Home Equity Loan & Line of Credit

Get a Home Equity Loan and Flip the Way You Borrow

Tap into your home’s equity with competitive rates, clear terms, predictable payments, and flexible options from HRCCU. Whether you’re planning a renovation, consolidating debt, or covering major expenses, our Home Equity Loan options help you borrow with confidence. Our members can take advantage of:

Competitive fixed rates

Flexible terms and borrowing options

Local guidance from experts at a trusted credit union

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Types of Home Equity Loans

Traditional Home Equity Loan

This traditional type of loan allows consumers to borrow a lump sum based on the equity in their homes and features a fixed interest rate and predictable monthly payments. This option is typically best for borrowers who want clear repayment schedules and stable payments throughout the life of the loan. Key features include:

Fixed rate and fixed monthly payments
Ideal for large, one-time expenses
Easy budgeting with a set repayment term

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Home Equity Line of Credit (HELOC)

This flexible line of credit lets consumers borrow funds, as needed, up to the approved limit, which is based on the home’s equity. These loans are typically best for paying expenses related to ongoing projects or expenses where flexibility and access to funds matter most. Key features include:

Borrow only what you need when you need it
Enjoy revolving credit during the draw period
Interest is only charged on the amount borrowed

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How to Apply for a Home Equity Loan

Applying for a Home Equity Loan or HELOC with HRCCU is straightforward and designed to support consumers’ needs every step of the way. Applications require the following steps:

Provide your personal and contact information
Submit details about your property and existing mortgage
Upload required documents, such as proof of income, insurance, and property information
Choose your loan option and requested amount
Review your terms and complete the closing process

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man on phone and laptop opening bank account

Home Equity Loan Rates

Term	APR
30-Year Fixed	6.25%
20-Year Fixed	5.65%
15-Year Fixed	5.15%
10-Year Fixed	4.65%
5-Year Fixed	4.65%
10/1 ARM	5.50%
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Balance 50K or more, up to 95% LTV, 740+ Credit Score. Rates include a discount of 0.25% APR for Auto Pay from an HRCCU Account. APR = Annual Percentage Rate. ARM = Adjustable Rate Mortgage. First lien position.

HELOC Rates

Term	APR
7/1 ARM	2.99%
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Term

APR

7/1 ARM

2.99%

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APR = Annual Percentage Rate. Rates quoted are as low as the lowest available rates. Actual interest rate will be based on overall creditworthiness. Other rates and terms may apply. Variable Rate Home Equity Line of Credit: Introductory APR of 2.99% is valid for the first 12 months from account opening. Balance 10K or more, up to 95% LTV, 700+ Credit Score. Rates include a discount of 0.25% APR for Auto Pay from an HRCCU Account. After the introductory period, the APR will adjust to a variable rate based on the Constant Maturity Treasury (currently 3.610%) plus a margin of 1.64%, resulting in a current APR of 5.25% as of 3/20/2026. The introductory APR is a promotional rate and will not apply after the introductory period. A 7-year draw period is included in the 30-year term. During the draw period, payments may be interest-only and will not reduce principal. After the draw period, payments will increase and include both principal and interest. The APR is variable and may change annually.

Member Testimonials

Why Choose a Home Equity Loan with HRCCU?

Borrowing against a home’s equity is an important decision. HRCCU offers clear guidance, competitive options, and a member-focused approach to help our members make informed choices with confidence.

Competitive Borrowing Options

Members can choose between fixed-rate loans or flexible lines of credit to match their goals, timelines, and budgets.

Clear, Predictable Terms

We provide transparent terms and straightforward repayment structures, ensuring that members always know what to expect.

Member-Centered Support

Our lending team works with you one-on-one to explain options, compare scenarios, and provide guidance throughout every step of the process.

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Frequently Asked Questions

A Home Equity Loan provides a lump sum upfront with a fixed interest rate and consistent monthly payments. It’s ideal for large, one-time expenses such as home improvements or debt consolidation.

A HELOC (Home Equity Line of Credit) works more like a credit card. You are approved for a specific credit limit and can borrow as needed during the draw period. HELOCs typically have variable rates and offer more flexibility, making them a good option for paying ongoing or unpredictable expenses.

In most cases, you can borrow up to 80% of a home’s appraised value, minus the existing mortgage balance. For example, if your home is worth $250,000 and you owe $150,000, you may be eligible to borrow up to $50,000.

Your approved amount will also depend on factors such as income, credit score, debt-to-income ratio, and the equity product you choose. HRCCU’s lending specialists can help you determine your borrowing options.

Home Equity Loans and HELOCs can be used for a wide range of needs, including paying for home renovations, education expenses, medical bills, major purchases, emergency costs, and consolidating high-interest debt.

Many members use home equity to improve their properties or gain better control over monthly finances. Because these loans are secured by homes, they often offer lower interest rates than personal loans or credit cards.

HRCCU Home Equity Loans and HELOCs have no application fees and no annual maintenance fees. Depending on the product and loan amount, closing costs such as appraisals, title work, and recording fees may apply.

HRCCU provides clear, upfront disclosures and will review all potential costs with you before closing. Promotional offers sometimes cover certain closing costs. Be sure to ask a lending specialist for details.

In some cases, the interest paid on a Home Equity Loan or HELOC may be tax-deductible if the funds are used to buy, build, or substantially improve the home. Tax laws and individual eligibility can vary. HRCCU recommends consulting a qualified tax professional to determine whether a chosen loan qualifies under current IRS guidelines.

Once approved, you can access funds from your HRCCU HELOC through online banking, checks or transfers. During the draw period, you can borrow funds, as needed, up to your approved credit limit.

This flexibility makes HELOCs useful for phased expenses, such as renovations, tuition, and more. After the draw period ends, you will enter the repayment phase and pay off the remaining balance. HRCCU provides clear terms, easy digital access, and personalized support throughout the life of the loan.

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