Home Equity | Cedar Point FCU (Lexington Park, MD)

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Home Equity Line of Credit

A HELOC is a great option for many homeowners. Due to high demand, many financial institutions have temporarily stopped accepting HELOC applications, but Cedar Point hasn’t! Apply for a HELOC today to take advantage of this opportunity.



Learn more by skipping to these sections:


What is home equity?

One of the best perks of being a homeowner is the ability to build equity over time. Home equity is the difference between how much you owe on your mortgage and your home's current value.

What is a HELOC?7.75

A HELOC, or a Home Equity Line of Credit, is a line of credit that is secured by your home. You can borrow money as needed up to an approved credit limit, much like a credit card. Terms include variable interest rates, a draw period, and a repayment period. The draw period (10 years) is the time period you may borrow the equity captured by the HELOC. This is followed by an additional 10-year repayment period. During this time, you can no longer draw against any remaining equity. When the repayment period ends (total loan maturity of 20 years), the HELOC will be paid in full.

At Cedar Point, we’re here to help. Call to speak with one of our Mortgage Service representatives about how we can help you leverage your home’s equity.

*Best rates are based upon approved credit. The rate is a variable rate and may increase. Maximum rate is 15%. Closing costs estimated at $2,200 to $2,400 on a $60,000 HELOC. APR = Annual Percentage Rate. Rates accurate as of February 5, 2024.

Using Your HELOC

You can use a HELOC for virtually any purpose. Common uses include:

  • Home Improvements and Repairs
  • Unexpected Expenses or Emergencies
  • Education Expenses
  • Medical Bills
  • Consolidating Debt
  • Weddings or Other Significant Events

Is a HELOC right for me?

A HELOC is a great option for many homeowners. It offers flexibility, could provide tax benefits (please consult your accountant), and allows them to access a significant amount of credit. Ideally, the equity in your home could go up every year as home values rise, and your loan principal will decrease by making monthly payments. Keep in mind that market conditions could cause your home to lose both value and equity. It’s important to act quickly to capture the equity you may have today.

Here are some reasons why a HELOC may be right for you:

  • Low Interest Rates: With rates as low as 9.25% APR, you could save on interest expenses from high-rate credit cards or loans.
  • Return on Investment: Using a HELOC to renovate your home? Investing in your home is a smart idea because it could possibly increase your home’s value, which could help your home sell more quickly and for more money.
  • Flexible Borrowing: You can use as much or as little money as you need and only pay back what you use.
  • Quick and Easy: With our in-house equity experts ready to assist you, estimates of what you qualify for can be determined in as little as one business day. Plus, our online application makes applying a breeze.
  • Streamlined Payment: Using a HELOC to consolidate debt? Simplify your finances by consolidating multiple payments to various lenders into one convenient payment per month.
  • Credit Score Boost: Having high credit card balances relative to your limits can hurt your credit score. Reducing those balances by transferring that debt to a HELOC could improve your credit score over time.

Apply for a HELOC

Anyplace, Anytime, On Any Device!

Did you know that we offer a quick, convenient way to apply for a Home Equity Line of Credit? As a member, you can apply online or using your smartphone or tablet, any time of day or night, from anyplace you happen to be! No need to call a mortgage loan officer or drive to the credit union, unless you prefer one of those methods. You now have more options to apply for loans to fit with your lifestyle!


Home Mortgage Disclosure Act Notice
The HMDA data about our residential mortgage lending are available for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, and income of applicants and borrowers; and information about loan approvals and denials. Inquire at any office regarding the locations where HMDA data may be inspected.



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