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Home Equity Loans

Typically, the longer you own your home your home’s equity increases as your outstanding mortgage loan decreases.  This is an asset you can borrow against while you still own the home.

We offer two types of Home Equity Loans. Not sure which one best fits your needs? Talk with one of our lenders to find what works best for your situation. Please contact us!

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Home Equity Line of Credit

A variable rate Home Equity Line of Credit allows you to take periodic advances for eight years, with the balance being repaid over 12 years. The minimum for your first advance is $1,000 with subsequent advances of at least $500, up to your credit limit. In addition, there is no early repayment penalty.

Home Equity Loan

This is a closed-end loan with the full proceeds disbursed at closing with no additional advances. The rate is fixed so your payments don't change. Repayment terms are available in 5, 10, and 15 year terms. Plus, there is no penalty for early repayment.

Loan Rates

Choose an interest rate below and use the calculator to see how much your monthly payment will be.

Payment = Monthly Payment per $1,000
APR = Annual Percentage Rate

Term APR* Payment
5 year1 3.00% $17.97
10 year1 3.75% $10.01
15 year1 4.00% $7.40
Variable Rate LOC2,3 4.00% $8.76


*APR is annual percentage rate.  Rates effective 7/31/2020 and are subject to change without notice.

1 Terms and restrictions may apply. Ask for more information. Add 1.50% to the published rate when  loan to value is greater than 80%.

2 Rate is variable based on Wall Street Journal Prime Rate minus 0.625%. The rate has a floor of 4.00% and a ceiling of 18.00%. Loan-to-value 90% or less.

3 8 year draw/12 year repayment
Home Equity Disclosure. View Rates

What will my monthly payment be?

 

 

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Insurance

Insurance can help protect your financial security and credit rating by reducing financial burdens. Homeowner’s Insurance protects your home in case of damage. Any loan on your home (mortgage or home equity) will require homeowner’s insurance.   

What is Homeowners Insurance?

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Research insurance programs before you buy. 

One CU has an exclusive savings program through Travelers.  

Check it out – you could save big! Get a quote now!

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In addition to homeowner’s insurance, you may also want to consider revisiting your life insurance coverage.  In the event of unexpected death, life insurance can be a significant relief to those you leave behind.