With an interest-only HELOC, you have the convenience of a one-time application. Once it is established, you may borrow, repay, and borrow again up to your available credit line.
This is a great option for those who want a low minimum monthly payment as you will only pay interest during the 10-year draw period and get up to 20 years for repayment.
- Interest paid may be tax deductible (consult your tax advisor)
- Receive checks for your Interest Only HELOC
- Access your Interest Only HELOC with a GLCU Visa Card
- Please note, there is a $50 annual fee and a $100 minimum monthly payment