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 how much your home is worth. As you make payments on your mortgage, your home’s current market value could be higher than what you owe on the mortgage. That dollar difference can be a great asset, helping you pay for life’s big expenses through a Home Equity Line of Credit (HELOC).

A HELOC is a line of credit secured by the home you own. It allows you to borrow money as needed up to an approved credit limit, much like a credit card. Many financial institutions have temporarily stopped accepting HELOC applications due to high demand, but Cedar Point Federal Credit Union is still accepting applications!

Whether you need funds to renovate your home, send your kids to college, pay off debt, or cover unexpected expenses, a HELOC is an excellent option for many homeowners.

Here are some more reasons why a HELOC from Cedar Point may be right for you:

  • Low-Interest Rates: With rates as low as 3.99% 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 Cedar Point’s 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, their 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.

The HELOC experts at Cedar Point are here to help. Call to speak with a Mortgage Service representative at 301-863-7071 or get started online at