How do I access my funds?
For HELOC loans you may access your funds in 2 different ways:
- In person, at your local EECU Financial Center
- Write a check from your HELOC account
For Home Improvement loans you need to submit a Draw Authorization form signed by all Borrowers and the Contractor. You may fax the form directly to (817) 882-0001, or you may email the form to firstname.lastname@example.org
. The draw authorization forms would have been provided in your closing package. Please call the Real Estate Department directly at (817) 882-0184 to request a new draw form if needed.
What is the minimum loan advance on a HELOC?
The requirement is written into our Texas Constitution. It states the minimum draw on a HELOC loan is a minimum of $4,000 at a time.
Can I set up an auto transfer for the monthly payment?
Since HELOC payments are variable, we are unable to set up a standard payment deduction. However, you can set up an amount of your choosing, if it is enough to cover the required variable payment each month. Any additional funds would be allocated to the principle amount of the loan. Ex: If the variable payment was $135 per month. Automatic payments are set up for $175 a month the remaining $40 would be applied to the principle balance of the loan.
Is this a fixed rate?
No. It is a variable rate, based on the current prime rate. The variable interest rate may adjust every January 1, and July 1, according to the current prime rate as published in the Wall Street Journal.
What happens after the 5-year draw period has expired?
Once the 5-year draw period expires, you will no longer be able to access additional funds. The remaining balance will be locked in and your remaining payments will be based on a 15-year payback term. The interest rate will remain variable.
Is the rate fixed after the 5-year draw period?
The rate will remain variable. If you would like to see about getting a fixed rate at that time, you may call a Mortgage Loan Advisor to go over options available to you. The number to call is 817-882-0181.
Why is the payment date on the 25th? Can I change it?
The payment date of the 25th of the month is standard EECU policy. We cannot adjust the due date for HELOC loans. You do have a 10-day grace period to make a payment before the loan is considered in default.
Can I make my payment early?
Absolutely! There are no penalties to do so.
Can I make more than the interest payment during the 5-year draw period?
Yes. You may make any amount of payment, if, you cover the required minimum payment. If you do pay more than the required payment, more will be applied to the principle balance, allowing you more funds available for you to access during the draw period.
If I pay off my HELOC, will you automatically close the loan?
During the draw period, the loan will remain open, even at a $0 balance. If at any time during the draw period, you pay off the loan and wish to close the credit line, please contact us at 817-882-0800, or in writing. After the draw period expires, all HELOC’s with a $0 balance are automatically closed.
Is there a charge for the HELOC checks?
There is no charge. You just need to contact your local EECU branch.
Can my spouse or other draw from my HELOC (or obtain other loan information)?
No. Only borrowers may draw from the HELOC and/or obtain information about the loan.
For my Home Improvement loan, can I fire my contractor if I am not happy with their work?
We highly advise that any conflicts you have be resolved with the listed contractor. If a dispute cannot be resolved, please contact us directly at (817) 882-0184 to discuss what remedies might be available.