Home Equity Lines of Credit Billing Information
If you previously received a notice that your Home Equity Line of Credit was reduced due to a decline in the property’s estimated value and wish to have your line of credit restored, you may complete a Home Equity Line of Credit Reinstatement Form. In order to qualify for a credit limit increase you must meet the following minimum qualifying guidelines: have sufficient equity in your property, have a good payment history, and be a member in good standing with the Credit Union.
If you wish to increase your Home Equity Line of Credit limit and it has not changed since the loan was made, you may not borrow more than the limit established in your loan agreement, and any amendments. Instead, please speak to one of our Home Loan Consultants to determine if a new loan or refinance is right for you.
Home Equity Lines of Credit are billed in arrears and your loan balance accrues interest each day based on the outstanding loan balance. While you may have paid your principal balance down to zero, there may be accrued but unbilled interest from the time your bill was created until the date you paid the balance down. That interest amount, if any, will be due the following month. In order to be sure you are paying your balance to $0, please contact us and request a "Paydown" amount, which will include all unpaid interest.
Additionally, a HELOC Flex with a balance under $20,000 is subject to an annual fee of $75. If your balance is zero on your HELOC Flex, you will be billed the $75 annual fee.
If you have a mortgage loan that is not scheduled to be paid off by the maturity date then you may qualify for a loan modification. The Home Preservation Program (HPP) may provide a short term loan workout option that allows you to develop a plan for full repayment of your loan.