Home Equity Options
Unlock your home’s value for needs big and small. Enjoy competitive rates and flexible terms.
Home Equity
HELOC
A flexible line of credit, low variable rates, and no prepayment penalties.
Why Choose Our Home Equity Financing
Use your home as collateral and receive a loan or line of credit. We make financing easy while providing great benefits like:
- Competitive interest rates to maximize savings
- Flexible loan terms and monthly payment options
- Quick and easy online application process
- Fast approvals and funding
- Dedicated support team to guide you
- No closing costs or annual fees
“I’m 62 and have been a lifelong member. My parents and grandparents were members as well. I’ve always had great customer service, proactive fraud detection, and great loan service and support! Also love the App! Thanks so much!”
Get a Loan or Credit Line in 3 Easy Steps!
Apply Online
Provide a few personal details and tell us how much you need.
Review the Loan
Agree to the loan amount, interest rates, and payment terms.
Get Your Money
We’ll hand you a check or deposit the funds into your account.
Home Loan FAQs
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The main differences between a home equity line of credit (HELOC) and a home equity loan are:
- HELOCs have variable interest rates while home equity loans have fixed interest rates. The interest rate on a HELOC adjusts over time based on market conditions, while a home equity loan locks in at a fixed rate.
- HELOCs function like revolving lines of credit where you can draw money, repay it, and redraw again up to your credit limit. Home equity loans provide a fixed lump sum upfront that you repay over a fixed term.
- Our HELOCs and home equity loans have the same upfront costs. However, HELOCs typically have higher long-term costs due to the variable rate, while the fixed rates in home equity loans provide certainty.
- HELOC repayment terms are usually 10-20 years. Home equity loans typically have repayment terms of 5-20 years.
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When applying for either a home equity loan or HELOC, here are some key things to consider:
- How much equity you have built up in your home to tap into since these products use your home as collateral. Lenders usually require at least 15-20% equity.
- What loan amount you may qualify for, which depends on your home value, equity, and income/debt levels. There are often minimum (e.g. $5,000) and maximum loan amounts.
- What rates and fees you can get. Compare options from multiple lenders. Also, consider the costs of a fixed vs. variable rate.
- How it will impact your monthly budget and other debt obligations. Make sure you can afford the new loan payment.
- Your financial situation and how long you need the loan for. Consider whether you want fixed or variable payments.
- Any home improvements you can make to build equity if your current equity is low.
