Home Equity Loans at Honor Credit Union

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.

Home Equity Loan vs HELOC Explained

At Honor Credit Union, we’re proud to help our members hit the water, the road, or the trail with dependable financing options for boats, RVs, and motorcycles. Whether you’re buying new, upgrading, or refinancing, we offer competitive rates, flexible terms, and personalized service from folks you can trust, right here in your community.

Home Equity Loan
Home Equity Line of Credit (HELOC)

Home Equity Loan

  • No Prepayment Penalty
  • Fixed Interest Rate
  • Fixed Loan Terms
more about home equity loans
More about HELOCs

Home Equity Line of Credit (HELOC)

  • No Prepayment Penalty
  • Variable Interest Rate
  • Funds Accessible Via Debit Card
  • Revolving Line of Credit

Available HELOC Products

Traditional HELOC
  • Revolving Line of Credit
  • Quarterly Variable Rate
  • Finance up to 90% CLTV
  • No Annual Fee
  • Payments Due the 28th of Each Month
  • Payments are 1.25% of Principal Balance at Last Advance
  • 5 Year Draw Period, 15 Year Repayment Period
  • Available on Primary Residence, Second Homes and Investments
Interest Only HELOC
  • Revolving Line of Credit
  • Monthly Variable Rates
  • Finance up to 90% CLTV
  • No Annual Fee
  • Payments Due the 12th of Each Month
  • Interest-Only Billing (principal curtailments are optional)
  • 5 Year Draw Period, 15 Year Repayment Period
  • Available on Primary Residence, Second Homes, and Investments
Advantage HELOC
  • Revolving Line of Credit
  • Monthly Variable Rate
  • Finance up to 80% CLTV
  • No Annual Fee
  • Payments Due on the 12th of Each Month
  • Interest-Only Billing (principal curtailments are optional)
  • 5 Year Draw Period, 15 Year Repayment Period
  • Available on Primary Residence or Second Homes

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

Wondering how much equity you may be able to tap into?
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

  • A HELOC is a great product if you’re looking to do multiple projects or would just like to have emergency funds on hand.  HELOC’s also have flexible payment options and typically offer the lowest payment of any home equity product. However, we recommend you reach out to us if you have any questions.
  • A Home Equity Loan is great for a one-time expense, like remodeling a room in a house, a vacation, wedding, college tuition, or car repair. It’s also a great option for consolidating and paying off high-interest debt, such as credit cards or student loans.

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.

The answer depends on your unique situation. Home equity is the amount available after subtracting what you owe on your mortgage from your home’s current market value. Home values increase and decrease depending on market conditions. Just because you were once loaned the total value of your home doesn’t mean you are today. The amount you could be approved for depends on your credit history, your home’s value, and other factors.

No. There are no fees to apply for a home equity loan or line of credit. We do charge a small loan processing fee, however, it is cheaper than the industry average depending on your situation. There may be additional fees; but our team will iron out all the details so there’s no confusion. We’d be happy to discuss the process with you. Please don’t hesitate to reach out to one of our team members. We’re here to help!

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.

Honor Credit Union is a proud member of:

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Zero Down Payment Offer

To make the process as simple as possible with our Zero Down Payment mortgage offer, we encourage you to speak with a mortgage expert so they can explain the requirements and guide you through the process!

Find An Expert Near You

Need Help? Contact us at 800.442.2800 and we will help you get started with the application process.