Home Equity and HELOC Loans

Loans to make a house your home.

Man fixing home with pet nearby

Do you want to use the equity you have built in your primary residence?

With our Fixed Home Equity Loans or our Home Equity Lines of Credit (HELOC)1, you can do just that. You can borrow 80% of your home’s value at a low rate or borrow up to 100% of the value at a slightly higher rate. Our home equity loans have fixed interest rates, fixed monthly payments and flexible repayment terms.

An Educators Credit Union Home Equity Loan can help you:

  • House Improvements

    Improve your home

  • Credit Report

    Make a big purchase

  • Dollar Bill

    Consolidate debt

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  • Purpose

    Purpose

  • Terms

    Terms

Home Equity Loans

  • Purpose

    For members who want to borrow money for any purpose as long as the equity is available, and the home is used as collateral.

  • Terms

    As long as 15 years with a maximum loan up to 90% of a home's appraised value, less any outstanding mortgages and 10 years with a maximum loan up to 100%.

HELOCs

  • Purpose

    An open-ended loan for members who want to borrow up to an approved limit, pay it back, and borrow again, all without reapplying for a new loan.

  • Terms

    Only pay on the amount borrowed, not the entire approved line with this budget friendly loan.

Home Equity and HELOC Rates

Home Equity Loans

LOAN TO VALUE

APR1 AS LOW AS

PAYMENT PER $1000 (AS LOW AS)

1APR = Annual Percentage Rate. LTV = Loan to Value. Rates are subject to change. Subject to underwriting approval. 

Over 90% LTV requires appraisal.

Interest on a home that is greater than the fair market value of the home is not tax-deductible for federal income tax purposes. Please consult a tax advisor regarding the tax deductibility of interest and charges.

LOAN TO VALUE

80% OR less

APR1 AS LOW AS

as low as 3.40%

PAYMENT PER $1000 (AS LOW AS)

$18.15

LOAN TO VALUE

81%-90%

APR1 AS LOW AS

as low as 5.65%

PAYMENT PER $1000 (AS LOW AS)

$19.18

LOAN TO VALUE

91%-100%

APR1 AS LOW AS

as low as 7.15%

PAYMENT PER $1000 (AS LOW AS)

$19.89

Home Equity Lines of Credit (HELOCs)

LOAN TO VALUE

APR1

1APR = Annual Percentage Rate. Subject to underwriting approval.
2LTV = Loan to Value. No annual fees or service charges, rate based on the prime rate (3.25% as of 4/1/20). The floor rate for new Home Equity Loans with loan to values under 80% is 3.49%% APR, 80.01-90% is 4.99% APR, 90.01-100% is 5.99% APR. The maximum APR that may be imposed in a variable-rate plan has a lifetime cap of 17.9%.

Payments are 1.5 percent of the balance or $50 whichever is greater.

Rates and terms are subject to change and not guaranteed.

When Your Home is on the Line: What you should know about Home Equity Lines of Credit

Interest on a home that is greater than the fair market value of the home is not tax-deductible for federal income tax purposes. Please consult a tax advisor regarding the tax deductibility of interest and charges.

LOAN TO VALUE

<80% LTV2

APR1

3.49% (prime + 0.24%)

LOAN TO VALUE

81%-90% LTV2

APR1

4.99% (prime + 1.74%)

LOAN TO VALUE

91%-100% LTV2

APR1

5.99% (PRIME + 2.74%)

Ready to achieve some of your goals?

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