Home Equity Line Of Credit

No. The advances on the HELOC can be used for any purpose. We have members who use the HELOC to help fund their child's college education. Retirees use the HELOC to supplement their retirement income. We have members who get really innovative with the borrowing power of a HELOC and use it for investment purposes or debt consolidation.

The interest rates are variable and at SFFCU our HELOC rates start at 100 basis points below prime (floor of 4%). Members enjoy the convenience of a ten year draw period with the flexibility of interest only minimum monthly payments! The repayment period starts after that with equal monthly payments of principal and interest for the next ten years. The flexibility of our HELOC is accommodating to every member's situation!

In general, the interest on a HELOC is tax deductible. Ask your tax adviser for more information on this.

In rare instances only, but not usually. And no escrow accounts are required.