What is a Home Equity Line of Credit, and how can I qualify for one?
A1. A Home Equity Line of Credit – like St. Cloud Federal’s EQUITY ONE with Draft – is a form of revolving credit in which the equity in your home serves as collateral. A Home Equity line such as Equity One allows you to draw out money when you need it, without the need to visit the credit union. Use one of these convenient methods: Transfer using Online Banking: Use our free Online Banking service to quickly transfer funds any time from your Equity One account to your checking account. Online Banking is available free to all credit union members. Transfer using VOICE RESPONSE Line: Use any touch-tone phone to quickly transfer Equity One funds to your Checking Account. Voice Response is a free service for all credit union members. Write a draft (a special check) any time for the amount you need, up to your predetermined limit. Drafts are provided free by the credit union. We want you to be aware of what’s involved in Home Equity financing, so we encourage you to talk to us about your s
