A HELOC is a Home Equity Line of Credit.
It can be a convenient way to deal with big one-time expenses without draining your checking account.
Pros
- Regardless of your your maximum draw amount, you take only what you need (when you need it), and only pay interest on what you draw.
- Often low upfront costs compared to other types of loans.
- Often lower interest rates than credit cards or other unsecured loans.
Cons:
- When interest rates go up, the rates on HELOCs do too, and they go up a lot faster than they do on other loan types.
MAX offers several HELOC options, all with competitive rates and easy-to-understand terms. Learn more about each of MAX’s home equity products and compare their features to find the one that’s right for you.
MAX Credit Union is a full-service financial institution serving Central and East Alabama, including Montgomery, AL; Auburn, AL; Opelika, AL; Prattville, AL; Wetumpka, AL; and Troy, AL.