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Last Updated: 04/18/2025

Inova Federal Credit Union Home Equity Line of Credit

from Inova Federal Credit Union

Last Updated: 04/18/2025

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Highlights

Credit Score Range

N/A

Amount Range

Up to $250,000

Maximum LTV

100%

Minimum Draw

N/A

Loan Term (Years)

Up to 15

Inova Federal Credit Union Home Equity Line of Credit Review

Inova Federal Credit Union Home Equity Line of Credit is offered by Inova Federal Credit Union , a credit union founded in 1942 and based in Elkhart, IN. Inova Federal Credit Union Home Equity Line of Credit are available in 50 states and Washington, DC.

Key Takeaways

Only primary residences considered. Inova Federal Credit Union 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.
Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
High maximum LTV ratio. Inova Federal Credit Union Home Equity Line of Credit has a maximum loan to value ratio of 100%.
Cosigner and coborrower applications accepted. A cosigner or coborrower can help you qualify for better rates and terms when applying for Inova Federal Credit Union Home Equity Line of Credit.

Inova Federal Credit Union Home Equity Line of Credit Pros & Cons

Pros

Cons

Available in all 50 states.

Charges an origination fee.
Charges prepayment fees.

Inova Federal Credit Union 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 $250,000. The maximum amount depends on property value, existing mortgage balance, and creditworthiness.

The maximum loan-to-value (LTV) ratio goes up to 100%. 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 $80k in credit.

What are the terms for Inova Federal Credit Union 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.

Inova Federal Credit Union Home Equity Line of Credit offers home equity loans with a maximum term of 15 years and a draw period of up to 5 years.

Is there a minimum draw requirement?

No, there is no minimum draw requirement.

What fees does Inova Federal Credit Union Home Equity Line of Credit charge for a HELOC?

Inova Federal Credit Union Home Equity Line of Credit may charge an origination fee.

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

Inova Federal 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

358 S Elkhart Ave

Elkhart, IN 46516

(574) 294-6553

Visit Site

Email Support

Hours of Operation

Sunday

Closed

Monday

9:00AM - 5:00PM

Tuesday

9:00AM - 5:00PM

Wednesday

9:00AM - 5:00PM

Thursday

9:00AM - 5:00PM

Friday

9:00AM - 5:30PM

Saturday

9:00AM - 12:00PM

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SuperMoney Net Recommendation Score

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-1000+100

No one recommends

Everyone recommends

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