By borrowing against the equity you have in your home with a HELOC (Home Equity Line of Credit), you can access funds for a variety of purposes; often, at far lower interest rates than you’d pay using a credit card or taking out other types of loans.
Unlike refinancing your existing mortgage, a HELOC offers you the flexibility of a revolving line of credit. How much you money you can access is determined by the current equity you have in your house and your credit history.
When to Use a HELOC
Home Improvements
Because you can pay as you go, HELOCs offer an appealing, easy way to pay a series of recurring costs, like those you might incur during a small home renovation project.
Because you can pay as you go, HELOCs offer an appealing, easy way to pay a series of recurring costs, like those you might incur during a small home renovation project.
Growing Debts
They’re also handy for tackling debts that need to be paid quickly so they don’t get larger, such as an escalating credit card bill.
They’re also handy for tackling debts that need to be paid quickly so they don’t get larger, such as an escalating credit card bill.
Emergency Costs
Because the funds are readily available but you don’t have to pay interest until you draw against the credit line, HELOCs are extremely flexible, letting you use the credit as needed and making them a smart way to cover emergency expenses, like unexpected medical bills.
Because the funds are readily available but you don’t have to pay interest until you draw against the credit line, HELOCs are extremely flexible, letting you use the credit as needed and making them a smart way to cover emergency expenses, like unexpected medical bills.
HELOCs can carry some risks. They’re usually not the best option for simply getting a hold of some extra spending money.
flexLOC
This new offering from MAX helps lessen some of the risk and unknowns that come with traditional HELOCs. The flexLOC combines the flexibility of a Home Equity Line of Credit with the predictability of a fixed-rate Home Equity Loan.
You have the power to secure all or a portion of your current balance with a fixed interest rate and a set monthly payment in up to 3 different loans we call segments.
'Segments' allow you to take control of your financial stability. By locking in specific portions of your line of credit, you're ensuring that they won't be subject to interest rate fluctuations. This means your monthly payments remain steady and predictable, making it easier to manage your finances and plan for the future with confidence.
You have the power to secure all or a portion of your current balance with a fixed interest rate and a set monthly payment in up to 3 different loans we call segments.
'Segments' allow you to take control of your financial stability. By locking in specific portions of your line of credit, you're ensuring that they won't be subject to interest rate fluctuations. This means your monthly payments remain steady and predictable, making it easier to manage your finances and plan for the future with confidence.
With flexLOC, you can enjoy:
Tailored Flexibility: Access funds as you need them, just like a traditional HELOC.
Smart Segments: We get it – life is full of surprises. That's why we are introducing flexLOC "segments." You can lock in up to three different portions of your credit line (segments) with a fixed interest rate and a steady monthly payment.
Predictable Payments: Say goodbye to interest rate fluctuations on your chosen segments. Locking in rates means steady, predictable payments, making it easier to manage your finances and plan with confidence.
Financial Stability: Protect a portion of your credit line from the twists and turns of interest rate changes.
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; Tallassee, AL; and Troy, AL.