Summer is the perfect season to refresh your home – whether it’s building a new deck, upgrading your kitchen, or finally tackling that long-awaited landscaping project. But renovations can be costly. That’s where a Home Equity Loan or Equity Line of Credit (HELOC) from UKRFCU can help.
What Is a Home Equity Loan?
A Home Equity Loan is a type of loan that allows you to borrow money by using the Equity in your home as collateral. Our Home Equity loan option is:
Home Equity Loan
- 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
- Terms: 5, 10, and 15 years
What Is a HELOC?
A HELOC is a revolving line of credit that lets you borrow against the Equity in your home. Unlike a traditional loan, you can draw funds as needed—ideal for projects that unfold in stages. Our HELOCs are:
Home Equity Line of Credit (HELOC) – First Mortgage Not With UKRFCU
- 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 80% of your home′s value
- Terms: 5-year draw, 20-year repayment period
Home Equity Line of Credit (HELOC)
- Variable interest rate based on the U.S. Prime Rate
- Variable interest only monthly payment
- Borrow up to 90% of your home’s value
- Terms: 10-year draw, 15-year repayment period
For all current rates, visit UKRFCU Home Equity Options
Summer Renovation Projects Perfect for a Home Equity
Here are some popular ways members use their Equity during the warmer months:
- Outdoor upgrades: Build a deck, patio, or install a pergola
- Energy-efficient improvements: Add solar panels or upgrade windows
- Kitchen & bath remodels: Boost your home’s value and comfort
- Landscaping & curb appeal: Refresh your yard or driveway
- Home office or guest room: Convert unused space for more functionality
- Unexpected or known expenses: Medical bills, debt consolidation, or college tuition (Added as requested, but does this go with the blog’s summer projects theme).
How to Get Started
- Estimate your home’s Equity (you can borrow up to 90% of its value).
- Gather your documents—pay stubs, tax returns, insurance info, etc.
- Apply online or visit a branch: UKRFCU Home Equity Options
- Start your project and enjoy your upgraded home all summer long!
A home equity option from UKRFCU gives you the flexibility and financial power to turn your summer renovation dreams into reality without draining your savings. Whether it’s a small upgrade or a major transformation, we’re here to help you do more with your home and your money.