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	Whether you're looking to consolidate debt, pay off medical bills or student loans, or something else entirely, come talk to us about a HOME EQUITY LINE OF CREDIT. At CommunityAmerica, homeowners may qualify to borrow up to 100% of the equity in their homes.

		CLICK HERE to apply today.

	WANT TO LEARN MORE? Call 800.892.7957 or visit your nearest branch.

HELOC 101: The Ins and Outs of a Home Equity Line of Credit

What's in a name.
To say home equity line of credit can be a mouthful, so many people simply refer to it as a HELOC.

Uses.
One of the most commonly asked questions is "Do I have to use money from a HELOC on my home?" And the answer is "No". While we advocate making wise financial choices - like home improvements, debt consolidation or paying for college - you can use your HELOC money for anything. Your options are limitless.

Interest Rate.
The HELOC has a variable interest rate, which means it can change (either up or down) based on the Prime Rate published in the Wall Street Journal. With our introductory rate, you can get a low 2.99% APR* fixed for the first 12 months. After 12 months, your rate will adjust to the current market rate. Our current rate is 4.90% APR.

Draw Period.
You have up to 10 years to draw (or use) your HELOC. A nice perk of a HELOC is that you can draw on it as many times as you want, up to your loan amount. You can simply write checks or transfer money from your HELOC to your checking account.

Repayment Period.
You have up to 15 years from the date of your last draw to repay your HELOC. Of course, when you use your HELOC, you will have monthly payments.

Tax Deductible.
We recommend you discuss tax deductibility with a tax professional. In most cases, the interest you pay on your HELOC is tax deductible - a big plus in our book.

The Calculation.
If you want to know your possible line of credit amount, the calculation works like this. First select the loan-to-value (LTV) ratio, meaning the amount of debt that can be secured by the value of your home. We have 80%, 90% and 100% LTV options.

Our HELOCs put a smart solution in your hands.

* Limited time offer subject to credit approval. Introductory annual percentage rate ("APR") for well qualified borrowers at a maximum Loan to Value ratio ("LTV") of 80%. Additional introductory rates and variable rate may be available for higher LTVs. Contact the credit union for details. Introductory rate as low as 2.99% APR for the first year, then the APR will vary for the remaining life of the loan. As of 2/1/12, this variable APR would have ranged from 4.90% APR to 5.40% APR, for 80% LTV, which is based on the Prime Rate published in the Wall Street Journal Money Rates Table plus a margin. The Prime Rate is subject to a minimum of 4.50%, and the maximum APR is 18%. Home value is based on a full appraisal, which may be required, at the member's expense. Property must be a single family home and owner occupied. Property insurance will be required. Line amounts range from $10,000 to $100,000. Offer not available to members who have an existing Home Equity Loan or HELOC with us. Early loan termination fees may apply. Offer not valid in New York, South Carolina or Texas. Offer subject to change or may expire without notice. Promotion ends 7/31/12.