Home Equity Loans

Tap into the value of your home for life's major events

Whether you’re thinking about renovating your home, have encountered unexpected expenses, or you’re taking advantage of investment opportunities, a BFSFCU Home Equity Line of Credit (HELOC) will make it happen.

Use the value in your home to finance your next project. By tapping into the value you’ve built in your home, you can fund anything from an energy-efficient window installation to even purchasing another home.

With interest rates still very low, using the equity in your home could be a cost-effective way to finance your aspirations.

BONUS REASON TO USE A HELOC: The interest you pay on your HELOC may even be tax-deductible.*

*Consult with your tax advisor for details.

Table data for Home Equity Lines of Credit
 02-02-2023
Account Type Term (Years) Annual Percentage Rate (APR) Payment Example ($10,000 loan amount) Alert Me
Home Equity Line of Credit (Variable Rate)1 15 3.990% for the first 6 months. After 6 months, the APR will be 7.50%, subject to increase 6 payments of $73.92 and 174 payments of $92.12
5/1 Home Equity Line of Credit (Variable Rate)1 15 4.990% for the first 60 months. After 60 months, the APR will be 7.50%, subject to increase 60 payments of $79.03 and 120 payments of $88.48
Lien recordation is required.
  • 1Home Equity Line of Credit and 5/1 Home Equity Line of Credit refers to an owner-occupied residence and 80% of Fair Market Value minus other loans. The maximum CLTV on home equity lines of credit is 90%. For loans with a CLTV greater than 80%, higher rates will apply. The Annual Percentage Rate (APR) for variable rate loan products may increase in accordance with the Wall Street Journal Prime Rate (“Index”, currently 7.500%) plus a Margin after the introductory rate has expired. The maximum APR at any time is 18%. Other terms and conditions apply, please call 202-212-6400 for details. Appraisal, recordation taxes and other closing costs apply and will be at the member's expense. These closing costs typically range from $200 - $1925 based on the property location, the loan amount requested, the fair market value and the combined loan-to-value (CLTV) ratio. Property insurance is required. HELOC products are not available for investment properties. Please consult with a tax adviser on the deductibility of interest.↵

Further Resources

Housing counseling agencies approved by the U.S. Department of Housing and Urban Development (HUD) can offer independent advice about whether a particular set of loan terms is a good fit based on your objectives and circumstances, often at little or no cost. If you are interested in contacting a HUD-approved housing counseling agency in your area, you can visit the Consumer Financial Protection Bureau’s (CFPB) website,   www.consumerfinance.gov/find-a-housing-counselor , and enter your zip code. You can also access HUD’s housing counseling agency website via www.consumerfinance.gov/mortgagehelp or by accessing HUD’s counseling agency web service directly via http://data.hud.gov/index.html. For additional assistance with locating a housing counseling agency, call the CFPB at 1-855-411-CFPB (2372).