Bowater Credit Union HELOC

Bowater Credit Union HELOC Review

Bowater Credit Union HELOC is offered by Bowater Credit Union (NMLS #554207), a credit union founded in 1954 and based in Calhoun, TN. Bowater Credit Union HELOC are available in 50 states (and Washington, DC).

Bowater Credit Union HELOC FAQ

How much can you borrow with a HELOC?

HELOCs are lines of credit that are secured by your home. Once you get approved for a certain amount, you can access your funds by check, phone, credit card, or online up to your HELOC amount.

Bowater Credit Union HELOC allows borrowers to apply for lines of credit of up to $200,000. Note that the maximum loan amount you can borrow will vary depending on the value of the property, how much you owe on it, and your creditworthiness.

This lender's maximum loan to value rate is 90% for qualified borrowers. That means the total debt secured by the property cannot exceed 90% of its value. Let's say you own a property with a current market value of $100k, but you still owe $20k on your mortgage. Your equity would be $80k. In this scenario, if you have excellent credit, you may qualify for a line of credit of up to $70k.

Is there a minimum draw requirement?

No, there isn't a minimum draw requirement.

What range of rates does Bowater Credit Union HELOC offer?

Bowater Credit Union HELOC offers APRs as low as 8.25% .

Remember the APRs of HELOCs do not include points and financing charges, just the interest rate. Most home equity lines of credit have a variable interest rate. Fixed interest rates -- if available -- typically have higher APRs, but your monthly payments don't change over the life of the line of credit.

What fees does Bowater Credit Union HELOC charge for a HELOC?

Bowater Credit Union HELOC may charge a loan origination fee .