Home Equity Line Of Credit A home equity line of credit is often the most cost-effective way to borrow money. If you’re looking for the best Home Equity Line of Credit rates in Northeast Ohio, you’ve come to the right place! OC Federal Credit Union rewards your good credit with Great Rates to use the equity in your home for any project or financial need. What can you use your line of credit for? Home improvements, paying off high-interest debt, college tuition, vacations, vehicles and so much more. Fill out the form below to get your quote. Our experienced Loan Zone officers will guide you through the process and secure the best rate and terms for your needs. Call the Loan Zone Monday through Friday, 8:30 AM to 6 PM and Saturdays 9 AM to 1 PM at (216) 478-0067. CALL TODAYGet your quote today! What are some of the advantages of opening a Home Equity Line of Credit (HELOC)? A HELOC is an open credit line that is secured by the paid value of the borrower’s home. Homeowners can generally open a HELOC with up to 85% of their home’s equity, or the difference between what is left on their home loan and the current value of the home. HELOCs have a ‘draw’ period, during which the borrower can access the available funds, ranging anywhere from 5-10 years. Once the draw period ends, the loan will have to be repaid, either immediately or within the next 15-20 years. Once approved for the home equity line of credit, borrowers can spend the funds however they choose. Some plans may require the homeowner to borrow a minimum amount at each draw, keep a predetermined amount outstanding or withdraw an initial advance when the HELOC is first established. Advantages of opening a HELOC include: You only borrow what is needed. There is no lump sum given to the borrower of a HELOC; instead, it offers a homeowner the freedom to withdraw funds from the line of credit as needed. Qualify for a low rate. Due to the line of credit being backed by a valuable asset, a HELOC will generally have a lower interest rate than unsecured debt, like credit cards. Additionally, interest rates continue to sink to all-time lows, and opening a HELOC now means qualifying for low interest rates for your line of credit. Most HELOCs have fluctuating interest rates, but our offer includes a 6.99% APR1 intro-rate fixed through December 31, 2024. Flexible terms. Terms and repayment plans for HELOCs are generally flexible, and many lenders only require borrowers to make payments toward interest during the draw period. Once that time is over, the borrower must pay back the entire principal over the course of 15-20 years. Visit A Branch Stop by your local branch and we’ll be happy to help you. VISIT US Talk With Us Call (888) 696-4462 or chat live online during business hours. CALL US Apply Online Submit your loan application online from your device. APPLY ONLINE Make the Most of Your Money With OC Federal Discover how you can unlock your money’s potential and achieve your financial goals with the help of the OC Federal Credit Union! SEE ALL THE POSTS Annual Meeting 2025Our 2025 Annual Meeting is Wednesday, March 26, at 4 PM. Members can attend virtually or in person […]Free Estate Planning Seminar March 18 In North CantonWe are excited to have you attend a seminar explaining important information about estate planning. This informative seminar […]50/50 Raffle Winter 2025 to Support Catholic EducationIt’s time for a 50/50 raffle to support Catholic education! The Ohio Catholic Foundation loves to give back […]Newsletter Q1 2025Read the newsletter below or download it here. Read the latest news from OC Federal! OC Federal Credit […] SEE ALL THE POSTS Every experience I’ve had dealing with OC Federal has been excellent. Everyone is always very helpful and courteous. Allison S.,OC Federal Member Consistently competitive rates and outstanding customer service. Michael S.,OC Federal Member Banking is easy and pleasant. The tellers are very accommodating and well-educated. Bernadette L.,OC Federal Member Math is Hard (Sometimes) Let us help you crunch the numbers with our financial calculators. LEARN MORE