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Home Equity Loans

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Tap into the value of your home with our no closing cost1 home equity line of credit loans!

A home equity line of credit (HELOC) is a great way to borrow against the value of your home to help cover larger expenses. It can be used for home repairs and improvements, a new car, or even college education. Best of all, we take care of all your closing costs!

Get Started with Your Online Application

Or call us at 800-677-8506 ext. 7705. Prefer to visit us in person? Give us a call to schedule an appointment at one of our branch locations.

Looking for other options? Our unsecured Home Improvement loan is a great option if you're looking to make home improvements but don't have substantial equity in your home. Unlike Home Equity loans, this loan option allows you to borrow up to $25,000 for home improvement projects without needing to borrow against your home. 

Learn More about Home Improvement Loans button


Rates

Fixed Rate Home Equity Line of Credit2

Term APR* as low as
up to 60 months 2.99%
120 months 3.49%
180 months 3.85%

Equity Advantage Line of Credit3

Current APR* as low as the Prime rate minus 0.25%
Introductory Limited Time Offer**

Special rate of 1.99% APR fixed for the first 12 months of the loan.

The rate on your loan after the first 12 months will adjust to the below range in effect.

The APR on your loan could adjust between 4% and 18%


Get Started with Your Online Application

Or call us at 800-677-8506 ext. 7705. Prefer to visit us in person? Give us a call to schedule an appointment at one of our branch locations.



Calculators4

Home Equity Line of Credit Loan Payment Calculator5

This calculator helps determine your loan payment. For Fixed Rate Home Equity Line of Credit, select “fixed rate term”, or for Equity Advantage Line of Credit, select “1% of balance” in the Payment option drop-down.

Get Started with Your Online Application

Or call us at 800-677-8506 ext. 7705. Prefer to visit us in person? Give us a call to schedule an appointment at one of our branch locations.


Membership eligibility required. *APR means Annual Percentage Rate.

Closing costs are waived unless the loan is for an investment property or is discharged within 3 years of the origination date in which case you will be required to pay closing costs, which will range from approximately $300 to $1,800.

2The rate offered to you will be determined by your credit history, lien position and loan to value. Homeowner's insurance is required. Home Equity Loans are not available in some states.

3This is a variable rate loan. Rates, terms, and conditions are subject to change. Rates are based on the Prime Rate effective the first of each month and are adjusted monthly at the end of the month. The rate you receive is based on your credit history, lien position, and loan to value. Homeowner's insurance is required. Home Equity Loans are not available in some states.

**Promotional rate does not apply to advances for credit life and credit disability insurance premiums. Promotional rate does not apply to loans with less than 10% Equity.

4Calculators are intended for research purposes only. Approval for financing subject to lending guidelines and credit qualifications.

5The calculation does not include the cost of Debt Protection if desired.

Home Equity Loans Comparison Chart

Need help determining which home equity solution to choose? Check out this quick comparison chart to help you decide which option is right for you.

Fixed Rate Line of Credit2 Home Equity Advantage Line of Credit (HELOC)3
What it is: A loan for a specific amount and term. Uses your home as collateral. A loan for a pre-approved credit limit, that allows you to borrow what you need, when you need it. Uses your home as collateral.
May be right for you if: You need a specific amount of funds for an immediate need.

Common uses: One-time purchases or events such as debt consolidation, home renovation, vacation, college education, buying a boat, refinancing a mortgage.
You anticipate needing funds over a period of time on an as-needed basis.

Common uses: Ongoing expenses such as home improvement projects, college education, ongoing medical expenses.
Closing cost: None1. Includes the cost of your home appraisal. None1. Includes the cost of your home appraisal.
Rate: Fixed rate as low as 2.99% APR. Variable APR as low as the Prime Rate minus 0.25%.*

Special introductory rate of 1.99% APR for the first 12 months of the loan.**
Minimum and maximum loan amount: Minimum is $10,000.

Maximum is $350,000.
Minimum is $10,000.

Maximum is $350,000.
Maximum term: 60, 120, or 180 months (5–15 years). 180 months (15 years) after draw period.
Minimum draw:  3-year draw period (period in which advances can be made).

$5,000 minimum initial draw; $1,000 thereafter.
10-year draw period (period in which advances can be made).

No minimum draw amount.
Minimum payments: $50 minimum payment. $100 minimum payment.
Receiving your money:

Entire loan amount made available 3 business days after closing.

Take advances online through online banking, our mobile app, by phone, or by visiting one of our branch locations.

Entire loan amount made available 3 business days after closing.

Take advances online through online banking, our mobile app, by phone, or by visiting one of our branch locations.


Keep in mind, if you're taking out a home equity loan, the amount of available equity you have in your home plays an important role. Your home equity is the difference between the appraised value of your home and your current mortgage balance(s).


