| It
can cost up to $1500 to establish a home equity line of credit. As
a benefit to it's members, the credit union will pay these set-up
costs. Many institutions also charge annual fees up to $100 and draw
fees every time the line of credit is accessed. CFCU does not charge
any of the above fees in an effort to keep this product affordable
for it's members. |
|
This loan type
allows you the freedom to access your funds anytime, for any kind
of expense up to a predetermined credit limit, and best of all, the
credit union does not charge it's members an annual fee to maintain
the line of credit like most financial institutions. |
|
One of the
reasons to have a home equity line of credit is that you might
be able to deduct the interest from your taxes. When you open a
home equity loan or line of credit and deduct interest payments,
you could lower the overall cost of your home improvement, bill
consolidation, or large purchase.
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