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Home Equity Loans offer convenient, low-cost financing for home improvements. A Home Equity Line of Credit (HELOC) can be used to finance virtually anything, from home projects to travel and more. It can also help you save money by refinancing or consolidating higher-rate loans.
| Home Equity Line of Credit | Home Improvement Loan | |
|---|---|---|
|
Overview |
A revolving line of credit that offers low rates, because the equity in your home is used as collateral. |
Paid in a single disbursement; offers a fixed rate and a fixed monthly payment. Unsecured loan with no equity requirement. |
|
Loan Amounts |
Line amounts up to $150,000 |
Loan amounts up to $50,000 |
|
Length of Term |
Draw period of up to 10 years |
Term lengths of 48, 60, or 72 months |
|
Special Features |
Make interest-only payments during draw period (80% LTV only) |
Enjoy predictable monthly payments |
|
Closing Costs |
Closing costs waived up to $300 (excluding appraisal if required) |
No closing costs; no appraisal or lien required |
| Home Equity Line of Credit | APR as Low as1 |
|---|---|
| Flex-Line HELOC – 80% loan-to-value | 8.25% |
| Flex-Line HELOC – 90% loan-to-value | 9.75% |
1APR = Annual Percentage Rate.
Rates effective as of April 26, 2024 and subject to change without notice.
HELOC rates are variable and subject to change; maximum APR is 18%.
Closing costs can range from $50–$3,000.
Interest-only payments only available for loans approved at 80% LTV.
Rates are based on an evaluation of your credit history and other factors, so your rate may differ.
All loans subject to approval. Speak to a loan officer for details.
Membership with a $5 Share Account required.
| Home Improvement Loan | APR as Low as1 | Payment per $1,000 |
|---|---|---|
| 48 Month Term | 10.75% | $25.72 |
| 60 Month Term | 12.75% | $22.63 |
| 72 Month Term | 14.75% | $21.01 |
1APR = Annual Percentage Rate. Rates effective as of April 26, 2024 and subject to change without notice.
Rates are based on an evaluation of your credit history and other factors, so your rate may differ.
All loans subject to approval. Speak to a loan officer for details.
Loan is not secured by a dwelling.
Membership with a $5 Share Account required.
Use our calculator to determine the available equity in your home.
Yes, closing costs can range from $50 - $3,000.
No, there are no closing costs on a Home Improvement Loan.
A portion of your interest may be tax-deductible (consult your tax advisor).
A Home Improvement Loan is a one-time installment loan at a fixed rate, providing a single lump sum and predictable monthly payments over the loan’s term. The loan is not secured by a dwelling.
A Home Equity Line of Credit is a revolving, variable-rate line of credit you can draw on as is needed, over a time frame of up to 10 years.
You can borrow up to $50,000 with a Home Improvement Loan.
