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Home Equity Loans

A home equity loan may be an excellent way to use the equity in your home for a variety of reasons. It may be used to finance:

  • Educational Expenses
  • Major purchases such as a boat, car, second home, or once-in-a-lifetime vacation
  • Unexpected major medical expenses
  • Consolidate high finance charge debts into a lower interest rate loan

Please use the Home Equity Process to learn more about obtaining a home equity loan.

Our Loan Consultant can find the home equity loan that's right for you and provide quotes on current interest rates and closing costs. Or, select the specific home equity loan program that interests you to learn more about our various loan programs.

For Rates, Assumptions and full disclosures visit our Daily Rate Page.

5/5/5 Adjustable Rate Home Equity

Best Choice If:

  • You are planning to move prior to the end of the initial rate period, therefore future rate increases would not affect you.
  • You think interest rates may fall in the future.
Advantages:

  • Lower initial interest rate, which results in lower payments, compared to a traditional fixed rate home equity loan.
Disadvantages:

  • Interest rate can increase, which would increase the payment amount.

15 Year Fixed Rate Home Equity

Best Choice If:

  • You want your monthly payments to be lower than they would be on a shorter term home equity loan of the same amount.
  • You want your monthly payments to remain fixed for the life of the loan.
  • You think interest rates could rise and you want to maintain the current interest rate over the life of the loan.
Advantages:

  • Level payments for the full term of the loan.
  • Monthly payments will be lower than a shorter term home equity loan for the same amount.
  • There's no risk that a changing interest rate environment will increase your monthly payments.
Disadvantages:

  • You will pay more interest over the life of the loan than you would on a shorter term home equity loan for the same amount.
  • You will make less progress towards the principal, therefore rebuilding your equity slower compared to a shorter term home equity loan of the same amount because the loan is being paid back over a longer period.

10 Year Fixed Rate Home Equity

Best Choice If:

  • You want your monthly payments to be lower than they would be on a shorter term home equity loan of the same amount.
  • You would like to pay off the loan balance more quickly than a longer term home equity loan.
  • You want your monthly payments to remain fixed for the life of the loan.
  • You think interest rates could rise and you want to maintain the current interest rate over the life of the loan.
Advantages:

  • Level payments for the full term of the loan.
  • Monthly payments will be lower than a shorter term home equity loan for the same amount.
  • There's no risk that a changing interest rate environment will increase your monthly payments.
Disadvantages:

  • You will pay more interest over the life of the loan than you would on a shorter term home equity loan of the same amount.
  • You will make less progress towards the principal, therefore rebuilding your equity slower compared to a shorter term home equity loan of the same amount because the loan is being paid back over a longer period.

5 Year Fixed-Rate Home Equity

Best Choice If:

  • You would like to pay off the loan balance more quickly compared to a longer term home equity loan.
  • You want your monthly payments to remain fixed for the life of the loan.
  • You think interest rates could rise and you want to maintain the current interest rate over the life of the loan.
Advantages:

  • Level payments for the full term of the loan.
  • There's no risk that a changing interest rate environment will increase your monthly payments.
  • You will pay less interest over the life of the loan than you would on a longer term home equity of the same amount.
  • You will make more progress towards the principal, therefore rebuilding your equity faster compared to a longer term home equity loan of the same amount because the loan is being paid back over a shorter period.
Disadvantages:

  • Monthly payments will be higher compared to a longer term home equity loan of the same amount.

3 Year Fixed Rate Home Equity

Best Choice If:

  • You would like to pay off the loan balance more quickly compared to a longer term home equity loan.
  • You want your monthly payments to remain fixed for the life of the loan.
  • You think interest rates could rise and you want to maintain the current interest rate over the life of the loan.
Advantages:

  • Level payments for the full term of the loan.
  • There's no risk that a changing interest rate environment will increase your monthly payments.
  • You will pay less interest over the life of the loan than you would on a longer term home equity of the same amount.
  • You will make more progress towards the principal, therefore rebuilding your equity faster compared to a longer term home equity loan of the same amount because the loan is being paid back over a shorter period.
Disadvantages:

  • Monthly payments will be higher compared to a longer term home equity loan of the same amount.

15 Year Home Equity Line of Credit

Best Choice If:

  • You do not need all of your funds at closing, but will have a need in the future.
  • You are looking for peace of mind knowing you have a competitively priced reserve fund available to meet any unexpected emergencies (i.e., medical expenses, home repair).
Advantages:

  • The funds are easily accessible by check, online banking transfers or by contacting the credit union.
Disadvantages:

  • Interest rate can increase.
  • Payments vary monthly based on the outstanding principal balance and interest rate that month.
  • Payments are interest only so if you pay only the monthly payment, you are not paying towards the principal balance.

Bridge Loan

Best Choice If:

  • You need a short term loan advance to cover the period between the termination of one loan and the start of another, typically for a purchase transaction.
Advantages:

  • You can immediately put a home on the market without restrictions.
Disadvantages:

  • Bridge loans cost more than home equity loans due to a higher interest rate and short term
  • Buyers must be qualified by the lender to own two homes and it can be difficult to meet this requirement.
  • Making two mortgage payments, plus accruing interest on a bridge loan, could cause stress.

Mortgage Rates

The Loan Consultant feature determines the products and rates that match your needs.

Ready to Start?

To apply for your easy online loan, all you have to do is answer a few simple questions about yourself, your property and your income, debts and assets.

Apply