Associated Credit Union launches “Your Something” campaign to help consumers use equity in their home
NORCROSS, GA (May 11, 2018) — When it comes to home equity products, there isn’t a catchall that works for every person the same. While a debt consolidation might be the need for one consumer, a dream vacation could be the motive of another in tapping into their home equity. Associated Credit Union recognizes the need for a variety of product offerings and services that cater to the needs of the individuality of the consumer. The launch of the “Your Something” campaign touches the user with the message, that no matter how they want to use their equity, it’s their something and they can imagine it.
Associated CU is promoting two home-equity product options during the month of May. The first – a Fixed Rate Home Equity Line of Credit (fixed rate HELOC), is a new product offering from ACU. With interest rates rising, ACU wanted to help the member hedge against an unexpected rate spike with their HELOC. Additionally, with a fixed-rate, it’s unlikely that the member will find it necessary to refinance with another lender. Similar to a credit card, the member can use as much of the available credit as they wish, and can continue to pay it down or pay it off and use it again during the five year draw period. This allows for flexibility if another need arises during this time. ACU suggests using HELOCs for smaller scale financial needs, such as medical expenses, car repairs, or minor home improvement projects.
The second option that ACU is marketing during the month of May is a Cash-Out Refinance Home Equity Loan. When considering a Cash-Out option, the borrower should consider how much they owe on their existing mortgage, and how their current loan compares with today’s rates. A Cash-Out refinance allows the flexibility and security of having a long-term loan with a low payment. This option is typically suggested when the member needs to borrow a larger lump sum of money, usually $30k or higher. ACU suggests this option for those who need to consolidate debt, do a larger scale home improvement project, or pay for education.
Chad Evans, VP of Lending at Associated Credit Union would love members to take advantage of either of these opportunities to use the equity that they’ve built in their home.
“Rising home values have unlocked home equity and wealth potential,” said Evans. “This is a way for members to borrow in a secured manner – and it’s mutually beneficial for both ACU and for the borrower.”
While these products are being marketed during the month of May, they will be available to the member throughout the year. ACU hopes that current members and new members will take advantage of the opportunity to unlock this wealth in their home and use it on projects, debt, education, or other life necessities they may not have been able to afford otherwise.
To find out more about the Your Something Home Equity promotion, go to acuonline.org/yoursomething.
About Associated Credit Union
Associated Credit Union, a $2 billion financial institution that serves more than 158,000 members at 18 locations in Atlanta, Augusta, Carrollton and Dawsonville, offers members financial products that fulfill their needs, service that exceeds their expectations and relationships that inspire their trust. The Associated Credit Union Foundation, a 501(c)(3) nonprofit, provides fundraising and volunteer opportunities for employees and members to support charitable organizations. For more information about Associated Credit Union, visit acuonline.org or like and follow @AssociatedCU on Facebook, Instagram and Twitter.
