Lock in a special 5.49% APR* HELOC introductory rate when you apply at Arsenal.
This introductory rate lasts for the first 12 months of your loan. After that, the traditional, low home equity line of credit (aka HELOC) rates take effect. Apply for your loan online, fast. Or, visit one of our branches and we’ll help you in person.
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What can I do with a HELOC?
When you receive your funds, you can technically use them for anything. It’s your money. However, there are some common uses that lend themselves well to a HELOC:
What are the benefits of borrowing with a HELOC?
One of the main benefits of a HELOC is the ability to tap into a reusable line of credit whenever you need the funds. You can access your funds directly through online + mobile banking and transfer them to your checking account. You can also use checks sent to you in the mail after closing to make payments with funds from your HELOC.
How much can I borrow?
Your equity is calculated by taking the value of your home and subtracting what you currently owe on it. If your home is worth $250,000 and you still owe $150,000, then your available equity is $100,000.
Most lenders will let you borrow up to 80 percent of your available equity ($80,000 from the example above). Arsenal is one of the few that will let you borrow up to 100 percent of it based on your creditworthiness.
What is a HELOC Prime Rate?
After your introductory rate expires, your interest rate is based on the current U.S. (Fed) Prime Rate. As of April 15, 2025, the current Prime Rate is 7.50 percent. Depending on if you choose the 80 percent or 100 percent option, your HELOC Prime Rate will become:
- 80 percent home equity line of credit: 7.50%
- 100 percent home equity line of credit: 7.50% + 1.00%
What are closing costs?
Most financial institutions roll in items such as appraisal, origination, title search, insurance, recording, and other fees into your loan. This typically comes out to between two and five percent of your total loan, or between $500 to $1,500.
You pay no closing costs when you get a HELOC at Arsenal if you keep your loan open for at least 12 months.
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*APR = Annual Percentage Rate. Introductory rate is fixed and applicable for first 12 months following open date. Must apply between 4.15.2025, and 6.30.2025, to qualify for offer. Available on new lines of credit only. Offer not available for refinancing existing Arsenal HELOCs. After 12-month introductory period, a variable rate will go into effect and may change monthly based on the value of an index – on 80% equity loans, it will be equal to the Prime Rate as published in The Wall Street Journal; on 100% equity loans, Prime plus a 1.00% margin. As of 4.15.2025, the Prime Rate APR was 7.50%. APR will not be lower than 7.50% on 80% equity loans or 8.50% on 100% equity loans, and the APR will not exceed 20.00% in either case. Minimum loan amount is $5,000 and maximum is $150,000. Maximum loan amount is determined by the amount of equity in your home, based on appraised value. Subject to credit approval. Loan features 10-year draw and 20-year repayment period. Rates, terms, and conditions subject to change. Missouri and Illinois residents only. Properties securing home equity lines of credit must be in Franklin County, Jefferson County, St. Charles County, St. Francois County, St. Louis County or City, Ste. Genevieve County or Washington County, and select Illinois counties (Madison, Monroe, Randolph, St. Clair). Property insurance will be required and flood insurance where necessary. We pay for the associated closing costs; if you close the loan within the first 12 months, you must reimburse the credit union. Interest paid is often tax deductible; check with your tax advisor for details. Credit union membership and qualifications are required. Loan terms and conditions depend on credit qualifications and approval.
