HELOC Lock Option
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HELOC with Lock Option 

Like flexibility? Check out our HELOC with Fixed Rate Lock Options


Are you planning to make renovations to your home? Do you want to consolidate debt? Are you dreaming about a vacation?

A Home Equity Line of Credit (HELOC) is an open-ended loan secured by your home’s equity, which is the market value of your home less any mortgage or loans secured by your home.  A HELOC allows you the convenience of borrowing again and again as you need funds without reapplying, and you only make payments on the amount you use.

Century Federal’s HELOC also offers you the option to lock in a great low rate for up to 10 years.

With a Century Federal HELOC you get:

  • Rates as low as prime minus .50%
  • Interest-only payments to increase your financial flexibility
  • Borrow and lock in a great low rate on your credit line up to 3 times during the draw period
  • Choose Fixed Rate Lock Options for terms of 36, 72 or 120 months
  • Transfer funds from your HELOC to your Century Federal Checking or Savings accounts through our new Online Banking system or by visiting any Century Federal branch. Plus, we also issue checkbooks to write a check against your HELOC for an amount of or above $500


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Calculate Your Loan Payments

*APR = Annual Percentage Rate. Rates, terms and conditions are subject to change at any time without notice. All loans are subject to qualifications and approval and may also be subject to closing costs. Owner-occupied properties only. You can exercise the Fixed Rate Lock Option (“Lock Option”) during the Draw Period, defined as the first 120 months of the loan (first 10-year period of HELOC), starting the date of the HELOC Agreement execution. The Lock Option is only valid on draw amounts of $10,000 and above and there is a $50.00 fee for each Lock Option. You are limited to a maximum of three (3) Lock Options during the life of the loan. No Lock Options can be exercised during the Repayment Period, defined as months 121-240 (second 10-year period of HELOC). The amount of the locked portion will be subtracted from your available HELOC limit until the loan is paid in full. For example, a $100,000 home equity credit line with a $30,000 Lock Option loan would be reduced to a $70,000 limit. Existing CFCU HELOCs without the Fixed Rate Lock Option do not qualify. Century Federal Credit Union makes loans without regard to race, color, religion, national origin, sex, handicap, or familial status. Century Federal Credit Union membership eligibility is required. Home Equity Line of Credit (HELOC) is a variable rate plan and varies with the Prime Rate. Maximum APR for HELOC is 13.50%. Must carry insurance on the property. Consult your tax advisor regarding the deductibility of interest and charges.