What’s a HELOC? And Why It Might Be Right for You

If you’re a homeowner, you’ve probably heard the term “HELOC” tossed around—but what exactly does it mean? At Vicinity Credit Union, we’re here to break it down in a way that makes sense.

A HELOC, or Home Equity Line of Credit, is a revolving line of credit that lets you borrow money using the equity in your home as collateral. Think of it like a credit card—but with typically lower interest rates and much higher limits.

So how does it work?
Let’s say your home is worth $250,000 and you owe $150,000 on your mortgage. That means you have $100,000 in equity. With a HELOC, you may be able to borrow a portion of that equity—giving you access to funds when you need them.

What can you use it for?
That’s the beauty of a HELOC: it’s flexible. You, your family and your home all grow and change. A Home Equity Line of Credit can change with you. Use it for:

• Home renovations or upgrades
• Education expenses
• Emergency repairs
• Major life events (like weddings or medical bills)

Why choose a HELOC with Vicinity Credit Union?
We keep it simple, personal, and affordable.
✔️ Competitive rates
✔️ Only pay interest on what you use
✔️ Local decisions and personalized service
✔️ No pressure—just smart borrowing

The best part? You don’t need to take all the funds at once. You can borrow what you need, when you need it, and repay as you go.

Still have questions?
That’s what we’re here for. Whether you’re new to HELOCs or just want to learn more, our team is happy to walk you through it and help you decide if it’s a good fit for your goals.