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Home Equity Lines of Credit
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Last Updated: 04/18/2025

Proponent Federal Credit Union Home Equity Line of Credit

in Home Equity Lines of Credit from Proponent Federal Credit Union

Last Updated: 04/18/2025

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Highlights

Credit Score Range

N/A

Amount Range

Up to $500,000

Maximum LTV

90%

Minimum Draw

N/A

Loan Term (Years)

20
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Proponent Federal Credit Union Home Equity Line of Credit Review

Proponent Federal Credit Union Home Equity Line of Credit is offered by Proponent Federal Credit Union (NMLS #479433), a credit union founded in 1971 and based in Nutley, NJ. Proponent Federal Credit Union Home Equity Line of Credit are available in 50 states and Washington, DC.

Key Takeaways

  • Only primary residences considered. Proponent 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.
  • High maximum LTV ratio. Proponent Federal Credit Union Home Equity Line of Credit has a maximum loan to value ratio of 90%.

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

Proponent 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 $500,000.00. 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 Proponent 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.
Proponent Federal Credit Union Home Equity Line of Credit offers home equity loans with terms ranging from 20 to 20 years.

Is there a minimum draw requirement?

No, there is no minimum draw requirement.

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

Proponent 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 Proponent Federal Credit Union Home Equity Line of Credit?

Proponent Federal Credit Union may consider HELOCs secured by the following property types:
  • Primary residences

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Contact

Headquarters

173 Bloomfield Ave
Nutley, NJ 07110
(800) 457-8058
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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 - 5:00PM
Saturday
Closed

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