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Earn Your $300 Closing Cost Credit with a HELOC!2

No annual fees, flexible repayment options and more.

Use your home’s equity to do more.

Unlock the possibilities with your home’s equity whether it’s paying for education or consolidating debt, use your equity to do more.

Get $300 in Closing Cost Credits with a HELOC2

Your home can be a fruitful means to growing your wealth— from paying off high-interest debt, renovating your home, and more with our competitive home equity line of credit rates.

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Start

your home equity line of credit application online and begin the process to your $300 offer.

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Meet

with a mortgage specialist and ensure we are building the mortgage that works for you.

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Access

your equity and use the funds for home renovations or consolidating debt over time.

Frequently Asked Questions

A HELOC can be used for a variety of purposes. Many homeowners use a HELOC to finance home improvements or renovations, but they can also be used to pay for unexpected expenses, like medical bills or emergencies.

The main advantage of a HELOC is flexibility. Instead of taking a lump sum of money that you have to begin payments on immediately, you can use a HELOC as you go, avoiding paying interest on the entire amount if you’re not ready to use it all at once.

It’s also reusable, meaning that you can use the funds, pay it off, and use it again as many times as needed during the draw period. This eliminates the need to re-apply for funding.

Home Equity Line of Credit (HELOC), is a revolving credit line that is secured by your home and can be used for large expenses or to consolidate higher-interest rate debt on other loans. While there are a few different options for funding backed by your home’s equity, a HELOC provides a flexible way to access funds when you need them.

Credit cards and personal loans typically can come with a hefty interest rate, sometimes up to 20% or even higher. When thinking about your financial future, savings via lower interest rates can really add up over time. With rates often less than 10%, a HELOC can be a wise choice over these types of loans.

2 Our Home Equity Line of Credit product will adjust to a fixed rate after the 10-year draw period.

1. Lower Interest Rates

One of the biggest advantages of a HELOC is its lower interest rates. Because the loan is secured against the equity of your home, lenders can offer lower interest rates than other forms of unsecured loans (like personal loans and credit cards).

It’s important to note that unlike a fixed-rate loan, HELOCs typically have variable interest rates, which means they are subject to fluctuation as dictated by federal interest rates.

Additionally, by obtaining a HELOC through a credit union, you are likely to find lower interest rates and fewer fees than through a for-profit bank. Because credit unions are not-for-profit, they tend to have their members’ best interest in mind, and will offer personalized service to get the best options available to you.

2. Flexibility

Another benefit of a HELOC is its flexibility. Differing from traditional loans where you receive a lump sum payment upfront, a HELOC is a revolving line of credit that allows you to access funds as needed.

You can borrow up to your credit limit and pay it back over time. And, because you only pay interest on the amount you borrow, you receive a money-saving benefit.

3. Tax Deductibility

Often, the interest paid on a HELOC is tax-deductible. For example, if you use the loan to buy, build, or substantially improve your home, the interest may be eligible to be deducted.

Keep in mind that this deduction only applies if you are using the funds to improve the property which backs the HELOC. It’s important to consult with a tax professional to determine if you qualify for any tax deductions related to your HELOC.

4. Versatility

A HELOC can be used for a variety of purposes. Many homeowners use a HELOC to finance home improvements or renovations, but they can also be used to pay for unexpected expenses, like medical bills or emergencies. Additionally, a HELOC can be used to finance large purchases or to consolidate high-interest debt.

Note: Borrowing against your home has some risk if you are using the funds to pay for things that are outside of your budget and do not add value. Because a HELOC is backed by your home, if you fail to pay it back, the bank could foreclose on your home. While HELOCs typically have generous repayment periods, you risk negating the benefits of your home’s equity if you spend the money carelessly. As such, it’s important to use your funds accordingly.

During the HELOC “draw period”, you can generally make interest-only payments on what you’ve borrowed. Depending on the terms of your HELOC, you may also be able to make payments toward the principal amount, if you choose; however, fees may apply.

You don’t have to withdraw the entire amount of funds — that is the maximum available should you need it. The draw period is usually up to 10 years, depending on the lender and the terms of your agreement.

After the draw period ends, you’ll no longer be able to spend from the HELOC. You’ll enter into the “repayment period”, where you’ll need to pay back the loan. Depending on the terms of your HELOC, this could be over time or due immediately. Typically, the repayment period lasts between 10-20 years, giving homeowners ample time to pay back. Understanding your HELOC’s rate and term structure is key to properly managing your funding.

Home equity can be calculated as the current market value of your home, minus what you owe. A gain in home equity comes from paying down the balance of your mortgage, and/or an increase in your home’s market value over time.

For example, if your home is appraised at $400,000 and the remainder of your mortgage balance is $150,000, that would give you $250,000 in equity.

(market value – mortgage balance = equity)

Importantly, if you believe your home has gained value since you purchased it, consider getting an appraisal before you apply for a HELOC. This will potentially give you access to more funds if you need them.

There are other factors at play in determining the amount of your HELOC, but understanding how to calculate your home’s equity value will give you a good starting point.

A HELOC is a line of credit secured by your home that gives you a credit line to use for expenses or debt consolidation. A HELOC is often less expensive than other forms of credit and allows homeowners a lower interest opportunity to leverage a valuable asset they already own — their home’s equity.

A HELOC is typically offered as a variable-rate product with a revolving credit line (similar to a credit card), but instead of using your credit score as a primary basis for approval, the amount you are eligible for is based on the amount of equity you have in your home. This means you can borrow against the line for a specific amount and pay it back over time. Additionally, you can continue to make payments toward the balance, opening up your available credit line each time you do so.

Not finding what you’re looking for? Contact us

Save More With These Offers

Your new Fallsgrove branch is here to support your journey with closing cost assistance for new home purchases and so much more.

