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Using 7% HELOC to Pay off a 3% Mortgage?Variable APR may be as low as % for the first 6 months with a variable APR as low as % thereafter. Turn your home equity into home upgrades. A loan. Borrowing money from your home's available equity is a great way to pay for financial needs. Apply for a HELOC from Purdue Federal Credit Union in Indiana. A Home Equity Line of Credit (HELOC) is a variable rate product. APR adjusts quarterly based on the Prime Rate as published in the Wall Street Journal.