Unlock your home's equity and open the door to funds for anything you want — you earned it.
Welcome the Possibilities
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Home Improvements
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Debt Consolidation
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Vacation
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Major Purchases
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Education
There are two ways to turn your equity into cash: fixed-rate home equity loans and home equity lines of credit (HELOC). Both home equity loan types typically come with lower interest rates than unsecured loans, and you can use the funds for anything you want, including home renovations, vacation, education, major purchases, and more!
So, which should you choose: a home equity loan or home equity line of credit (HELOC)? We’re here to guide you through your options and help you find the right fit so you can welcome the possibilities!
Home Equity Loan |
Home Equity Line of Credit (HELOC) |
| Fixed rate | Variable rate |
| Fixed loan terms | Revolving line of credit |
| Today's lowest rate: 4.99% APR1 |
Today's lowest rate: 4.75% APR2 |
| Best for debt consolidation, home renovations, or other major purchases with set needs | Best for intermittent cash needs over a number of years |
*Please review the information at the bottom in 1 and/or 2 to determine if a home equity loan is the right fit for you. Once you're ready, complete an online application to get started! A Mortgage Specialist will contact you to discuss your request to use your primary residence as loan collateral.
Our friendly Mortgage Specialists are available to help:
Call toll-free Email Send a Message in Online Banking
What is home equity?
Home equity is the value you’ve built up in your home. You earn equity from the down payment on your mortgage and what you’ve paid toward the principal, as well as any increases in the value of your home.
Home equity = your home’s current value minus what is owed on your mortgage
What is a variable rate revolving line of credit?
The home equity line of credit (HELOC) has a prime rate, which is the highest prime rate published in the Money Rates Table of the Wall Street Journal on the last business day of each quarter. Prime is a variable rate; as it changes, the APR on your account will also change. The APR will be based on the prime rate plus a margin of up to 3.5%. Your rate will be based on credit worthiness, term, and combined loan-to-value (CLTV) ratio.
Remember, both home equity loans and HELOCs may offer a better interest rate than a credit card or unsecured loan because they use your home as collateral. Contact a Service 1 FCU loan expert to see what type of loan is best for you.
What is fixed rate loan?
Also called a “second mortgage,” home equity loans work similarly to a conventional, fixed-rate mortgage in that your APR will remain the same during the term of the loan. Your rate will be based on credit worthiness, term, and combined loan-to-value (CLTV) ratio.
Remember, both home equity loans and HELOCs may offer a better interest rate than a credit card or unsecured loan because they use your home as collateral. Contact a Service 1 FCU loan expert to see what type of loan is best for you.
Are there closing costs?
Yes, closing costs apply and may vary. Closing costs include a $350 processing fee and appraisal costs (as needed). For a list of costs and fees—including details on what is covered by Service 1 FCU—contact a Mortgage Specialist at (800) 879-9697.
How do I access my HELOC funds?
Transfer HELOC funds to your Service 1 FCU checking account using It’sMe247 Online Banking or the mobile app and access the money by using your debit card or writing a check.
1HOME EQUITY: APR = Annual Percentage Rate. Rates based on credit worthiness, term, and combined loan-to-value (CLTV) ratio. CLTV must be 80% or less. Credit is subject to approval, not all applicants will qualify. A home equity loan is secured by a first or second mortgage lien on your home, not all properties may qualify for financing. The minimum loan amount is $10,000, and the maximum loan amount is $100,000. Fees and closing costs may apply. Flood and/or property hazard insurance may be required. Other restrictions may apply. Membership eligibility required. Contact Service 1 FCU for complete details. All Service 1 FCU loan programs, rates, terms and conditions are subject to change at any time without notice.
2HOME EQUITY LINE OF CREDIT (HELOC): APR = Annual Percentage Rate. The prime rate is the highest prime rate published in the Money Rates Table of The Wall Street Journal on the last business day of each quarter. Prime is a variable rate; as it changes, the APR on your account will also change. The APR will be based on the prime rate plus a margin of up to 3.5%. Rates based on credit worthiness, term, and combined loan-to-value (CLTV) ratio. CLTV must be 80% or less. The APR is variable for the life of the loan and can range from as low as 4.00% APR to a maximum of 18%. Credit is subject to approval, not all applicants will qualify. A home equity line of credit is secured by a first or second mortgage lien on your home, not all properties may qualify for financing. The minimum line of credit amount is $10,000, and the maximum amount is $100,000. Fees and closing costs may apply. Flood and/or property hazard insurance may be required. Other restrictions may apply. Membership eligibility required. Contact Service 1 FCU for complete details. All Service 1 FCU loan programs, rates, terms and conditions are subject to change at any time without notice.
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