Home Equity
Ready to renovate, consolidate debt, or cover major expenses? A home equity loan or HELOC gives you access to cash using the value you’ve built in your home. Enjoy competitive rates and a quick, easy application. Apply online, visit a local branch, or give us a call to get started.
There's Money Right Under Your Roof
Use a Home Equity Line of Credit to improve your home, cover a big purchase, lower what you pay on higher-rate debt, and more.
Rate as low as
5.49% APR*
Introductory through 12/31/26
6.75% APR*
Variable rate thereafter
*APR = Annual Percentage Rate. Rates accurate as of 3/2/26. This introductory rate applies to a new home equity line of credit (HELOC) approved between 3/2/26 – 4/30/26; existing HELOCs with a balance may qualify by refinancing and increasing the credit limit by at least $10,000. The “as low as” introductory rate of 5.49% APR will be valid for a HELOC with 80% Loan-To-Value (LTV) or less and a minimum credit score of 730; or 5.99% APR with a credit score of 690-729; or 7.99% APR with a credit score of 660-689. Approval and rate may vary based on credit history, LTV, and amount borrowed. The introductory rate HELOC will convert to a variable rate on 1/1/27 following the loan disbursement date. Upon expiration of the introductory period, the APR can range from 3.00% to 15.00% based on the current Wall Street Journal “Prime” rate, which was 6.75% as of 2/2/26, and may adjust monthly thereafter. Offer good for primary and secondary residences only. Excludes investment properties and fixed home equity products. Introductory rate may not be combined with other discounts or offers. Minimum loan amount is $5,000. $300.00 processing/closing cost fee on all home equity products plus appraisal fee, if required. Flood insurance may be required. All credit union loan programs, rates, terms and conditions are subject to change at any time without notice. Other restrictions may apply. Subject to credit approval. Limited time offer. Equal Housing Opportunity. Consult a tax advisor regarding the deductibility of interest.
Home Equity Loan vs HELOC Explained
Click to compare a Home Equity Loan and a Home Equity Line of Credit (HELOC).
Home Equity Loan
- No Prepayment Penalty
- Fixed Interest Rate
- Fixed Loan Terms
Home Equity Line of Credit (HELOC)
- No Prepayment Penalty
- Variable Interest Rate
- Funds Accessible Via Debit Card
- Revolving Line of Credit
Available HELOC Products
Ready to Put Your Equity to Work?
Whether you’re planning a renovation, paying off debt, or tackling a big expense, your home’s equity can help make it happen.
Apply now and get started in just a few minutes.
HELOC Loan Calculator
Home Equity Calculator
Estimate Home Equity
Try our easy HELOC calculator.
Home Equity Resources
We want to be a resource as you plan to use the equity in your home. We’ve dedicated a section of our blog to home equity and home improvement topics. We hope you find them helpful. If you have questions, reach out to our Home Loan Team or give us a call at 800.442.2800.
Frequently Asked Home Equity Questions
- Home equity loans and HELOCs both allow you to borrow money against your home equity, but they’re not the same.
- If you want an upfront lump sum and a predictable repayment schedule and sums, then a home equity loan might be the right choice.
- The trade-off is that you’ll need to know exactly how much you want to borrow; otherwise, you could end up with more or less than you need. But if you do, say to settle a bunch of credit card bills, then the loan could be ideal.
- If you’re unclear how much financing you’ll need or want the option to take out more money as you need it and only incur interest on an actual withdrawal, then a HELOC might be a better option. You need to be disciplined in paying off the principal and be prepared for swings in your monthly payments.
Ultimately, we recommend you talk to one of our home loan experts, who will listen to your story and advise you of the best solution for your individual needs.
How much you can borrow depends on equity available, credit score, your home’s current valuation and other factors. Home equity is the amount available after subtracting what you owe on your mortgage from your home’s current market value.
Example: If your home is currently worth $250,000 and you owe $100,000, you have about $150,000 in equity (before lending limits).
We don’t charge an application fee. Most members will have a small processing fee and depending on the loan there may be third party costs (like appraisal or title). Our team will walk you through it upfront.
Our team works as quickly as possible. It typically takes 7-14 business days from the time your application is submitted to you having your loan funds available. The timeline can vary based on factors related to your situation but we are very transparent with our communication during the process and will make sure you are given realistic expectations so you can be prepared.
You can use a HELOC for almost any major expense: home improvements, debt consolidation, emergency costs, education, vacation, or other big purchases.
Honor Credit Union is a proud member of:
