A HELOC is a line of credit secured by a mortgage on a borrower’s primary residence, second home or vacation home. North Georgia Credit Union shall offer its members a HELOC subject to the following conditions:

Loan proceeds cannot be used for:

• Business or commercial use;
• Purchase of primary residence;
• Paying off existing first mortgage.

Rates & Terms:

• All HELOC’s are subject to risk-based pricing
• Loan rates are variable on all HELOC’s. Rates will adjust in January and July of each year and will move in accordance with the Prime Rate as published in the Wall Street Journal. Any rate changes should comply with the Georgia Fair Lending Act and should never exceed 18% under any circumstances.
• Terms – 5-year draw period with a 15-year payment period.

Maximum loan amount is $100,000 per member and the minimum advance is $1,000. The maximum limit is in addition to any other loan limits in this policy.

Please contact us for more information on loans or click here for a loan application.

Click here for rates on North Georgia Credit Union home equity line of credit loans.

Click here to view the terms and conditions of our home equity lines of credit or click here to learn what to do when your home is on the line.