Home Equity Line of Credit (HELOC) Modification
You may qualify to modify your existing Firefighters First HELOC loan.
Is a HELOC Loan Modification Right for You?
With a HELOC loan modification you can take advantage of a lower rate with no cost, less paperwork and faster processing when compared to a refinance of your loan.
HELOC Refinance vs. HELOC Loan Modification
Refinance | Modification |
---|---|
Full application | No application, just complete the form below |
Full documentation and credit report pull | No credit report pull |
Fees and closing costs | No fees or costs |
Qualifying and processing could take weeks | 5 to 7 days processing time |
Review and sign new loan documents | Review and sign a one-page modification agreement with all the details |
What Stays the Same with a Loan Modification?
When you modify your HELOC loan, certain things will not change as they would with a loan refinance:
- You keep your current schedule of draw and repayment periods
- Your credit limit remains the same
- Your rate stays variable under the original terms of your loan
Start Your HELOC Loan Modification
Complete this form to start the modification review process.
Note: To qualify, you must have had no 30+ days delinquent loans with the Credit Union over the past 12 months. We will contact you if you do not qualify.
Subject to credit approval.
NMLS ID #649058. Home Equity Line-of-Credit only available in Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Tennessee, Texas, Utah and Washington.
APR = Annual Percentage Rate. No Fees means $0.00 in fees. Floor rate 3.250% Annual Percentage Rate. Maximum Annual Percentage Rate – 16.00%. Rate adjustment review period – Every six months. Rate cannot change by more than 1% (up or down) on any change date.
Payment Example: If the 1st draw (30% of the limit) & 2nd draw (20% of the limit) totaling 50% of the HELOC limit are taken within the first 6-month period at a 9.000% APR, would result in a balance of $150,000 with an interest-only payment of $1,125. If 3rd draw (20% of the limit) occurs within the next 6-month period at a rate of 10.000% APR results in a total balance of $225,000 with a total interest-only payment of $1,875.00. After 1 year, if all draws have been drawn, this would result in a HELOC balance of $300,000 at a rate of 11.000% APR with a payment of $2,750.00. Rate adjustment review period: Six months. The rate cannot change by more than 1% (up or down) on any change date. The Max Rate Cap is 16.00% APR.