Home Equity
A home equity loan or home equity line of credit (HELOC) is a great way to consolidate debt, pay for a major expense, or take on a home improvement project. By using your home’s equity as collateral, you can make your home work for you! Applying is a quick and easy process. Stop by any of our member centers, call us, or apply online 24/7.
Make Your House Work For You
Loan vs.
Line of Credit
Home Equity
Rates
HELOC
Debit Card
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Available HELOC Products
Traditional HELOC
- Revolving Line of Credit
- Quarterly Variable Rate
- Finance up to 100% CLTV
- No Annual Fee
- Payments Due the 28th of Each Month
- Payments are 1.25% of Principal Balance at Last Advance
- 5 Year Draw Period, 15 Year Repayment Period
- Available on Primary Residence, Second Homes and Investments
interest only heloc
- Revolving Line of Credit
- Monthly Variable Rates
- Finance up to 100% CLTV
- No Annual Fee
- Payments Due the 12th of Each Month
- Interest-Only Billing (principal curtailments are optional)
- 5 Year Draw Period, 15 Year Repayment Period
- Available on Primary Residence, Second Homes, and Investments
Advantage HELOC
- Revolving Line of Credit
- Monthly Variable Rate
- Finance up to 80% CLTV
- No Annual Fee
- Payments Due on the 12th of Each Month
- Interest-Only Billing (principal curtailments are optional)
- 5 Year Draw Period, 15 Year Repayment Period
- Available on Primary Residence or Second Homes
Home Equity Calculator
Use our calculator to determine the home equity line of credit amount you may qualify to receive.
HELOC Debit Card
A HELOC (Home Equity Line of Credit) debit card gives you access to your HELOC funds no matter where you are. With the swipe of a card you can purchase what you need for the project you are using the line of credit for, so there’s no need to run to a member center to withdraw funds, or transfer funds to your checking account! Honor Credit Union is all about making your experiences simple and efficient!
Request a Card
To request your HELOC debit card, please complete the secure form below. Following review, your new debit card will arrive within 7-10 business days.
Please Note: All form submissions are processed during normal business hours Monday – Friday.
Home Equity Resources
We want to be a resource as you make a decision to use the equity in your home. We’ve dedicated a section of our blog to home equity and home improvement topics. We hope you find them helpful. If you have questions, reach out to our Home Loan Team or give us a call at 800.442.2800.
Should You Build Or Buy a House? Consider These Things
We’ve outlined the essential pros and cons to consider before purchasing, or building your new home so you can decide what’s most important to you.
How To Make Home Improvements On a Budget
You should keep certain things in mind when considering refinancing your mortgage, refinancing an auto loan, or using your credit card to pay for home improvements.
5 Questions About Home Equity Answered
What’s the difference between a home equity loan and line of credit? Honor Credit Union has answers to common home equity questions.
What Is A Home Equity Loan And How Can You Use It?
How does a remodeled bathroom sound? A new kitchen complete with all stainless steel appliances? A first-class wedding reception? A
Home Equity FAQs
- A HELOC is a great product if you’re looking to do multiple projects or would just like to have emergency funds on hand. HELOC’s also have flexible payment options and typically offer the lowest payment of any home equity product. However, we recommend you reach out to us if you have any questions.
- A Home Equity Loan is great for a one-time expense, like remodeling a room in a house, a vacation, wedding, college tuition, or car repair. It’s also a great option for consolidating and paying off high-interest debt, such as credit cards or student loans.
Ultimately, we recommend you talk to one of our home loan experts, who will listen to your story and advise you of the best solution for your individual need.
The answer depends on your unique situation. Home equity is the amount available after subtracting what you owe on your mortgage from your home’s current market value. Home values increase and decrease depending on market conditions. Just because you were once loaned to the total value of your home doesn’t mean you are today. The amount you could be approved for depends on your credit history, your home’s value, and other factors.
No. There are no fees to apply for a home equity loan or line of credit. We do charge a small loan processing fee, however, it is cheaper than the industry average depending on your situation. There may be additional fees, but our team will iron out all the details so there’s no confusion. We’d be happy to discuss the process with you. Please don’t hesitate to reach out to one of our team members. We’re here to help!
Our team works as quickly as possible. It typically takes 7-14 business days from the time your application is submitted to you having your loan funds available. The timeline can vary based on a number of factors related to your situation but we are very transparent with our communication during the process and will make sure you are given a realistic expectation so you can be prepared.
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