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Home Equity Lines of Credit

No closing costs on your Home Equity Loan

When you have equity in your home, you have options. You can use that equity to pay for home improvement projects, college tuition or debt consolidation. A Home Equity Line of Credit allows you to borrow money for up to 10 years from the equity you have in your home any time you need it. Plus, you'll have up to 15 years to repay the balance.  Your monthly payment is based only on the amount being used.1 Here are some other great features of our Home Equity Line of Credit:

  • Financing options up to 90% of your home's appraised value2
  • Possible tax benefits3

You'll save money with an introductory rate of 2.99% APR3 for the first 12 months, 3.50% APR variable thereafter.4

Estimate your equity

The first step is to calculate your home’s value through a real estate site such as for a free estimate. When you have your estimated value, multiply it by 90% to determine the maximum equity you can borrow. Using that maximum equity amount, subtract the outstanding balance on your current mortgage. The difference between your maximum equity value and what you owe is the amount of equity available for your loan.
                               (market value x .90) - (first mortgage balance) = available equity

What you'll need for your application:

  • Current mortgage statement
  • Current employment and income information (recent paystub, retirement benefit statement, most recent tax return)
  • Proof of homeowner's insurance
  • Other documentation may be required

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1 Closing costs on second mortgages with a minimum loan amount of $10,000 and home equity lines of credit (HELOC) with an advance on the line of credit of $10,000 at the time of closing will be paid by the Credit Union. The closing costs will be recouped by the Credit Union if the loan is paid off and closed within three years. Other restrictions may apply. All applicants must meet membership eligibility requirements.
2 Payments are based only on the amount being used with a minimum payment of 1.25% of the outstanding balance each month or $50.00, whichever is greater. of the outstanding month-end balance .
3 Loans subject to credit qualifications and approval. The Home Equity Line of Credit offers an introductory rate of 2.99% Annual Percentage Rate (APR) for the first 12 months. Rate thereafter is a variable rate based on The Wall Street Journal Prime Rate plus/minus a margin, adjusted quarterly. The Annual Percentage Rate (APR) for this variable rate product is based upon The Wall Street Journal Prime Rate rounded to the nearest 1/4% (Index), plus the applicable margin. Rate Changes: The Annual Percentage rate can change quarterly on the first day of January, April, July and October after the expiration of any discount period. The rate cannot increase or decrease more than one percentage point at each adjustment; this limitation does not apply to the adjustment occurring after a discount period expires. The maximum Annual Percentage Rate that can apply is 12% or the maximum permitted by law, whichever is less. However, under no circumstances will your Annual Percentage Rate go below 3.50% any time during the term of the plan unless it is during a discount period. Homeowner’s insurance is required.
4 Loans subject to credit qualifications and approval. All applicants must meet membership eligibility requirements. Rates subject to change without notice. To qualify, members must have equity in their home and must borrow at least $10,000. Property insurance is required.


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