HELOC and HELOAN Access Home Equity Solutions
Use Credit Union 1’s convenient digital tools to make payments, access your HELOC funds, upload proof of insurance, get payoff details, and manage your home equity loan 24/7.
How to Manage HELOCs and HELOANs
Have other questions? Explore our home equity loan frequently asked questions for quick, helpful guidance.
Access Your HELOC Funds
Move funds from your HELOC to a CU1 Checking or Savings account with Digital Banking. Simply follow these steps to get started:
- Log in to Digital Banking.
- From the home screen, select “Transactions,” then choose “Transfer.”
- Open “From Account” and select your HELOC loan.
- Select “To Account” and choose the CU1 account where you want the funds deposited.
- Enter the amount you want to advance to your CU1 Checking or Savings account.
- Open “Frequency” and select “One Time Transfer.”
- Review the “Transfer Date”, as it will default to the current date. If needed, select the calendar to choose a different transfer date.
- Select “Transfer Funds,” then confirm the transfer to advance funds from your HELOC. To review your transfers, go to the menu, select “Transactions” and choose “Activity Center.”
Not registered for Digital Banking? Register now.
Home Equity Insurance Requirements
Contact your insurance company to list Credit Union 1 (P.O. Box 2200, Carmel, IN 46082) as the lien holder. You will also need to submit proof of insurance with our partner MyInsuranceInfo and ensure your insurance meets Credit Union 1's requirements.
Credit Union 1 Home Equity Insurance Requirements:
- Dwelling coverage must be greater than or equal to a minimum of the outstanding loan balance.
- The deductible cannot be more than 5% of the loan balance. CU1 encourages 1%.
- Credit Union 1 is named as lien holder or loss payee. Please list the following name and address on the declaration page:
Credit Union 1
P.O. Box 2200 Carmel, IN 46082.
If your Mortgage insurance policy does not meet our requirements listed above, you will receive a phone call, email, or text communication from Allied Solutions, a company providing insurance policy tracking for Credit Union 1.
Please contact Allied Solutions directly at (800) 653-8812 with any questions.
Pay Off Details
Before making your final payment, contact Credit Union 1 at (800) 252-6950 and say “existing loan” to be connected with our Loan Resolution team. They will guide you through the payoff process, help you request a payoff statement, and review your payment options.
- For a HELOC: Let us know whether you would like to:
- Pay the balance to $0 and keep the line open, or
- Pay off the balance and close the line.
- For a HELOAN: Your payoff statement will provide the total amount needed to pay the loan in full.
Interest accrues daily, so your payoff amount may change depending on when your payment is received. If transferring funds from another financial institution, allow enough time for the funds to be received and processed before the payoff is completed. Once the loan is paid in full, CU1 will process the applicable lien release documentation.
Frequently Asked Questions
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- A HELOC is a line of credit that lets you draw funds as needed during a 5-year draw period.
- A HELOAN provides the full loan amount as a lump sum that you repay over the selected term.
Learn more about the similarities and differences of a HELOC and a HELOAN.
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Depending on the property type and value, an appraisal may be needed. Please contact CU1 for assistance.
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You can pay ahead on your HELOC and HELOAN, and there are no penalties for early payments.
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With a HELOC, you pay interest on only what you withdraw. For example, if you have a $100,000 line, but only draw $10,000, then you would only pay interest on the $10,000, not the whole $100,000. While with a Cash Out Refinance, you pay interest on the full amount of the loan. However, it is best to determine what your current interest rate is on your mortgage compared to what it would be when you refinance.
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Contact CU1 so we can help you find the best option for increasing your HELOC limit.
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There is only a minimum advance for the initial draw of $500. After that, there is no minimum amount required for subsequent advances.
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No, a HELOC will be placed in second lien position, and it will not change your first mortgage. You will have two separate loans with two separate payments.
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HELOC payments are due at the end of each month. A 10-day grace period applies before a $25 late fee is charged. (For the first payment, the payment will be expected the following month after closing).
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There is no drawing availability on HELOAN. Full disbursement happens at funding.
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No, a HELOAN will be placed in second lien position, and it will not change your first mortgage. You will have two separate loans with two separate payments.
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Yes, the estimated closing costs will vary based on loan amount, county and state.
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HELOAN payments are due at the beginning of each month. There is a 15-day grace period before a late fee is assessed (5% of the principal and interest that is overdue).(Interest is calculated as a conventional mortgage).
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Since property laws vary by state and county, please contact CU1 to ensure you get an accurate payoff quote.
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