Fixed-Rate Home Equity Line of Credit
Flexible financing to make things happen.
Our Fixed-Rate Home Equity Line of Credit offers maximum flexibility with no surprises. It’s perfect for when you plan to draw funds over time but also want the security of knowing what your payments will be in the future. With our Fixed-Rate HELOC, you can draw against your line for up to two years before it converts to a term loan with a low fixed rate. And best of all, you’ll know your rate from the day your application is approved. That means predictable payments you can easily plug into your budget and no surprises if interest rates rise. Think of our Fixed-Rate HELOC as the perfect short-term financing for longer-term projects requiring multiple payments.
The Fixed-Rate HELOC features:
- 20-year fixed-rate repayment
- Borrow up to 90% your home’s value, less outstanding mortgages
- Minimum loan amount of $5,000
Don’t have enough equity in your home yet for your big renovation project?
Check out our Renovation Loan instead. You may be able to use your home’s after-renovation value to boost your borrowing power.
Ready to get started?
You have the flexibility of choosing not to borrow the funds all at once. You can draw on your line as needed for up to 2 years. Then, your line will turn into a fixed-rate term loan with monthly payments that won’t change during the entire life of the loan.
To start, complete the form above. We will contact you to discuss your project and collect the necessary documents. From loan application to closing usually takes about 30 days.
Home Equity Loans and Lines
Rates effective starting: April 20, 2024
| Loan Type1 | Loan to Value | Rates (as low as) | Annual Percentage Rate2 | Maximum Term | Monthly Cost Per $10,000 |
|---|---|---|---|---|---|
| First Lien Home Equity | up to 80% | 6.375% | 6.4860% | 5 years | $195.08 |
| First Lien Home Equity | up to 80% | 6.750% | 6.8100% | 10 years | $114.82 |
| First Lien Home Equity | up to 80% | 6.875% | 6.9180% | 15 years | $89.19 |
| Home Equity Fixed Rate | up to 80% | 6.750% | 6.8610% | 5 years | $196.83 |
| Home Equity Fixed Rate | up to 80% | 7.125% | 7.1850% | 10 years | $116.75 |
| Home Equity Fixed Rate | up to 80% | 7.250% | 7.2930% | 15 years | $91.29 |
| Fixed-Rate Home Equity Line-of-Credit | up to 85% | 7.875% | 20 years | $100.00 | |
| Home Equity Line-of-Credit | up to 85% | 7.500% (Intro rate. After 12 months rate adjusts to the WSJ Prime3) |
20 years | $108.00 | |
| First Lien Home Equity | 80.01% to 90% | 6.500% | 6.6110% | 5 years | $195.66 |
| First Lien Home Equity | 80.01% to 90% | 6.875% | 6.9350% | 10 years | $115.47 |
| First Lien Home Equity | 80.01% to 90% | 7.000% | 7.0430% | 15 years | $89.88 |
| Home Equity Fixed Rate | 80.01% to 90% | 7.000% | 7.1120% | 5 years | $198.01 |
| Home Equity Fixed Rate | 80.01% to 90% | 7.250% | 7.3100% | 10 years | $117.40 |
| Home Equity Fixed Rate | 80.01% to 90% | 7.625% | 7.6690% | 15 years | $93.41 |
1Home equity loans are not available in Texas or Puerto Rico. Monthly payment of $1463.07 based on a single family, owner occupied, 6.4860% APR, 80% Loan-to-Value (LTV), five-year term First Lien home equity loan for $75,000 for borrowers with excellent credit.. Monthly payment does not include taxes and insurance. This is only an example. Your rate may vary based on a number of factors, such as Loan-to-Value ratio (LTV), credit score, term and property type. Title insurance is required on loan amounts greater than $250,000. Other fees may apply based on property type and state where property is located. Certain states, such as New York and Florida, incur a tangible tax that will be paid by the borrower. Available on 1-4 family primary or secondary residences. 2-unit and 3–4-unit properties have a maximum LTV of 80% and 75%, respectively. Property and/or flood insurance is required. All loans and lines of credit are subject to approval and collateral evaluation. The LTV ratio is the sum of the balance outstanding on your first mortgage, if any, and the amount of your new home equity loan or credit line divided by the fair market value of your home. Property must have a clean title and adequate appraisal to qualify. Per membership eligibility, you must maintain $5 in a savings account to utilize the credit union’s services. If you close your home equity line of credit within 36 months of opening, you will be required to reimburse the Credit Union for the bona fide third party fees paid on your behalf which could range from $250.00 to $2,500.00. Additional restrictions, limitations and exclusions may apply, offer subject to change, please contact an Ardent representative for further details and current rates. Equal Opportunity Lender. NMLS 498568
