HELOC Rate Modifications | Landmark Credit Union

	Modify Your Existing HELOC	Apply for a New HELOC
Best For	If you want a quick and easy way to take advantage of the lower rate on your existing HELOC without modifying your credit line or promotional term.	If you are ok with a bit more paperwork and possible other appraisal and would like to increase your credit line or begin with a fresh promotional rate term.
Your Line of Credit Limit	Will not change	You’ll need to increase your limit by $5,000 or more to take advantage of the promotional rate.
Loan to Value Limit	Will need to be at least 70% or lower to take advantage of the promotional rate.¹	Will need to be at least 70% or lower to take advantage of the promotional rate.
Promotional Rate Term	Your term will begin with 12 months of the promotional rate.	Your term will begin with 12 months of the promotional rate.
Fee	$395 flat fee	No fee³
Credit Inquiry	Will require a new credit inquiry which may have an impact on your credit score.²	Will require a new credit inquiry which may have an impact on your credit score.
Appraisal	Does not require a new appraisal to be performed.¹	May require an appraisal based upon your property attributes.
Timeframe	It’s quick and easy and can be done completely electronically, in most cases in under a week.	May require some additional paperwork to validate current income and other items. May take up to 3-4 weeks to close on the new line.
	Modify Existing HELOC	Apply for a HELOC

Promotional rate available on loans for owner-occupied primary residences with loans up to 70% Loan-to-Value (LTV) and credit scores of 680 or higher. Other restrictions may apply.

¹ This is determined based on your loan information as of the closing date of your loan.

² Credit score from original HELOC closing must be 680 or higher.

³ No closing costs or application fees if: (i) Loan-to-Value (LTV) ratio is less than or equal to 90%; (ii) balance/limit is $10,000 - $250,000; and (iii) home is a single family residence and owner occupied. Fees will apply if these terms are not met. Additional loan programs may be available. Homeowner’s insurance required. Early termination fee applies.