If you are using a screen reader or other auxiliary aid and are having problems using this website, please call 800.442.2800 for assistance. All products and services available on this website are available at all Honor Credit Union full-service locations.
Honor Credit Union Go to main content
Couple sitting on couch pointing; Check out Honor Credit Union's home equity loan options

Home Equity Loans

A home equity loan or line of credit 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, the purchase of a vacation home, weddings, medical expenses, vehicle repairs, or even an emergency fund. By using your home’s equity as collateral, you can make your home work for you! Applying is a quick and easy process. Simply stop by any of our 24 branches or apply online.

Home Equity Loan vs. HELOC: What's the Difference?

  Home Equity Loan Home Equity Line of Credit
Access to Full Loan Amount On Day of Funding
Revolving Line of Credit  
Fixed Interest Rate  
Variable Interest Rate  
Funds Accessible Via Debit Card  
Fixed Loan Terms  
No Prepayment Penalty

 

Start The Home Equity Process

  Apply Now

 

HELOC Debit 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.

* Required Fields



    • * Phone Number
      ( ) - ext

     

    Frequently Asked Home Equity Questions

    Is a Home Equity Loan or HELOC better for me?

    A HELOC is a great product if you’re looking to do multiple projects or would just like to have some emergency funds on hand.  HELOC’s also have flexible payment options and typically offer the lowest payment of any home equity product. But, we recommend you reach out to us if they 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 team members, who will listen to your story and pair you with the best solution.

    How much can I borrow?

    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. The amount you could be approved for depends on your credit history, your home's value, and other factors. Contact a member of our team to help you better understand how much you could be approved for.

    Are there fees to apply?

    No. There are no fees to apply for a home equity loan or line of credit. We do have a minimal fee to process your application. However it is cheaper than the industry average, depending on your situation. There may be additional fees, but our team will go over everything so you completely understand. We'd be happy to discuss the process with you. Please don't hesitate to reach out to one of our team members.

    How quickly can I get approved?

    Our team works as quickly as possible. It typically takes 7-14 business days from the time your application is submitted to receive your approved loan amount. The timeline can vary based on a number of factors related to your situation. 

     

    Need Help?

    Honor Credit Union's mortgage lending team is here to help you through every step of the process. One benefit of working with our lenders is that they live in the markets they serve, and all decisions are made locally. If you have questions, they have answers. Contact one of our team members today. We want to hear your story!

    Contact Us >

    Go to main navigation
    Federally insured by NCUA.
    We do business in accordance with the Fair Housing Law.

    If you are using a screen reader or other auxiliary aid and are having problems using this website, please call 800.442.2800 for assistance. All products and services available on this website are available at all Honor Credit Union full-service locations.