Community Resource Federal Credit Union
Community Resource Federal Credit Union

Interest Only Home Equity Line of Credit

Ready to Reimagine your home

With an interest-only HELOC, you have the convenience of a one-time application.

Once it is established, you may borrow, repay, and borrow again up to your available credit line.

This is a great option for those who want a low minimum monthly payment as you will only pay interest during the 5-year draw period!

Get started by clicking the button below:

Features:

  • Interest paid may be tax deductible (consult your tax advisor)
  • Receive checks for your Interest Only HELOC
  • Financing up to 85% CLTV
  • Draw Period for 5 years
  • Interest Only payments first 5 years / 25 Year Repayment
New York State Mortgage Tax is required and paid by the borrower. All other closing costs are paid by the Credit Union unless disclosed with approval terms and conditions. Closing costs paid by the Credit Union are reimbursed with the payoff amount if the loan or line of credit is paid in full and discharged within the first (3) three years of loan opening, approximately $400 – $800. You should consult a tax advisor regarding the deductibility options of the interest paid.

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Ready to Reimagine your home

With an interest-only HELOC, you have the convenience of a one-time application.

Once it is established, you may borrow, repay, and borrow again up to your available credit line.

This is a great option for those who want a low minimum monthly payment as you will only pay interest during the 5-year draw period!

Get started by clicking the button below:

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