DENVER– Westerra Credit Union has introduced a new home equity line of credit (HELOC) Select product with a 4.99% APR fixed for 12 months that offers advances of $10,000 or more.
To further reduce barriers to borrowing, Westerra said it is also waiving closing costs on HELOCs of $150,000 or less.
“Designed to encourage strategic borrowing, HELOC Select offers predictability in an uncertain rate environment while maintaining flexibility” Westerra said.
It added the funds can be used for a range of real-life needs, from home improvements to major life events and debt consolidation to education planning.
‘Reduced Anxiety’
“We’re seeing many homeowners with significant home equity hesitate to borrow because of rate uncertainty and market volatility,” Sarah Llewellyn, vice president of consumer lending, said in a statement. “As a community-focused financial institution, it is our responsibility to reduce that anxiety and help members understand how home equity can be used as a smart planning tool, not a last resort.”
