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?
 
 
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Home Equity Loans - Fixed Rate Mortgage

Term Rate* APR Points Monthly Payment**
5 year Fixed 5.625% 5.810% 0.000 $478.97
7 year Fixed 5.875% 6.010% 0.000 $363.72
10 year Fixed 6.000 % 6.099% 0.000 $277.55

 
Rates effective 03/31/2023
*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.

 






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.