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Home Equity Loan

All rates listed on this page are valid as of April 24, 2024 are subject to change without notice.

Perfect for those individuals who need a specific amount of money for a one-time expense.

Loan Details:

  • Fixed rate for the life of the loan
  • Fixed monthly payment
  • One lump sum when you get the loan
  • Borrow up to 90% of your home′s value

Rate:

APR* as low as

6.00%

*APR = Annual Percentage Rate. 

Terms:

5, 10, and 15 years

Home Equity Line of Credit (HELOC) – First Mortgage Not With UKRFCU

Perfect for those individuals who expect to have ongoing expenses. This is a great option if you want the ability to borrow as little or as much as you want, whenever you need it.

Loan Details:

  • Variable rate, based on the U.S. Prime Rate
  • Variable interest only monthly payment
  • Use as needed, up to the approved credit limit
  • Borrow up to 75% of your home′s value

Rate:

APR* as low as

7.75%

*APR = Annual Percentage Rate. 

Terms:

5-year draw, 20-year repayment period

Home Equity Line of Credit (HELOC)

Perfect for those individuals who expect to have ongoing expenses. This is a great option if you want the ability to borrow as little or as much as you want and have the lowest possible payment.

Loan Details:

  • Variable rate, based on the U.S. Prime Rate
  • Variable interest only monthly payment
  • Use as needed, up to the approved credit limit
  • Borrow up to 90% of your home′s value

Rate:

APR* as low as

7.75%

*APR = Annual Percentage Rate. 

Terms:

10-year draw, 15-year repayment period

Do More with Your Money

Compare for Yourself

HOME EQUITY LOAN HELOCHELOC (INTEREST ONLY)
Interest rateFixedVariableVariable
Monthly payments Fixed monthly payments Variable monthly paymentVariable interest only monthly payment
How funds are disbursedLump sumUse as needed, up to the approved credit limitUse as needed, up to the approved credit limit
Loan-to-Value (LTV)Up to 90% LTVUp to 90% LTVUp to 90% LTV
Types of terms5,10 or 15 years10 Year Draw and 15 Year Repayment Period10 Year Draw and 15 Year Repayment Period
CollateralYour primary residenceYour primary residenceYour primary residence
Closing costsNone (exceptions apply)None (exceptions apply)None (exceptions apply)
AvailabilityAvailable in most statesAvailable in most statesAvailable in most states
Loam Amount Minimum loan amount is $10,000Minimum line of credit is $10,000Minimum line of credit is $10,000
PropertiesSingle Family, 1 – 4 Unit, Condominium, and TownhomeSingle Family, 1 – 4 Unit, Condominium, and TownhomeSingle Family, 1 – 4 Unit, Condominium, and Townhome
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Disclosures

Read the Home Equity Options Options’ Terms and Conditions.

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Financial Calculators

Use our Auto Calculators to see what would work best for you.

Questions?

What is the difference between a Home Equity Loan and a Home Equity Line of Credit?

A home equity loan involves borrowing a fixed amount of money at one time. With home equity loans, you can generally borrow up to 90 percent of the current appraised value of your home, minus your outstanding mortgage balance. Home equity loans often come with a fixed interest rate and term, and your monthly payments include principal and interest.

With a home equity line of credit (HELOC), you can establish a line of credit against the equity in your home and draw on the money as you need it. The initial amount you can borrow is set by the lender, but you can typically borrow up to 90 percent of the current appraised value of your home, minus your outstanding mortgage balance. HELOCs almost always carry a variable interest rate. You only have to pay interest on the amount outstanding. Keep in mind, though, that the total amount withdrawn will have to be repaid or refinanced at the end of the term.

Loan or line of credit – which option makes the most sense for homeowners?

A HELOC offers you flexibility because you can draw money from the line of credit as you need it and pay back accordingly. A HELOC can be used for a one-time expenditure or ongoing financing needs. Plus, you may enjoy having a “safety net” available in case of a financial emergency.

On the other hand, a home equity loan can be a good option if you need a set amount of money for a specific purpose. Plus, a home equity loan is a smart choice if you prefer the safety of a fixed rate and fixed payments, especially in a rising rate environment.

As an added benefit, under some circumstances the interest on a home equity line or loan may be tax-deductible. Please consult your tax adviser.

Can I contact UKRFCU to talk about HELOCs even if I′m unsure if I need one?

No matter what your borrowing needs are, be sure to contact UKRFCU for rates and terms on a loan that fits your budget. Call our Loan Department at 215-725-4430.