2APR = Annual Percentage Rate. APR includes a $299 origination fee. APR shown is for first and second lien position home equity loans, single family, owner occupied, and for a 80% or 90% Loan-to-Value (LTV) and various terms for borrowers with excellent credit. Ardent has a tiered loan rate policy which applies different loan rates to borrowers based upon the borrower's credit worthiness, Loan-to-Value (LTV), term and lien position. Rates are subject to change at any time. Other fees may apply based on property type and state where property is located. Certain states, such as New York and Florida, incur a tangible tax that will be paid by the borrower. APR effective as of date shown and is subject to change without notice. Rate reflects a 0.25% discount for loan payment via automatic funds transfer from an Ardent checking account. Otherwise, rate 0.25% higher. The rate(s) shown are the lowest available for each of terms listed. Loan subject to credit approval. Additional terms and rates available.
3Introductory rate of 7.50% APR is for the first 12 months after the loan open date. At the beginning of the 13th month, your regular rate will go into effect which is based on the value of an index (the Prime Rate published in the Wall Street Journal, currently at 8.50%). The APR will never be higher than 18.00% in a variable-rate plan. If you close your home equity line of credit within 36 months of opening, you will be required to reimburse the Credit Union for the bona fide third party fees paid on your behalf which could range from $250.00 to $2,500.00. Additional restrictions, limitations and exclusions may apply, offer subject to change, please contact an Ardent representative for further details and current rates.
In general, the estimated availability of the funds from the time a successful is submitted is 3-4 weeks.
Yes. For Fixed-Rate HELOCs, the rate is fixed for the entire life of the loan regardless of changes to the Wall Street Journal Prime Rate.
The standard origination fee for a HELOC is $199. The fee can be deducted from the proceeds of the loan at closing (or paid out of pocket if you prefer). For loan amounts over $250,000, title insurance and full appraisal are required. For states that charge mortgage taxes or attorney fees (ex. Florida, New York, Delaware, Georgia, etc.), those costs would be added to the origination fee.
The monthly principal & interest payment is calculated as the greater of either $100 per month or a 20-year payoff of the outstanding balance. For example, if you draw the $100,000 from the HELOC at a rate of 8.125% APR, the monthly principal & interest payment would be $845.
No. The payments are calculated and applied towards principal and interest based on the account balance.
The next monthly billing cycle after drawing upon the line.
No.
The best way to access the funds is to transfer them into your Ardent account via eBanking. You can also call us to transfer over the phone, request a cashier’s check or initiate a wire transfer to an outside institution.
The draw period is 2 years from when the line is opened (assuming you haven’t refinanced, paid in full or sold the property). At the end of the 2-year draw period, the ability to draw more funds is removed and the remaining balance must be paid over a period not exceeding 20 years.
The minimum transfer amount in eBanking is $500. For lesser amounts, please speak with a representative to transfer over the phone.
There is no prepayment penalty. If you pay off or refinance within 36 months, we may recoup certain closing costs from this transaction if we provided a lender’s credit. These costs range between $350-$650 depending on property location.
No, at present our HELOC offerings are available for primary residences and vacation homes only.
