Heritage FCU

If you've been making regular mortgage payments, there's a good chance you've got some equity built up that can be used as loan collateral.

What's equity, exactly? It's the difference between the value of your home and what you still owe on it. For example, if your home is valued at $200,000 and you owe $150,000 on it, you've got $50,000 in equity. You may borrow up to 90% of your home's equity – which is why equity is so important.

Once you figure that number out, now's the time to choose between a Home Equity Loan and a Home Equity Line of Credit. A Home Equity Loan is a lump sum loan where you'll pay a fixed interest rate over a fixed term on the amount taken. A Home Equity Line of Credit is where you'll pay a variable rate, but only on the amount you've used (kind of like a credit card).

If you need to borrow money for something big like a college education, a wedding or debt consolidation, or if you're planning on taking care of some remodeling projects around the house, our Home Equity Loans and Lines of Credit will help you stand tall. Give us a call and let's schedule an appointment to talk about your needs and options. If you're ready to get started now, you can easily apply online.

* will pay all home equity closing costs unless an appraisal is required. If an appraisal is required, the cost will be paid by the applicant(s). Estimated third-party fees (closing costs) paid by the credit union range from $292 - $1,800. Maximum Loan-to-Value (LTV) is 90%. If the fixed-rate loan is paid off or the HELOC minimum balance drops below $5,000 during the first 12 months, the credit union-paid closing costs will be added to the loan payoff amount. Limited time offer. Offer subject to change without notice.