Equity Loans
As a homeowner, you can use the equity built up in your home to pay for one-time or ongoing expenses. Smart use of these assets begin with understanding how home equity works and with selecting the right home equity loan to fit your needs.
When you use your home equity for a loan or line of credit, you’ll typically pay a lower interest rate than other financing methods such as unsecured loans and credit cards. Using your home equity is a popular and viable funding alternative, especially if you want to avoid using your savings to take care of these expenses.
Your home equity ensures you have the financial resources available when you need them. Use your home equity to fund:
- Home improvement projects
- Consolidate bills
- Educational expenses
- Life events such as a wedding or new baby
- Buying a new car
- Anything you want
Home Equity Loans
With a fixed rate and term, you borrow a set amount, then make equal monthly payments over a specific time period.
Home Equity Lines of Credit (HELOC)
This is a variable rate line of credit, where you can access the funds at any time, for any purpose. Since it’s a revolving line of credit, it works just like a credit card – when your balance is repaid, your credit line is replenished. You only pay on the money you actually advance.
Basic Elements - Legal Text
Equal Housing Lender.
Rate Table: Home Equity Loans
Home Equity Lines of Credit
| Owner Occupied $25,000 to $500,000 |
Non-Owner Occupied $25,000 to $500,000 |
|---|---|
| 4.00% - 8.25% APR | 5.00% - 6.25% APR |
| 10-Year Draw | 10-Year Draw |
| Up to 80 % LTV on $250,000 - $500,000 | Up to 70% LTV |
Adjustable rate.
Home Equity Loans
| Owner Occupied $25,000 to $500,000 |
Non-Owner Occupied $25,000 to $500,000 |
|---|---|
| 5.50% - 7.50% APR • 5-Year Term | 6.50% - 7.50% APR • 5-Year Term |
| 6.00% - 8.00% APR • 10-Year Term | 7.00% - 8.00% APR • 10-Year Term |
| 6.50% - 8.50% APR • 15-Year Term | 7.50% - 8.50% APR • 15-Year Term |
| 7.00% - 9.00% APR • 20-Year Term | |
| Up to 80 % LTV on $250,001 & over | Up to 70% LTV |
Fixed rate.
Rates shown effective as of January 15, 2021
Home Equity Line of Credit rate is based on Prime Rate of 3.25% as of 9.16.2020 plus a margin range from 0.00% to 5.00%, subject to individual credit qualifications. Prime Rate plus applicable margin and applicable loan-to-value equals rate. Floor rates range from 4% to 8%. Rate changes occur semi-annually, January 1 and July 1. Annual cap is 2%, and lifetime cap is 6%, above the fully indexed rate at the time of origination. Home Equity Loan rate is based on a fixed 5-year repayment term. Rate is subject to individual credit qualifications and repayment term. Minimum loan amount is $25,000. Sample payment based on a $25,000 loan for 5 years at 5.50% APR would be $477.52. Jumbo Equity Loans above $500,000 and extended terms available at higher rates. Processing fees can range from $487 to $1,337 for California and $312 to $1,192 for Nevada, paid by the borrower. Additional fees may apply subject to type and evaluation of property, ownership and lien status. All loans are subject to Credit Union policies and procedures.