Skip to Content
Toggle navigation

Home Equity Loans

Couple looking at a paint swatch book

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

A home equity loan or 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.


Rates

Fixed Rate Home Equity2

Term APR* as low as
up to 60 months 3.49%
120 months 4.74%
180 months 5.24%

Equity Advantage Line of Credit3

Current APR* as low as 5.25%
Introductory Limited Time Offer**

Special rate of 2.99% 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 Loan Payment Calculator5

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

Home Equity Loan to Value Calculator

Use this calculator to determine the home equity loan amount you may qualify to receive. The loan amount is based on a percentage of the value of your home. The more your home is worth, the larger the loan. The final loan you receive will take into account any outstanding mortgages you might have. This includes first mortgages, second mortgages and any other debt you have secured by your home.

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.


*APR means Annual Percentage Rate.

1Closing costs are waived unless the loan 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 and the location of your property. 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 and the loan to value options available are based on your credit history. Homeowner's insurance is required. Home Equity Loans are not available in some states and amount financed may vary by state. **Promotional rate does not apply to advances for credit life and credit disability insurance premiums.

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 Home Equity Loan2 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 3.49% APR.

Your monthly payment is fixed and is the same each month.
Variable rate as low as 5.25% APR.*

Special introductory rate of 2.99% APR for the first 12 months of the loan.**6
Minimum and maximum loan amount: Minimum is $7,500.

Maximum is $350,000.
Minimum is $7,500.

Maximum is $350,000.
Maximum term: 60, 120, or 180 months (5 – 15 years). 10 year draw period (period in which advances can be made).

Payments are based on 1.00% of the advanced balance, but no less than $100.
Receiving your money: Entire loan amount made available 3 business days after closing. Take advances online through eBranch, our mobile app, by phone, your HELOC checkbook, 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.



*APR means Annual Percentage Rate.

1Closing costs are waived unless the loan 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 and the location of your property. 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 and the loan to value options available are based on your credit history. Homeowner's insurance is required. Home Equity Loans are not available in some states and amount financed may vary by state. **Promotional rate does not apply to advances for credit life and credit disability insurance premiums.

6The rate on your loan after the first 6 months will adjust to the below range in effect. The APR on your loan could adjust between 4% and 18% Promotional rate does not apply to advances for credit life and credit disability insurance premiums.

Home Equity Common Questions

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 geographic location, 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.

What are the differences between a home equity loan and a home equity line of credit (HELOC)?
Take a look at the comparison chart on our Available Loan Options tab to see the key differences between the two.

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 on your home equity loan?
No. CCU takes care of the closing costs1. This includes the cost of your home appraisal.

How fast can I get my money?
It typically takes about 30-45 days 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 ensure 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 include 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 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.