so long to get to the loan approval, I certainly would have gone with an online bank. I still have two made out cashier's checks I will not be using because I do not need them. The experience was so bad I would have switched banks were it not for the convenience of the bank's location. In the end, my property appraised at over $300,000 and owes less than $100,000. I asked for a $100,000 HELOC. Seemed like a slam dunk.
Date published: 2016-09-20
Rated 5 out of
5 by
Cajigas from
Great Service
The process was straightforward and w/o complications
Date published: 2016-09-20
Rated 2 out of
5 by
Lollar from
Poor payoff follow through
I have been a Fairwinds member for over 30 years and have obtained loans in the past. This was the worst experience
Fairwinds sent checks to the wrong locations and we had to closely monitor our creditors to make sure our credit was not affected negatively by Fairwinds delay in paying on time.
Even the loan officer stated the process was the first time he was to mail checks to the creditors causing confusion. Suspicious that it happened with us.
Date published: 2016-09-06
Rated 5 out of
5 by
Two Happy Campers from
Easy, friendly, hassle free
We wanted to do some major projects aground our house and did not want to deplete savings. We researched HELOC's and found Fairwinds offered a great service at an affordable rate. We stopped in to inquire and 1 hour later had all our questions answered and the application completed. Closing was pain free and done in our home. 60 days later, all improvements are completed and we are the talk of the neighborhood! Thank you Brandon!
Date published: 2016-07-19
Rated 2 out of
5 by
richjet5353 from
slow and sometimes confusing
The initial application process went easily, however it took forever to have a home inspection. The first inspection undervalued my house, and then it took another week to have a full inspection, which of course cost me more. I was promised an initial 1.99% rate the first year, however when I look online, it's showing a 4.5% rate. I'm very confused and somewhat frustrated.
Date published: 2016-01-25
Rated 5 out of
5 by
AngelandMiguel from
Excellent Staff / Cust. Service
Since the very simple question we've made at the beginning, until the approval for our Heloc product, Fairwinds and their staff handled with professionalism and in a promptly manner. Wilda Graudiel was our first and only contact through the process and she made it very easily (the process) since the beginning. We highly recommend Fairwinds...!!!!
Date published: 2015-08-31
Rated 5 out of
5 by
steveandterri from
Home Equity Loan
We have been Fairwinds Credit Union members for over 30 years! It is always a wonderful experience to work with them on all of our banking needs! We just applied and received a Home Equity Loan the process was simple they took care of everything in a timely matter Keep up the good work! Steve and Terri
Date published: 2015-10-23
