Home Equity Loans & Line of Credit (HELOC)
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As a homeowner, you can leverage the equity you have in your home to cover big expenses without affecting your current low mortgage rate. This can be done in the form of a home equity loan (lump sum of cash) or home equity line of credit (flexible access to your funds when and if you need it). Home equity loans and lines of credit are perfect for home renovations, debt consolidation, tuition, medical bills, or a new car.
Enjoy the following benefits:
- No annual fee
- Use for primary or owner-occupied residences
- Fixed rate available
85% Home Equity Loan
Unlock your home's growing value with a home equity loan. With an 85% home equity loan, you can borrow up to 85% of your home's value. Whether you're looking to finance home improvements, buy a new car, consolidate debt or student loans, cover tuition costs, or take a dream vacation, this loan can provide the funds you need.
- 5,10, and 15-year terms
- Borrow from $5,000 up to $500,000 with a fixed rate
- No application fees
- No closing costs on loans of $25,000 or more
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Owner-occupied residences in Illinois, Indiana, Wisconsin or Missouri only
100% Home Equity Loan
With a 100% home equity loan, you can borrow up to the full value of your home, minus the balance of your current mortgage. For example, if your home is worth $300,000 and you owe $260,000 on your mortgage, you have $40,000 in equity. With a 100% home equity loan, you can borrow that $40,000.
- 5,7, and 10-year terms
- Loan amounts from $5,000 up to $40,000
- Borrow up to 100% of your home's value, less mortgage debt
APPLY NOW TALK TO AN EXPERT
Owner-occupied residences in Illinois, Indiana, Wisconsin or Missouri only
Home Equity Line of Credit (HELOC)
Home Equity Lines of Credit (HELOCs) come with the flexibility to access your fund when and if you need them instead of taking out a large lump sum all at once. Our Home Equity Line of Credit comes with low rates, zero closing costs*, no annual fees, and no application fees.*. Borrow up to 85% of your home's value and have the peace of mind that you have access to cash when you need it.
Advantages include:
- Low variable interest rates
- No application fees
- Credit limits available from $5,000 to $500,000
- No closing costs for initial advances of $25,000 or more
- 10-year draw period
- Interest-only payments
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Owner-occupied residences in Illinois, Indiana, Wisconsin or Missouri only
Home Stretch Mortgage for Refinancing
Ready to finish paying off your mortgage faster? Our Home Stretch Mortgage (HSM) is designed to help you do just that! If you’ve built up at least 30% equity in your home, now’s the time to take the final step and cross the finish line.
- Loan amounts from $25,000 to $500,000
- Pay off your home in 5, 7, 10, or 15 years
- Pay less interest
- No closing costs
- FREE application
- Up to 70% Loan-To-Value
- No escrow required
- Available to members in IL, IN, WI, and MO
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Using Your Home Equity: What to Consider
As a homeowner, your home equity is one of the most valuable assets you own. Home equity is how much of your property you actually own. Of course, you own your home, but if you needed help buying your home with a loan that you still owe on, your home loan lender has an invested interest in your home, which they'll have until you pay back the money you have borrowed.
Read the full article...
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*APR = Annual Percentage Rate. Rate listed is accurate as of 12/1/2024, and subject to change. Rates, terms and conditions are subject to change and may vary based on creditworthiness, qualifications, and collateral. Property insurance is required. Home Equity Loans and Home Equity Lines of Credit must be secured by owner occupied real estate, in IL, IN, MO and WI. Minimum $5,000 to open a Home Equity Loan or Line of Credit. Minimum Loan/Line amount of $25,000 in new money to avoid closing costs. If you should close your Home Equity Line of credit within 24 months, you must reimburse HACU for bona-fide third party fees up to $900. For loan/line amounts of less than $25,000 you will pay processing costs up $900. Refer to hacu.org or call our loan department for additional information. Additional disclosures will be sent after application is received, please retain a copy for your records. Payment example: 12-month term rate of 6.54% APR, $86.31 per $1,000 borrowed.
Home Stretch:
*APR = Annual Percentage Rate. Home Stretch Mortgage must be secured by owner occupied real estate, in IL, IN, MO and WI. Minimum loan amount $25,000. Minimum loan rate 5.65%. Payment Example: Home Stretch Mortgage with an interest rate of 5.65%, 12 monthly payments of $85.91 per $1,000. Refer to hacu.org or call our loan department for additional information. Rates, terms and conditions are subject to change and may vary based on creditworthiness, qualifications, and collateral. Loan to value of 70% or less. Property insurance is required. Additional disclosures will be sent after application is received, please retain a copy for your records.
Funds are insured up to $500,000. Funds are federally insured up to $250,000 by the National Credit Union Administration (NCUA). An additional $250,000 is insured by Excess Share Insurance (ESI), a subsidiary of American Share Insurance, the nation’s largest private deposit insurer for credit unions.
