Home Equity Loans

When used wisely, your home’s equity can be a powerful financial tool for improving your space or strengthening your finances. The key is choosing a Home Equity Loan or Home Equity Line of Credit (HELOC) that fits your needs today while supporting your plans for tomorrow.

Get Started with a Home Equity Loan or HELOC

Your Home’s Equity Can Make Big Plans Happen.

Whether you’re planning a kitchen remodel, consolidating higher-rate debt, or getting ready for life’s next milestone, your home’s equity can help. With our Home Equity Loan or Home Equity Line of Credit (HELOC), you get access to competitive rates, flexible terms, and the support of Unitus Community Credit Union.

Home Equity Fixed Loan

Choose a home equity fixed loan if you need a one-time lump sum to use as you wish.

  • Locked in rate for term of loan – Gives you the stability and protection from rising interest rates.
  • Predictable payments each month – Makes budgeting simple and stress-free.
  • Flexible term options – Helps to keep payments affordable.
  • No prepayment penalty – Allows you to pay down your loan faster and save on interest.

Home Equity Line of Credit (HELOC)

Choose a Home Equity Line of Credit if you need a revolving credit line for maximum flexibility.

  • Borrow only what you need – Free up credit as you make payments, so you can re-draw money as you need.
  • Flexible credit line amounts – Line amounts start at $10,000 to meet your needs.
  • No interest until you withdraw – Easy access to cash, but you don’t pay any interest until you actually withdraw it.1
  • Generous repayment period – 10-Year draw period with a 20-Year repayment period.

Unsure which home equity option is right for you? Our comparison chart below makes it easy to see how a Home Equity Loan and Home Equity Line of Credit stack up.

Home Equity Loan vs. HELOC

Home Equity Loan Home Equity Line of Credit (HELOC)
Best forLarge projects and constructionOn-going projects and recurring or unexpected expenses
PaymentsFixed monthlyPrincipal and interest or interest-only during draw period
CollateralPrimary or secondary homePrimary or secondary home
Fixed or Adjusted Interest RateFixedAdjustable with options available for fixed rate/term
How you receive fundsLump sumAdvance as needed during the draw period
Terms5-30 Years10-Year draw period with a 20-Year repayment period
How much you can borrow?Up to 65% CLTV, 780 FICO, and $100,000 loan amount.2Up to 80% of available equity in home2
Annual feesNone$50 beginning on the first anniversary of account origination; waived if an average monthly balance of at least $10,000 maintained for the entire prior year.
Apply for a Home Equity LoanApply for a HELOC

Home Equity Loan

Best for Large projects and construction
Payments Fixed monthly
Collateral Primary or secondary home
Fixed or Adjusted Interest Rate Fixed
How you receive funds Lump sum
Terms 5-30 Years
How much you can borrow? Up to 65% CLTV, 780 FICO, and $100,000 loan amount.2
Annual fees None
Apply for a Home Equity Loan

Home Equity Line of Credit (HELOC)

Best for On-going projects and recurring or unexpected expenses
Payments Principal and interest or interest-only during draw period
Collateral Primary or secondary home
Fixed or Adjusted Interest Rate Adjustable with options available for fixed rate/term
How you receive funds Advance as needed during the draw period
Terms 10-Year draw period with a 20-Year repayment period
How much you can borrow? Up to 80% of available equity in home2
Annual fees $50 beginning on the first anniversary of account origination; waived if an average monthly balance of at least $10,000 maintained for the entire prior year.
Apply for a HELOC

Today's Best Home Equity Loan Rate Options

Select the Home Equity Loan product you'd like to apply for below.

Home Equity Fixed Loan

Apply

Home Equity Line of Credit (HELOC)

  • Fixed Rate Segment - For Options 2 & 3

    as low as
    6.79
    %
    APR
    See Details

  • Principal & Interest Payment

    as low as
    8.25
    %
    APR
    Apply

  • Interest Only
    Payment

    as low as
    8.25
    %
    APR
    Apply

Home Equity Loan

A Fixed Equity Option: Also known as a second mortgage, this closed-end loan provides a lump sum of cash with a fixed repayment period. You can borrow up to your approved limit based on your home’s value and the remaining balance on your first mortgage. Best of all, you can pay it off early with no penalty—and it won’t affect the interest rate on your primary mortgage.

Home Equity Line of Credit (HELOC)

Your Choice of Payment Options: Choose between a Principal and Interest Payment HELOC or Interest-Only Payment HELOC (during the draw period your minimum payments are interest only) when you apply. Both options offer competitive variable rates, and the ability to lock-in your line balances into fixed rate/term segments, giving you ultimate flexibility.3

How Unitus' Home Equity Line of Credit Works

Let’s say you have $100,000 available on your line of credit and you want to pay off a student loan totaling $35,000. We’ll set up a fixed-rate segment3 for $35,000.

When you want to remodel your kitchen for $52,000 and replace your old deck for $13,000, we’ll set up additional segments on your line of credit.

You can create up to five segments on your line of credit and make one convenient monthly payment. Please contact us to set up your segments.

Home Equity Qualification Calculator

Use this calculator to determine the home equity line amount you may qualify to receive. The loan amount is based on a percentage of the value of your home.

NOTE: Calculators are for illustrative/research purposes only and do not reflect the actual results of any specific loan amount. Please contact Unitus for an accurate calculation.

Home Equity FAQs

Disclosures

*APR=ANNUAL PERCENTAGE RATE. Rates are variable and change monthly. Additional restrictions and/or requirements may apply. Annual fee of $50. There is a prepayment fee of $395 if the Home Equity Line of Credit account is closed within 36 months of origination. If the loan is a first lien, payment examples do not include amounts for taxes and insurance premiums, actual payment obligation will be greater. Property insurance is required for this loan. A $30,000 segment with a term of 60 months at 6.79% requires monthly payments of $591.21.

1APR is variable. $50 annual fee waived first year. Property insurance is required for this loan.

2Rates above assume an owner-occupied, single-family residence with a 65% CLTV, 780 FICO, and $100,000 loan amount for Home Equity Loan and 80% CLTV for Home Equity Line of Credit (HELOC). Actual rate may vary depending on loan characteristics.

3A segment is a portion of the line balance that can be locked in at a fixed rate. During the draw period, as the segment balances are paid down, that principal reduction becomes available on the line providing maximum flexibility to re-draw money as needed during the draw period.

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