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Home Equity Line of Credit

Funds Available When You Need Them

Have an ongoing expense or regular payments you need to make? Your home’s equity may let you Live Smarter by borrowing against its value for paying other bills.

What is Home Equity?

If you own a home and have paid off a large enough portion of the principal, you’ve built up equity. Equity is simply the difference between what your home is worth and the amount you still owe on it. For example, if your home is worth $200,000 and you still owe $150,000, you have about $50,000 in equity.

What is a Home Equity Line of Credit?

A Home Equity Line of Credit (HELOC) allows you to open a line of credit to borrow against, based on how much equity you have in your home. Like other borrowing options, there are a number of terms to consider and questions to answer, including a fixed rate HELOC, how a HELOC account works, whether you can consider a HELOC for a mortgage, investment property, or rental property. Many homeowners ask about using a HELOC to pay off a mortgage, and what home equity line of credit rates today are.

Couple meets with credit union representative, shaking hands, happy to receive home equity line of credit

What’s the Difference Between a Home Equity Line of Credit (HELOC) and a Home Equity Loan?

While a HELOC is a revolving line of credit with a variable interest rate from which you can draw, a home equity loan is a fixed loan with a set payment schedule that provides you a larger sum up front for making a one-time purchase. Think a Home Equity Loan might be a better fit?

Home Equity Loan: Learn More

What are the benefits of a Home Equity Line of Credit, and which home equity option is better for your needs?

The choice really depends on what you need it for. After reading about both home equity options, if you’re not sure what will work better for you, we can help you understand them better. We'll talk about the application process, see if you qualify, talk about current HELOC rates, and discuss which could work for you and your needs.

Think of a HELOC loan as more like a credit card. Once it’s approved for a given amount, you can decide when you want to use the money, and you can withdraw it from that account. Once you’ve taken some out, you’ll have payments due. A HELOC is more practical for purchases that are made a smaller amount at a time, like one-at-a-time home projects. A HELOC uses your home as collateral, and the rates are generally lower than credit cards. Plus it could have tax benefits, depending on how it’s used.

Full disclosures listed below.

HELOC Features:

  • Secured Loan

  • 1st or 2nd Lien

  • Loan to Value is Determined by Credit Score

  • Variable Rate

  • No Closing Costs

  • Mortgage Tax Paid by First Source

  • Funds As Needed Up to 15 Years

  • Variable Draw Period Up to 15-Years with 15-Years Additional to Repay

  • Interest Only During Draw Period, Principal Plus Interest During Repayment Period

  • Auto Payment Available

  • If Paid Before 3 Years, Member Repays Closing Costs

  • Mortgage Refinance

Live Smarter 

If you have any questions, we are here to help. Call 315-735-8571 to talk about your HELOC Loan options or get started with an application request.

Interested In Learning More?

To see the different ways to use your home's equity as a funding source, visit our Home Equity Options overview page.

Let’s Get Started

We look forward to helping you with your application request.

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Which home equity option is right for you?

Check out our helpful loan comparison calculator.


Home Equity Comparison Calculator

Home Equity Line of Credit

Rate APR
6 Month Introductory Rate as low as 2.49% for six months*
12 Month Introductory Rate as low as 3.49% for twelve months*
18 Month Introductory Rate as low as 4.49% for eighteen months*
Variable Rate as low as Prime Rate minus 0.25% = 7.75%

*After 6, 12, or 18 months (whichever introductory term is chosen), the APR (Annual Percentage Rate) may vary monthly based on the Prime Rate published in the Wall Street Journal plus a margin. Prime rate as of 3/22/2023 is 8.00%. Minimum Line of Credit loan is $7,500. Rates can increase or decrease, but not to exceed 15.99% APR.

Loan rates and terms are determined by overall credit history and are subject to change without notice. Applications are subject to credit approval. Rates apply to new loans and are based on a loan to value (LTV) up to 80%.

If closed within 3 years of the opening date, reimbursement for certain fees paid to third parties to open the loan is required. Fees vary depending on loan amount and can be as low as $1,052.50 for a $50,000 loan or $1,427.50 for a $100,000 loan.

Consult a tax advisor for deductibility for interest. Homeowners insurance is required.

Membership and credit requirements apply. Rates and terms determined by overall credit history and subject to change. Equal Housing Lender.