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Start with $200 in Your Pocket!1

Get a $200 checking account bonus in your account when you switch to Lafayette Federal. Enjoy smarter, hassle-free accounts designed to support your financial success.1

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Save $600 on your mortgage at Fallsgrove!3

Finance your mortgage with us and receive $600 in closing cost credits.​ Why choose Lafayette Federal?​ We offer competitive rates​, personalized service, and a 30-day close guarantee.4

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Put 4.33% APY6 in your pocket.

Earn 2x the national average7 with Lafayette Federal and take your savings to the next level with our high-yield certificates.

Benefits

Using your home’s equity as collateral means you can borrow at great low rates. Our variable rate option provides you with a revolving line of credit, giving you the flexibility to borrow what you need, when you need it.

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Flexible Payments

We offer affordable repayment terms for up to 30 years. Plus, there’s no penalties for prepayment or annual fees.

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Finance Any Large Purchase

Borrow up to 95% of your home’s value1 to finance major purchases like home projects, vacations, and even weddings!

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Reuse the Funds

As a revolving line of credit, you can use the funds for home renovations or consolidating debt over time.

Visit The Fallsgrove Branch

Do more with your banking relationship at our Fallsgrove branch. Located in the heart of Rockville, Maryland our branch stands as a proud member of this vibrant community.

Lobby Hours

Monday to Friday: 8:30 a.m. – 4:00 p.m.
Saturday: 9:00 a.m. – 12:00 p.m.
Sunday: Closed

Contact

Phone: (301) 929-7990
Toll Free: +1 (800) 888-6560
Fax: (703) 639-1819

Due to processing delays caused by security restrictions, no mail is accepted at the Kensington Financial Service Center. Please send all mail to our Corporate Office.

Fallsgrove Team

View our Fallsgrove team below and schedule a call or meeting to get started.

Norbert Fichtel

Norbert Fichtel

Home Equity Loan Officer
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Luis Macias

Branch Manager
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Michelle Michel Ramirez

Membership Development Officer

Disclosures

$200 Checking Account Bonus Offer

¹Lafayette Federal membership is required. Offer is valid in-branch at the Fallsgrove Financial Service Center from February 1, 2025 through April 30, 2025. Member must open a Lafayette Federal checking account, debit card, online banking, and set up and maintain at least one (1) qualified direct deposit (QDD) of at least $500 per month to receive the $200. Qualified direct deposit is a recurring direct deposit of a paycheck, pension, Social Security or other periodic payment of at least $500 into a checking or savings account on a month-to-month basis made by an outside organization or agency. QDD must be established within 45 days of account opening. $200 will be deposited within 90 days of account opening. $50 minimum balance required to open and earn 0.10% APY (Annual Percentage Yield) on LFCU share savings account balances. Rates effective as of January 1, 2025. Your savings are federally insured up to $250,000 by the National Credit Union Administration, an agency of the U.S. government.

Home Equity Line of Credit Disclosure

2Offer is valid February 1, 2025 through April 30, 2025. Credit valid on a Lafayette Federal HELOC only. Lafayette Federal membership is required. Loan approval subject to credit evaluation. Home Equity Lines of Credit are secured by your home. If you’re paying off an existing real estate loan, the Credit Union does not cover costs imposed by other lenders, if any. Rates and terms subject to change without notice. Loan approval subject to credit evaluation. $50 minimum balance required to open and earn 0.10% APY (APY=Annual Percentage Yield) on Lafayette Federal share savings account balances. $5 minimum balance required to open and earn 0.025% APY on checking balances over $25,000. Rates effective as of January 1, 2025. Your savings are federally insured to at least $250,000 by the National Credit Union Administration, an agency of the U.S. government.​​

Equal Housing Lender. NMLS#: 464425

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Mortgage Disclosure

3Offer is valid February 1, 2025 through April 30, 2025. Credit valid on a Lafayette Federal mortgage loan only. Lafayette Federal membership is required. Loan approval subject to credit evaluation. Rates and terms subject to change without notice. Loan approval subject to credit evaluation. $50 minimum balance required to open and earn 0.10% APY (APY=Annual Percentage Yield) on Lafayette Federal share savings account balances. $5 minimum balance required to open and earn 0.025% APY on checking balances over $25,000. Rates effective as of January 1, 2025. Your savings are federally insured to at least $250,000 by the National Credit Union Administration, an agency of the U.S. government.​

4Valid on purchases only. Guaranteed to close within 30 days of application or scheduled contract date, whichever is later. Guarantee is void if delay is caused by a member or party other than Lafayette Federal. $250 closing cost credit will be issued for each day beyond the eligible deadline ($2,000 maximum applies). Other restrictions may apply.​

Equal Housing Lender. NMLS#: 464425

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Certificate Disclosure

6APY= Annual Percentage Yield. Dividends are compounded and paid monthly on the first day of the next dividend period. IRAs are excluded from offer. Early withdrawal penalties will apply. Minimum to open a certificate is $500; maximum aggregate promotional certificate balance is $100,000 per member across all membership accounts. Certain fees and charges may apply to your share account as disclosed in the current Schedule of Fees. $50 minimum balance required to open and earn 0.10% APY (APY=Annual Percentage Yield) on Lafayette Federal share savings account balances. $5 minimum balance required to open and earn 0.025% APY on checking balances over $25,000. Rates effective as of January 1, 2025. Your savings are federally insured to at least $250,000 by the National Credit Union Administration, an agency of the U.S. government.​

7​Based on the national average for comparable deposit account rates as published in the FDIC Weekly National Rates and Rate Caps as of January 14th, 2025.

​Your savings are federally insured up to $250,000 by the National Credit Union Administration, an agency of the U.S. government.