LOS ANGELES, Calif. /Massachusetts Newswire – National News/ — South Bay Credit Union – Member-owned not-for-profit financial cooperative, today announced the launch of a limited time offer on their Home Equity Line of Credit (HELOC) program to homeowners in the South Bay Los Angeles Area.
Homeowners can borrow up to $500,000! (or 80% of appraised value, less 1st Trust Deed, owner-occupied). Borrow what you need when you need it, and as you repay your principle that money becomes available to borrow over and over again. The interest on a HELOC may even be tax deductible (check with your tax advisor for details).
“The goal with our HELOC program is to help our members access funds through equity available in their property,” says David Ellings, CLO. “With mortgage rates steadily increasing, and it is becoming more difficult for homeowners to refinance due to outcomes from the Pandemic and other life circumstances, a HELOC could really help our members pay off high-rate interest credit cards or other loans, buy a car, take a well needed vacation, or just gain peace of mind with funds available for a rainy day.”