Benefits of a Home Equity Line of Credit (HELOC)
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Any Purpose
Pay for home renovations, tuition, weddings, vacations, debt consolidation and more!
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Revolving Credit
You can pay down the balance and use your credit line again and again for different purposes as you need.
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Competitive Rates
Rates starting as low as Prime** — and pay zero interest if you don't carry a balance on your HELOC.
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No Closing Costs
JHFCU will cover your closing costs – just keep your HELOC open for at least three years and take an advance of at least $10,000.*
| Home Equity Loan | Home Equity Line of Credit | ||
| Interest rate | Fixed | Adjustable | |
| Interest paid | On the full loan amount outstanding | Only on the amount you draw | |
| Loan funds taken | Lump sum | Draw as needed | |
| Loan funds can be paid back and re-drawn as needed for 15 years | N/A | Yes | |
| Payment amount | Fixed for 5, 10, or 15 years | Variable based on balance | |
| Closing costs | None (excluding interim interest) – unless loan is closed within three years | None with a $10,000 advance at closing – unless line is closed within three years | |
Home Equity Line of Credit Key Details
A home equity line of credit (HELOC) is a convenient and flexible tool that lets you draw funds from a line of credit, the amount of which is based on the amount of equity you have in your home. 
- HELOCs are ideal for ongoing remodeling projects and many different purposes.
- Borrow up to 90% of the value of your home.
- Use your credit line again and again during the 15-year draw period.
- Once the draw period ends you have 15 years to pay off your balance in full.
- Your rate will be a variable rate based on the prime rate, your credit, and LTV.
- A minimum initial draw of $10,000 is required.
- JHFCU will pay closing costs provided you take a $10,000 advance at closing and keep the HELOC open for minimum three years.
- We offer local loan servicing, and you can easily make payments from your JHFCU accounts.
A JHFCU Home Equity Line of Credit is available for primary residences in Maryland, Virginia, Washington DC, Delaware, and Pennsylvania.
See Our Affordable Home Equity Line of Credit (HELOC) Rates
Applying for a Home Equity Line of Credit
★★★★★
"My experience was very easy. I received a reply back within 2 days. I trust them entirely and would recommend anyone to them."
– Judy P., Baltimore, MD
All Our HELOCs Offer These Features
Competitive Rates
Our competitive HELOC rates mean more of your money goes toward your projects.
Flexible Payments
Use our Line of Credit Payoff Calculator to see how a HELOC can fit your budget.
$0 Closing Costs
JHFCU will take care of closing costs as long as you keep your HELOC open for at least 3 years and have an initial advance of at least $10,000.*
Easy Funds Access
Get your funds via Online Banking, TeleBranch 24, in person, or by writing a check.
Simple Payments
You can easily transfer funds from your JHFCU Checking or Savings to your HELOC account.
Learn More About Applying for a Home Equity Line of Credit
Have questions? Email our award-winning mortgage department at mortgages@jhfcu.org or call at 800.543.2870 ext 505.
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