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Ready for Some New Projects?

HELOC | Home Projects Ready for Some New Projects?

Ready for some new projects?

How a HELOC can help you with your home improvements this summer


Many of us are finding some extra time on our hands.  Have you considered working on a home improvement project?  Investing in your home can be a positive strategy to increase the value of your property; however, you need to consider the best way to finance your potential plan. One option is a HELOC. 


What is a HELOC?

HELOC is an acronym for Home Equity Line of Credit.  It works similar to a credit card as you are able to borrow up to an approved amount for the life of the loan.  The amount of the loan is determined based on a calculation of your current loans and the current value of the property.  The HELOC has a 20-year loan term (how long you have to repay what you use) and a 10-year draw period (how long you can take advances on the approved amount).


What is a combined loan to value (CLTV) ratio? 

A combined loan to value (CLTV) is determined by the balances on all outstanding loans and by the current market value of your property.  As of July 2020, a Global HELOC can go up to 90% of a CLTV ratio with a 20-year term.  You can even get a 10-year draw period.  That is great news for those of us that take a long time to finish our home improvement projects!


Why a HELOC?

There are many loan products available, so it is important to research and take your time to determine the best product for your situation.  


Our HELOC rates are at an all-time low!” Said Global Credit Union Consumer Lending Manager, Jennifer Clarke. “This is a great option to consolidate your current loans for lower monthly payments or to have an extra line of credit available for other needs like nice new floors! Whatever your goals may be, we are here to help you achieve them. We have lending specialists available to help you decide what the best option is for you.” 

Interest rates are currently very low and for smaller home projects, a HELOC can be a great option.  You also only take out how much you want, when you need it. It’s a lot faster than some other financing options. 

Global Credit Union currently has $0 upfront cost options available. Best part? If you don’t need a full appraisal and your loan is not closed within 2 years, Global Credit Union covers the upfront costs. The turnaround time for a HELOC loan is generally 15 to 30 days.  


Visit to learn more.  Global Credit Union is an Equal Opportunity Lender. OAC.


Written By
Riley Osborn
Public Relations Specialist
Born and raised in beautiful Spokane, Riley graduated from EWU. An avid reader and writer, Riley can be found with her nose in a book. She enjoys the ocean, all things travel and time spent outdoors.

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