Consumers Credit Union HELOC Review

Consumers Credit Union HELOC is offered by Consumers Credit Union, a credit union founded in 1930 and based in Waukegan, IL. Consumers Credit Union HELOC is available in 50 states (and Washington, DC).

What are the terms for a HELOC via Consumers Credit Union HELOC?

HELOCs have a draw and a repayment period. During the draw period you can borrow as much as you need up to your credit limit. After the draw period, you are responsible for repaying the loan. 

Consumers Credit Union HELOC offers home equity loans with terms ranging from 30 to 30 years.

Is there a minimum draw requirement?

No, there isn't a minimum draw requirement.

What range of rates does Consumers Credit Union HELOC offer?

Consumers Credit Union HELOC offers APRs starting at 4.75% and up to 18%.

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 Consumers Credit Union HELOC charge for a HELOC?

Consumers Credit Union HELOC may charge a loan origination fee. Another fee you should factor in is a cancelation fee of up to $300.

What types of property can you use as security for a HELOC with Consumers Credit Union HELOC?

Lenders often have restrictions on the type of properties they will accept as security for a HELOC. Consumers Credit Union HELOC will consider lines of credit secured by the following property types:

• Primary homes.