Home Equity
Your home’s equity is there when you need it.
Not looking to move? Improve!
Home equity is the difference between the value of your home and how much you owe on your mortgage. Every payment made on your mortgage is contributing to your home’s equity, which can be used to fund one-time or ongoing expenses.
If you have equity in your home and are looking to borrow more than $20,000, a Home Equity Loan or Line of Credit (HELOC) may be a great option for you. Plus, enjoy low closing costs1 and up to 0.50% APR2 rate reduction when you qualify for Rewards Rates.
Your home equity options
Home Equity Loan
Good for one-time expenses, receive a one-time lump sum upfront secured by the equity in your home.
Details:
Affordable fixed interest rate, up to 20-year term
Consistent monthly payments make it easier to budget
Borrow the full amount
No annual fee or pre-payment penalties
Rate:
APR as low as
7.50%
Home Equity Line of Credit (HELOC)
For recurring needs, tap into the equity in your home with ongoing access to funds up to a preset credit limit.
Details:
Low variable interest rate
The amount borrowed can change, therefore minimum payments vary
Borrow as little or as much as you need
Interest-only payment options available
Rate:
APR as low as
6.75%3
Use your home's equity to:
Already have a Home Equity Loan or HELOC? Get up to $250 cash4 when you make the switch to BCU!
“We were incredibly impressed with the service and communication for our HELOC application. When we shared an urgent deadline, BCU expedited the process and worked closely with us.
NEVER have we received such incredible service from a financial institution!”
Katheren M, member since 2020
Alternatively, if you’re looking for quick access to funds less than $20,000, you can do so without tapping into your home’s equity. Check out an Unsecured Home Improvement Line of Credit.
Frequently Asked Questions
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What’s the difference between a Home Equity Loan and Line of Credit (HELOC)?
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What determines the rate on my loan?
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How much can I borrow?
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How can I prepare before applying?
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I’m ready to move forward. What are my next steps?
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Disclosure