Home Equity Line of Credit

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A Home Equity Line of Credit (HELOC) is a financial product that allows homeowners to borrow against the equity they have built up in their property. Equity refers to the difference between the market value of the home and the outstanding balance of any mortgage or loan secured by the property.

A HELOC functions as a revolving line of credit, similar to a credit card, where the borrower can access funds up to a certain limit over a specified period, often ranging from 5 to 10 years, known as the "draw period." During this period, the homeowner can borrow, repay, and borrow again as needed, up to the established credit limit.

NMLS #807347

Why Should I Get A HELOC?

Deciding to obtain a Home Equity Line of Credit (HELOC) hinges on individual financial circumstances and objectives. A HELOC can be a prudent choice for homeowners seeking funds for home improvements, debt consolidation, emergencies, education expenses, or even investment opportunities. Its draw period offers flexible access to funds, akin to a credit card, allowing borrowers to borrow and repay as needed. Moreover, potential tax deductibility and lower interest rates compared to certain other forms of credit can be advantageous. However, careful consideration is crucial.

Prospective borrowers must assess available equity, comprehend interest rate dynamics, formulate a clear repayment plan, and be mindful of associated fees. The use of one's home as collateral and the potential for rate fluctuations warrant a thoughtful evaluation of risks. It is advisable to seek advice from financial professionals to make an informed decision aligned with individual financial goals and circumstances.

Advantages Of A New Alliance HELOC:

A Home Equity Line of Credit (HELOC) from New Alliance FCU uses the equity you've earned in your home as collateral, just like our Home Equity Loans. However, instead of a lump sum disbursement with a fixed interest rate, you can draw money multiple times from a maximum amount available with an adjustable interest rate.

• Introductory Annual Percentage Rate (APR)* of 1.99% for six months from the date of closing. Variable rates afterward

• Revolving credit line using up to 80% of the value of your home

• No escrow account required

Property Types: 

Owner-occupied, primary residences located in Pennsylvania. Excludes manufactured homes, commercial property, second homes, income-producing rental homes, or multi-unit (2-4 units) homes.

Learn how to get a HELOC in Pittsburgh, Pennsylvania, and the surrounding area.

*Limited time offer. APR=Annual Percentage Rate. APR is accurate as of 12/15/2023 and subject to change. 1.99% is the introductory rate for the first 6 months from the date of closing. Home equity line limits vary. Borrow up to 80% of the value of your home. After the promotional period, the rate will adjust to the current variable rate then offered by the Credit Union. Sample payment on a typical $50,000 loan at the promotional interest rate of 1.99% would be $321.81 monthly. Your payment may vary. Contact the Credit Union for complete program and final payment details.