CONTRIBUTED CONTENT — You put a lot into your home. Isn’t it time you got a lot out of it? With low interest rates and flexible terms, a home equity line of credit may be the perfect solution to finance whatever you want to achieve. 

Chartway Federal Credit Union helps members put their home’s equity to work. Currently, low interest rates combined with high property values bode well for Southern Utah homeowners seeking a bit of wiggle room with their financing. If you’ve been thinking about exploring a HELOC loan, there’s no better time than now. 

“Any current homeowner should be in a pretty equitable spot,” said Jarrin T. Arakaki, branch manager of Chartway’s Red Cliffs location. “If there’s equity sitting in your home, why not use it?”   

A HELOC loan is a form of revolving credit. A specific amount of credit is set by taking a percentage of the appraised value of the home and subtracting the balance owed on the existing mortgage. Income, debts, other financial obligations and credit history are also factors in determining the credit line.

HELOC loans are only available to members with existing equity in their property and functions more like a credit card than a mortgage. Regardless of the amount they qualify for, the homeowner can take out as much or as little as they need over a period of time, paying interest only on what they borrow.

The loan can be paid back in monthly installments or lump sums. While HELOC products typically have a variable interest rate, Chartway also offers fixed rates for homeowners looking for more predictability. 

Using the equity in your home to pay off unsecured debt can be a financially pragmatic decision, Arakaki said. For borrowers that itemize, interest may be tax deductible; members should consult with their tax advisor for more information.

Whether you’re facing college expenses, making value-enhancing home improvements or simply financing a dream vacation, home equity financing can be used for anything – so think big. And with the line of credit accessible for 15 years, HELOC loans can give homeowners the funding they need to accomplish both short and long-term goals.

Interest-only HELOC loans provide homeowners with the freedom they need to gain control over their budget. Qualified borrowers have the option to pay only the interest and as much principal as they choose over the life of the loan. 

“It’s a flexible product that’s easy to use and has very low interest rates currently,” Arakaki said. “Even if you don’t need it right now, I’d rather have it ready now than need it in the future and not have it.”

Chartway offers financial checkups for members looking to get a better idea of where they stand and what options are available to them. Arakaki encourages homeowners to take 10-15 minutes to sit down with one of their financial loan officers for an analysis.  

As a credit union, Chartway drives service to members with some of the lowest fees and most competitive interest rates in the industry. Arakaki said they’re dedicated to making life more affordable with financial solutions that fit a variety of needs. 

With five locations serving Washington and Iron counties, Chartway provides an array of financial options including auto loans, personal loans, credit cards and checking accounts offering cash back incentives. They also offer conventional fixed-rate mortgages along with loans backed by the Federal Housing Administration, Department of Veterans Affairs and Department of Agriculture.

Established in 1957, Chartway is a not-for-profit credit union serving over 192,000 members across Utah, Texas and Virginia. Their charitable arm, the We Promise Foundation, is among the largest donors to the Make-A-Wish Foundation in the state. Chartway entered the Southern Utah market in 2009.

Written by ALEXA MORGAN for St. George News.

• S P O N S O R E D   C O N T E N T • 

Resources

• Chartway Federal Credit Union | Telephone: 800-678-8765 | Website.
• Locations:
  • 1827 W. Sunset Blvd., St. George.
  • 333 E. Tabernacle St., St. George.
  • 1025 W. Red Cliffs Drive, Washington City.
  • 85 N. 200 West, Hurricane.
  • 444 S. Main St., Suite B-2, Cedar City.

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