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 member centers or apply online.
Home Equity Line of Credit Special
Whether you need a vacation, or you're planning a stay-cation in your dream backyard oasis, we can help you turn the equity you’ve built in your home into whatever you’re dreaming of, because you can use a Home Equity for almost anything!
- Rates as low as 1.99% APR*
- HELOCs are the ideal way to use your home’s equity to make improvements to your home, like a new patio, kitchen remodel, or basement update.
- With a Home Equity Line of Credit, you don’t have to access the funds right away and you only pay interest on the money you use. So it is a great way to be prepared for emergencies.
From the Honor Blog
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|
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.
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 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.
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.
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.
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.
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!
*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 6 months only. After introductory period, the rate will increase to the qualified rate tied to Prime (Prime: 5.5% as of December 20, 2018) 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.Go to main navigation