Last Updated: 04/18/2025

Ashland Credit Union Choice Home Equity Line of Credit

from Ashland Credit Union

Last Updated: 04/18/2025

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Highlights

Credit Score Range

N/A

Amount Range

$25,000 - $726,200

Maximum LTV

90%

Minimum Draw

$500

Loan Term (Years)

Up to 15

Ashland Credit Union Choice Home Equity Line of Credit Review

Ashland Credit Union Choice Home Equity Line of Credit is offered by Ashland Credit Union (NMLS #420246), a credit union founded in 1942 and based in Ashland, KY. Ashland Credit Union Choice Home Equity Line of Credit are available in 50 states and Washington, DC.

Key Takeaways

Only primary residences considered. Ashland Credit Union Choice Home Equity Line of Credit does not offer financing for vacation homes or investment properties.
No-closing-cost mortgages available. This option allows you to include the closing costs into the new loan, so you don't pay for these expenses upfront.
High maximum LTV ratio. Ashland Credit Union Choice Home Equity Line of Credit has a maximum loan to value ratio of 90%.
Cosigner and coborrower applications accepted. A cosigner or coborrower can help you qualify for better rates and terms when applying for Ashland Credit Union Choice Home Equity Line of Credit.

Ashland Credit Union Choice Home Equity Line of Credit Pros & Cons

Pros

Cons

No prepayment penalty.
Available in all 50 states.

Charges an origination fee.

Ashland Credit Union Choice Home Equity Line of Credit FAQ

How much can you borrow with a HELOC?

HELOCs are lines of credit secured by your home. Once approved, you can access funds by check, phone, credit card, or online up to your credit limit.

Borrowers can apply for lines of credit of up to $726,200.00. The maximum amount depends on property value, existing mortgage balance, and creditworthiness.

The maximum loan-to-value (LTV) ratio goes up to 90%. This means total debt secured by the property cannot exceed this percentage of its value. For example, on a $100,000 home with a $20,000 mortgage balance, you may qualify for up to $70k in credit.

What are the terms for Ashland Credit Union Choice Home Equity Line of Credit?

HELOCs include a draw period followed by a repayment period. During the draw period, borrowers can access funds as needed up to the credit limit.

Ashland Credit Union Choice Home Equity Line of Credit offers home equity loans with a maximum term of 15 years and a draw period of up to 10 years.

Is there a minimum draw requirement?

Yes. The minimum draw requirement is $500.00.

What fees does Ashland Credit Union Choice Home Equity Line of Credit charge for a HELOC?

Ashland Credit Union Choice Home Equity Line of Credit may charge an origination fee.

What types of property can you use as security for a HELOC with Ashland Credit Union Choice Home Equity Line of Credit?

Ashland Credit Union may consider HELOCs secured by the following property types:

Primary residences

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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Contact

Headquarters

1300 Central Ave

Ashland, KY 41101

(606) 329-5489

Visit Site

Email Support

Hours of Operation

SundayClosedMonday8:00AM - 5:00PMTuesday8:00AM - 5:00PMWednesday8:00AM - 5:00PMThursday8:00AM - 5:00PMFriday8:00AM - 5:00PMSaturdayClosed

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SuperMoney Net Recommendation Score

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-1000+100

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