With the equity you’ve built up in your home over the years, you could be sitting on a lot of money! When you’re ready to put your home’s equity to work, you maybe wondering which option is best for you – a home equity loan or a home equity line of credit (HELOC).
One of the most common misconceptions is that home equity loans and HELOCs can only be used for home improvements. These loans can be used for a variety of needs, including consolidating high-interest debt, financing a college education, buying a new car or taking a dream vacation.
Choosing the loan option that’s right for you starts with an understanding of equity. Equity is the difference between the value of your home and the remaining unpaid principal balance of your mortgage. For example, a home worth $250,000 with a principal balance of $100,000 remaining has $150,000 in equity.
So what’s the difference between a home equity loan and a HELOC? A home equity loan is a one-time loan for a fixed dollar amount, at a fixed interest rate, with a fixed term of repayment. This type of loan has a pre-determined monthly repayment amount and an amortization schedule for up to 15 years. Home equity loans are great for specific, one-time purchases like a new car or a home remodeling project.
A home equity line of credit – also called a HELOC – is a variable-rate loan that can be drawn down either all at once or at different times. You can borrow up to the credit line maximum, but you’ll only pay interest on the funds you use. For example, if you’re approved for a $50,000 equity line but only borrow $15,000 right now, you are only charged interest on the $15,000. Once you have repaid the amount borrowed, your credit line is fully renewed and available for borrowing again. Most HELOCs feature a 10-year draw period followed by a 15-year repayment period. HELOCs are a smart way to pay for recurring expenses like college tuition.
A Hoosier Hills Mortgage Loan Officer can help you determine whether a home equity loan or line of credit is the best option for you. A member service representative can also take a home equity application.
One app to control all your debit and credit cards.
Our new CardValet® app lets you control all of your credit and debit cards. Save time and gain peace of mind knowing you can control the cards in your wallet with your phone in your pocket.
Download CardValet from Google Play™ or the App StoreSM to:
For more information please visit http://www.cardvalet.com/index.aspx
Now you can monitor your Visa Credit card account easier and faster. With free Visa Purchase Alerts from Hoosier Hills Credit Union, receive real-time alert notifications on select signature-based purchases made with your HHCU Visa credit card. Monitor your account activity from wherever you are and quickly notify HHCU of anything suspicious.
Select from available criteria and decide what activity you want to receive alerts on. Plus, choose how to receive Purchase Alerts - as text messages (SMS) and/or as email messages.
To receive Visa Purchase Alerts, cardholders can sign up at https://purchasealerts.visa.com/vca-web/check. Once you are enrolled, you can establish specific triggers. Anytime a qualified Visa transaction takes place that meets your defined parameters, you will receive as alert in seconds via email and/or SMS text message. Choose from these options:
Visa Alerts are just one more way Hoosier Hills Credit Union and Visa can help protect your credit card account.
WHAT IS CAUSING ALL THE DEBIT CARD FRAUD?
HOW CAN YOU BEST PROTECT YOURSELF?
WHAT IS CAUSING ALL THE DEBIT CARD FRAUD…You see it on the news, or possibly you have been victimized. Fact is debit card fraud is on the rise and there are things you should know to best protect yourself from the bad guys perpetrating the fraud.
First, how are the bad guys getting access to your card number? Far and away the biggest problem is with large retail companies that have not protected the information they gather when you conduct a debit or credit card transaction at their store, or while you shop on-line. Here, the bad guys have broken into the company’s computer systems. They steal large numbers of customer’s card information. You have likely heard of many of these DATA BREACH cases on the news. Within the last year stores like Macy’s, Target, and Home Depot have all been breached. It does not matter whose bank or credit union card you carry. The crooks are getting the card numbers from the store's computer system. Retailers need to do more to protect consumer information. This is where the greatest amount of debit card fraud is originated.
Once the bad guys have the information, they typically sell the card numbers to another bad guy who either creates a duplicate (counterfeit) card, then goes out and buys merchandise or gift cards using the fraudulent card, or they simply use the card number to buys things on line.
Another criminal activity that is gaining ground today is SKIMMING. This is where the bad guys place a device, which is undetectable to the eye, on gas station pumps and ATM machines. Here, the data is collected each time the card is swiped to make a purchase or a withdrawal. This information is then used to create a counterfeit card.
HOW CAN YOU BEST PROTECT YOURSELF…
For this process to work effectively, you need to be sure the Credit Union has the "best" phone number to reach you. Typically this is a cell phone number, or if you don’t have a cell phone, your current land line number.
We have additional information about Card Fraud on our website. If you have any questions, please call the Call Center at 812-279-6644.
Report the fraud immediately:
After Hours call: 800-472-3272
Business Hours call: 800-865-2612 or 812-279-6644
After you have reported the fraud, you will have 3 business days to file the appropriate paperwork with Hoosier Hills Credit Union.
The Credit Union will make a determination and if there is no refund coming to you, you will be contacted by the Member Service Representative that assisted with the claim. Provisional credit will be given for the transactions deemed as fraud within 10 business days. If there were fees assessed due to the fraud, those will be refunded as well.
The information from the merchants involved in the claim will determine whether you get to keep the refund. The only other reason you would not get to keep a refund that is passed to you from Hoosier Hills Credit Union would be if the merchant refunded you as well.
To report a lost or stolen credit or debit card after hours, call (800) 472-3272.
To activate your personal credit or debit card or if you have issues with your card, call (888) 429-1626.
To activate your business visa or if you have issues with your card, call (855) 519-9874