Home Equity Loans & Lines of Credit
Put your home to work for you and get access to cash for whatever your need may be.
With a Home Equity Loan or Line of Credit, you can borrow against the value of your home for most any purpose. Build your dream kitchen. Consolidate debt. Pay for tuition, vacation, or a major purchase.
What’s the difference between a home equity loan and a line of credit?
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Home Equity Loan
Perfect for immediate needs and one time purchases with a fixed rate.
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Home Equity Line (HELOC)
It’s there for when you need it. Withdraw funds as needed, and only pay interest on the amount that you’ve tapped into.
Home Equity Loans
Get the money you need in a convenient, single payout for debt consolidation, home improvements, medical expenses or most any other purpose.
- Competitive fixed interest rates
- Terms for 5, 10, 15, and 20 years to fit your budget
- Borrow up to 95% of your home’s value*
- No prepayment penalties or annual fees
- Available on primary residences and second homes
Home Equity 10 Year Fixed Balloon Loan**
Borrowers looking for purchase money, refinances and standalone home equity funds will appreciate the benefits of:
- Low payments based on 30-year amortization
- Competitive Fixed Annual Percentage Rate
- CLTV up to 95%
Home Equity Line of Credit
Withdraw funds as needed, and only pay interest on the amount that you’ve tapped into.
Our variable rate option gives you the flexibility to borrow what you need, when you need it.
- Affordable payments for up to 30 year terms
- Borrow up to 95% of your home’s value*
- Reusable line of credit for home renovations or consolidate debt
- Finance major purchases such as vacations and weddings
- No prepayment penalties or annual fees
How about these rates?
We pride ourselves for having awesome rates. Take a look for yourself!
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Savings Type |
Minimum Loan |
APR as Low As |
Approximate monthly payment* |
|---|---|---|---|
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*Monthly payment estimates based on a $25,000.00 Home Equity Loan. Rates effective as of 06/23/2020. Rates subject to change without notice. **The Home Equity 10 yr Balloon contains a balloon provision. This means that even if you make all payments in full and on time, the loan will not be paid in full by the end of the final payment date. A single balloon payment covering the remaining outstanding balance will be due and payable. Only 2nd position lien loans qualify. Loan payment example is based on a $10,000 loan amount. |
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Savings Type Home Equity Easy Payment Line |
Minimum Loan $10,000.00 |
APR as Low As 3.00% |
Approximate monthly payment* Varies |
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Savings Type Home Equity Fixed 10-Year Balloon Loan** |
Minimum Loan $10,000.00 |
APR as Low As 4.50% |
Approximate monthly payment* $50.69 (119 pmts. of $50.69 & 1 Balloon pmt. of $8,058.05) |
|
Savings Type Home Equity Fixed Rate Loan - 5 Year Term |
Minimum Loan $10,000.00 |
APR as Low As 4.15% |
Approximate monthly payment* $184.84 |
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Savings Type Home Equity Fixed Rate Loan - 10 Year Term |
Minimum Loan $10,000.00 |
APR as Low As 4.40% |
Approximate monthly payment* $103.16 |
|
Savings Type Home Equity Fixed Rate Loan - 15 Year Term |
Minimum Loan $10,000.00 |
APR as Low As 4.90% |
Approximate monthly payment* $78.56 |
|
Savings Type Home Equity Fixed Rate Loan - 20 Year Term |
Minimum Loan $10,000.00 |
APR as Low As 5.40% |
Approximate monthly payment* $68.23 |
I have always been able to count on excellent customer service from the credit union. Associates have gone above and beyond to ensure my needs are met.
— Evelyn member since 1990
FAQs
Questions? We’ve got answers.
The funds will be available after closing.
Once you settle on your loan, you can withdraw money as you need it.
If your mortgage loan balance is lower than the value of your home, then you have equity in your home.
Let’s get started
Disclosures
*Minus first mortgage balance. Certain fees, conditions and restrictions may apply. Home Equity Lines of Credit and Home Equity Loans are secured by your home. If you’re paying off an existing real estate loan, the Credit Union does not cover the costs imposed by other lenders, if any. Rates and terms subject to change without notice. Loan approval subject to credit evaluation.
**The Home Equity 10 yr Balloon contains a balloon provision. This means that even if you make all payments in full and on time, the loan will not be paid in full by the end of the final payment date. A single balloon payment covering the remaining outstanding balance will be due and payable. Only 2nd position lien loans qualify.
Loans available for homes located in DC, MD, DE, VA, WV, NC and SC.
NMLS# 401513