Home Equity Loans
Make Your House Work For You
A home equity loan or home equity line of credit (HELOC) is a great way to pay for life’s projects. While the most common reason for this type of loan is a home modeling project or addition, it can also be used for college tuition, debt consolidation, vacation, weddings, medical expenses, vehicle repairs, and other unexpected expenses. By using your home’s equity as collateral, you can make your home work for you! Applying is a quick and easy process. Stop by any of our member centers or apply online.
Home Equity Line Of Credit Special Offer!*
Make It Happen With a HELOC
Whether you need to finish your basement to host the annual family gathering, pay for a major expense, or just get away on a vacation, make it happen this holiday season with a home equity line of credit. And right now, you can enjoy rates as low as 1.99% APR* on a new HELOC.
*All loans subject to credit approval. 1.99% APR is good for a home equity line of credit with 80% Loan-To-Value (LTV) and a minimum credit score of 676. Introductory rate is for first 12 months only. After introductory period, the rate will increase to the qualified rate tied to Prime (Prime: 4.75% as of November 1, 2019) on the Traditional or Interest Only product; which has a 5.00% floor rate. $100.00 processing fee on HELOC plus appraisal fee if required. New home equity loans only. Offer good for primary residence only. Hazard insurance and/or 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. Limited time offer. Equal Housing Opportunity. Federally Insured By NCUA.
What's The Difference?
Home Equity Loan vs. Home Equity Line of Credit (HELOC)
Home Equity Loan
Home Equity Calculator
Appraised value of your home
Current appraised value of your home.
Outstanding home loans
Total amount of all outstanding home loan balances, including your first mortgage, second mortgage(s), and any other debt that is secured by your home.
Loan-to-value ratio (LTV) is the percentage of your home’s appraised value that is borrowed – including all outstanding mortgages and home equity loans and lines secured by your home. For example, a lender’s 80% LTV limit for a home appraised at $400,000 would mean a HELOC applicant could have no more than $320,000 in total outstanding home loan balances. Remember, the $320,000 limit would include all existing loans secured by your home plus your new HELOC.
Information and interactive calculators are available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
A HELOC (Home Equity Line of Credit) debit card gives you access to your HELOC funds no matter where you are. With the swipe of a card you can purchase what you need for the project you are using the line of credit for, so there’s no need to run to a branch to withdraw funds, or transfer funds to your checking account! Honor Credit Union is all about making your experiences simple and efficient!
Request a Card
To request your HELOC debit card, please complete the secure form below. Following review, your new debit card will arrive within 7-10 business days.
Please Note: All form submissions are processed during normal business hours Monday – Friday.
Home Equity FAQs
- 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 need.
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 to 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 a number of factors related to your situation but we are very transparent with our communication during the process and will make sure you are given a realistic expectation so you can be prepared.
Home equity loans can be confusing. Our team of home loan experts can answer any questions you have about a home equity loan, or home equity line of credit.
Home Equity Resources
We want to be a resource as you make a decision 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 Mortgage Team or give us a call at 800.442.2800.