Get Started with Your Online Application

Or call us at 800-677-8506 ext. 7705. Prefer to visit us in person? Give us a call to schedule an appointment at one of our branch locations.



Membership eligibility required. *APR means Annual Percentage Rate.

1Closing costs are waived unless the loan is for an investment property or is discharged within 3 years of the origination date in which case you will be required to pay closing costs, which will range from approximately $300 to $1,800. 

2The rate offered to you will be determined by your credit history. Homeowner's insurance is required. Home Equity Loans are not available in some states and amount financed may vary by state.

3This is a variable rate loan. Rates, terms, and conditions are subject to change. Rates are based on the Prime Rate effective the first of each month and are adjusted monthly at the end of the month. The rate you receive is based on your credit history, lien position, and loan to value. Homeowner's insurance is required. Home Equity Loans are not available in some states.

**The rate on your loan after the first 12 months will adjust to the below range in effect. The APR on your loan could adjust between 4% and 18%. This is a variable rate loan. Rates, terms, and conditions are subject to change. Rates are based on the Prime Rate effective the first of each month and are adjusted monthly at the end of the month. The rate you receive is based on your credit history, lien position, and loan to value. Homeowner’s insurance is required. Home Equity Loans are not available in some states. Promotional rate does not apply to advances for credit life and credit disability insurance premiums. Promotional rate does not apply to loans with less than 10% Equity. Limited time offer.


To find answers click on the questions below:





What is home equity?
Home equity is the difference between the value of a home and what is still owed on the existing mortgage. A percentage of the difference can be taken as a home equity loan.

Example: if the market value of your home is $200,000, and you owe $150,000 on the mortgage with the option to borrow up to a loan-to-value (LTV7) of 90%, you would be able to borrow $30,000 in equity ($200,000 x 90% = $180,000 - $150,000 = $30,000).

What is a home equity loan?
A home equity loan allows you to borrow up to a certain loan-to-value (LTV7) percentage. The eligible LTV is based on your credit and lien position. A home equity loan allows you to borrow that eligible amount to help pay for larger expenses.

What are some common uses for home equity loans?
A home equity loan can be used for anything! Common uses are home improvements, debt consolidation, college education, or even a vacation.

Is the interest I pay on the loan tax deductible?
Interest you pay on a loan that is secured by your primary residence may be tax deductible. Please consult with a tax advisor to determine whether the interest you pay is eligible.

Do you have closing costs or other fees on your home equity loan?
No. CCU takes care of the closing costs, unless the property is a rental property1. You are responsible for paying the closing costs if using a rental property as collateral for the home equity loan. This includes the cost of your home appraisal.

How fast can I get my money?
It typically takes about 2 to 4 weeks from time of application to funding, but that can vary depending on your individual situation. Be sure to promptly respond to requests for documents and additional information needed to complete your application, this will help insure the fastest turn-around time possible.

Do I need to get a home appraisal?
Yes – an appraisal is required to obtain an opinion of the value of your home. Appraisals are completed by a licensed appraiser, independent of CCU. The appraised value of your home is primarily based on the sale prices of similar homes in the immediate neighborhood. Your home appraisal is included in the closing costs1, which CCU covers.

What would increase the value of my home?
Added square footage to your home such as a great room, new bedroom or bathroom; remodeling of kitchen or bathroom, or adding a garage may add value to your home.

What adds no additional value to my home?
Items not considered to increase home value includes anything that is maintenance such as a roof, furnace, or carpet.

What states do you offer Home Equity loans in?
CCU offers home equity loans for properties in AZ, CA, CO, CT, DE, FL, IL, KY, MD, MA, MI, MO, NJ, NY, NC, OH, PA, TN, VA, WV, and WI.



What is loan-to-value ratio (LTV7)?
Your LTV is calculated by dividing what you owe on your home with what your home is worth. Here‘s the basic loan-to-value ratio formula:

Current loan balance ÷ Current appraised value = LTV. This ratio is used to determine how much equity you may be eligible to borrow against your home.

Example: If you have a loan balance of $140,000, and your home appraises for $200,000, your loan-to-value equation would look like this:

$140,000 ÷ $200,000 = .70

You’ll then want to convert .70 to a percentage and that gives you a LTV ratio of 70%.

 

Get Started with Your Online Application

Or call us at 800-677-8506 ext. 7705. Prefer to visit us in person? Give us a call to schedule an appointment at one of our branch locations.


1Closing costs are waived unless the loan is for an investment property or is discharged within 3 years of the origination date in which case you will be required to pay closing costs, which will range from approximately $300 to $1,800.

7LTV varies by state. Certain restrictions apply.