We’ve outlined the essential pros and cons to consider before purchasing, or building your new home so you can decide what’s most important to you.
Loan & HELOC
Options To Fit
Home Equity Rates
|Type||RateAs Low As||APR*|
|5 Year Fixed||4.75%||6.953%|
|10 Year Fixed||5.00%||6.174%|
|15 Year Fixed||5.50%||6.330%|
|Rates accurate as of Oct 01, 2022|
|*APR = Annual Percentage Rate. All loans are subject to credit approval as well as program terms and conditions. Exact rate and fees offered may vary and are based on credit worthiness, term, collateral, and loan to value. Rates shown are based on the refinance of a primary residence, with a $10,000 loan amount, estimated closing costs of $100, CLTV of 80% or less, and a credit score of 720 or above. Rates quoted include a 0.25% discount for applicants with a new or existing Honor Credit Union checking account with direct deposit. Posted rates are indications only and are subject to change without notice. Other rates available for other LTV and credit score ranges. Normal underwriting guidelines apply. All loans are subject to credit approval as well as program terms and conditions.
Payment Example: $10,000 at 4.75% APR for 5 years equals $187.57. This payment example consists of principal and interest only and does not include any additional fees or costs. Your actual payment may be higher.
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Loan vs. Line Of Credit
Is a Home Equity Loan or Line of Credit better for you?
Home Equity Resources
We want to be a resource as you make a decision to use the equity in your home. We hope you find them helpful. If you have questions, simply stop by a local member center near you, or give us a call at 800.442.2800.
Home Equity Calculator
Use our calculator to determine the home equity line of credit amount you may qualify to receive.
Home Equity & Home Improvement Tips
With Valentine’s Day upon us, let’s consider how you might be able to slim down your debt for the season of romance.
You should keep certain things in mind when considering refinancing your mortgage, refinancing an auto loan, or using your credit card to pay for home improvements.
Picture this: You finally make the exciting leap to start house hunting. You meet up with your realtor, see a
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.
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