Middle aged man and woman sitting and laughing together while painting and making home improvements

Home Equity Loans and Line of Credit

Everyone loves  having flexibility, and with Capital Credit Union, we give you the options to best tap into the equity of your home. Think of it as finding buried treasure that can help pay for that special home project, vacation or consolidate debt. You've worked hard, now let us help guide you to realize the full potential your dreams.




Home Equity Line of Credit

You're now a homeowner and looking to upgrade that kitchen, pay down high interest debt, or need cash now for that unexpected expense. Unlike high-interest credit cards or payday loans, a Home Equity Line of Credit (also called a HELOC) is a smart way to borrow money by using the equity from your home.  

No matter what your situation is, we'll always work with you to make that HELOC dream a reality.



Young mother kisses smiling toddler son in kitchen of home




Home Equity Loan

Home equity loans can be another way to tap into your homes equity.  They are great if you know exactly how much you need. We offer several options and will  provide personal guidance from your first call to closing. So the only tough decision you will have to make is, outdoor kitchen or that sunset walk on the beach?
 
 
Smiling young man and woman walking through doorway checking over rooms in new home




Home Equity Loan Rates

Term Rate* APR Monthly Payment
7 year Fixed 5.75% 5.92%  $362.23
5 year Fixed 5.50% 5.741% $477.53
5 year ARM+ 5.375% 6.649% $170.21
3 year ARM+ 5.375% 7.064% $170.21
Rates effective 11/8/2022
 

HELOC Rates

Term APR Period Monthly Payment
Up to 10 year draw period 7.00% 120 $100
Rates effective 11/8/2022























































The  key difference between Home Equity Loans and Home Equity Line of Credit (HELOC)  is that Home Equity Loans can be offered as single lump sum at a fixed rate. Whereas a HELOC, can be drawn upon as a line of credit at a variable rate.
A home equity loan is a type of loan that allows you to use the equity in your home as collateral to borrow money. A single lump sum, usually at a fixed rate and monthly payment, making your repayment schedule predictable over the life of the loan. 

You can determine how much equity you have in your house by subtracting the amount you owe on your house from the appraised value.










*Rates and terms are subject to change at any time and without notice; additional restrictions may apply. Published rate may be adjusted based on other factors, including but not limited to, when your rate is locked, actual occupancy status, loan purpose, loan amount, credit score, debt to income ratio, and loan to value.
**Displayed rates and payments based on a second mortgage and assume a property value of $250,000, loan amount of $25,000 (10% of value), and a first mortgage less than $175,000 or 70% of the value of the home/property and a minimum credit score of 740. Additional rates and terms are available. This monthly payment does not include taxes or insurance.

***Displayed rates and payments based on a second mortgage and assume a property value of $250,000, loan amount of $25,000 (10% of value), an amortization term 20 years,  and a first mortgage less than $175,000 or 70% of the value of the home/property and a minimum credit score of 740. APR and payment amount may increase after consummation. Additional rates and terms are available. This monthly payment does not include taxes or insurance.

+Adjustment could occur after initial term. Published rate may be adjusted based on credit score and down payment. ARMs require 5% down payment with Private Mortgage Insurance (PMI), PMI is not required with greater than 10% down. Adjustment is based on an index of UST1YW (1-year Constant Maturity weekly average yield) plus margin of 3.5%. Maximum annual adjustment is 2%; maximum over the life of the loan is 5%. No conversion option. Additional rates and terms are available.

*APR = Annual Percentage Rate. APR is based on owner occupied status, credit score and a loan to value (LTV) of 80% or less. Variable rate tied to Wall Street Prime Rate, with a floor of 3% and a maximum rate of 11.50%. Rates and terms are subject to change at any time and without notice.
 **Monthly payment is based on balance of $10,000. Minimum monthly payment will equal the greater of $100.00 or $1.00 for each $100 (and fraction thereof) of the Principal Loan Balance as of the end of the month of the billing cycle of the most recent advance. This monthly payment does not include taxes or insurance.
 
General Disclosures
If the down payment is less than 20%, mortgage insurance may be required and could increase the monthly payment and APR. The payment amount does not include homeowners insurance, flood insurance (if applicable), or property taxes that must be paid in addition to your loan payment.
The displayed Annual Percentage Rate (APR) is a measure of the cost to borrow money expressed as a yearly percentage. For mortgage loans, excluding home equity lines of credit, it includes the interest rate plus other charges or fees (such as mortgage insurance, settlement agent fees, and origination charges). When shopping for a mortgage, you can use the APR to compare the costs of similar loans between lenders.
These mortgage rates are based upon a variety of assumptions and conditions, which include a consumer credit score that may be higher or lower than your individual credit score. Your loan's interest rate will depend upon the specific characteristics of your loan transaction and your credit history up to the time of closing.
The estimated total closing costs used in the calculation above do not constitute and are not a substitute for a loan estimate, which includes an estimate of closing costs you will receive once you apply for a loan. This is NOT a mortgage loan approval or commitment to lend. The actual fees, costs, and monthly payment on your specific loan transaction may vary, and may include other additional fees and costs.
If you are a service member on active duty, prior to seeking a refinance of your existing mortgage loan, please consult with your legal advisor regarding the relief you may be eligible for under the Servicemembers Civil Relief Act or applicable state law.