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Home Equity Promotion April 2019 Issue 2 If you suspect fraud with your Debit Card: IMMEDIATELY CALL 1-866-987-1457 For possible fraud with your VISA Card call: 1-800-369-4887 *Call a branch when you plan to do some traveling and plan to use your cards so we can put a note on your records. Got questions about our services? www.promedicafcu.com 419-479-4040 Main Branch 419-214-5570 Toledo Hospital 419-517-3543 Flower Hospital 561-661-0695 Steam Plant A home equity line of credit, also known as a HELOC, is a line of credit secured by your home that gives you a revolving credit line to use for large expenses or to consolidate higher-interest rate debt on other loans such as credit cards. A HELOC often has a lower interest rate than some other common types of loans, and the interest may be tax deductible. Please consult your tax advisor regarding interest deductibility as tax rules may have changed. With a HELOC, you’re borrowing against the available equity in your home and the house is used as collateral for the line of credit. As you repay your outstanding balance, the amount of available credit is replenished – much like a credit card. This means you can borrow against it again if you need to, and you can borrow as little or as much as you need throughout your draw peri- od up to the credit limit you establish at closing. Payments are required during the draw period at 1.5% of the balance owed each month. At the end of the draw period, the line of credit shuts down and repayment of the balance begins. To qualify for a HELOC, you need to have available equity in your home, meaning that the amount you owe on your home must be less than the value of your home as determined by an PFCU approved independent appraiser. The Credit Union will be closed to observe the following holiday: Monday May 27, 2019 Memorial Day T HE F OCUS Dates to Remember …. Easter April 21, 2019 Mother’s Day May 12, 2019 Memorial Day May 27, 2019
