Home equity loan or line of credit

Tapping into your home's equity is a great way to pay for home improvements, consolidate debt or pay for other major expenses.

Apply online

Tap into your home

Tap into your home

2.99%1,2

 

10 year home equity loan

With this option, you receive your money and then make equal monthly payments of principal and interest for 10 years.
  • Borrow up to 90% of the value of your property.
  • Payments and interest rate are fixed.
  • Receive up to $350 toward closing costs.2
  • Interest rate discounts for "green" home renovations.3
  • Flexible underwriting and in-house servicing. 

Learn more

3.49%2,3

 

15 year home equity loan

With this option, you receive your money and then make equal monthly payments of principal and interest for 15 years.

  • Borrow up to 90% of the value of your property.
  • Payments and interest rate are fixed.
  • Receive up to $350 toward closing costs.2
  • Interest rate discounts for "green" home renovations.3
  • Flexible underwriting and in-house servicing. 

Learn more

1.99%2,4

for the first 6 months, then as low as 2.99% thereafter

Interest only home equity line of credit

With a home equity line of credit (HELOC) you can borrow money multiple times from your available maximum amount over the life of your line. 

  • Borrow up to 90% of the value of your property.
  • 10-year draw period.
  • Payments are interest only for the first 10 years.
  • Receive up to $350 toward closing costs.2
  • No annual fee.
  • Flexible underwriting and in-house servicing. 

Learn more

Apply

Apply online

Use our online application to apply for a home equity loan or line of credit. 

To receive the green home equity discount, notify your loan officer that you're doing green home renovations when you receive the approval notification after completing the application.

Apply online

Home equity options

I have equity in my home - now what?

Not sure which home equity loan option is right for you? We can help! Read our tips below or contact one of our knowledgeable loan officers. 

A home equity loan may be right for you if:

  • You prefer the security of a fixed rate.
  • You know the specific amount you want to borrow. 
  • You are using the funds to consolidate debt or make a large purchase. 
  • You want to pay principal and interest every month. 
  • You are planning "green" improvements to your home and want the interest rate discount.

A home equity line of credit may be right for you if:

  • You want the ability to draw funds from your line of credit as needed - as little or as much as you need.
  • You like the flexibility of a interest-only payment period for fluctuating budgets and uncertain times.
  • You prefer a variable interest rate after an initial introductory rate.
  • You want a payment based only on what you borrow, plus the interest rate. 

Disclosure

Sample term: If you borrow $25,000.00 at 2.99% APR for a 10-year term your estimated monthly payment may be $241.29.

2 Minimum $25,000 in new money required to qualify for promotional rate. Closing costs range between $229.05-$1,029.05. depending on loan amount, appraisal requirements, and property location. Everence Federal Credit Union will provide a closing credit of $350.00 that will be applied at the time of loan closing. If the home equity line of credit is closed within the first 24 months, the credit will be charged at payoff. Property Insurance required. Terms, costs and conditions subject to change without prior notice. Applications subject to approval.

3 Sample term: If you borrow $25,000 at 3.49% APR for a 15-year term your estimated monthly payment may be $178.60.

1.99% Introductory APR applies for 6 months; thereafter a variable APR applies. APRs range between 3.35%-18% (as of 8/18/21).