Home equity is the difference between the current market value of your home and what you owe. As the value of your home is maintained or if it increases, and you pay down your first mortgage, you build equity. You may be able to use the equity in your home to:

  • Consolidate higher-interest debt, such as loans or credit cards.
  • Complete a home improvement project.
  • Help finance a college education or wedding.
  • And more!

Do You Know How Much Equity You Have In Your Home?

Available equity example
Appraised home value $100,000
Multiply by 0.90 (or 90%) 0.90
Available equity $90,000
Balance due on first mortgage -$70,000
Approximate amount available as a Home Equity Credit Loan/Line of Credit $20,000

You Have Options

At CEFCU, you have the option to apply for a Home Equity Loan or a Home Equity Line of Credit (HELOC), depending on your needs. With a Home Equity Loan, you can borrow a specific amount of money at a fixed rate over a designated period of time — from five to 15 years.

If you need flexibility, a HELOC may be a good option. Rather than borrowing a specific amount of money, with a HELOC, you can borrow money as you need it, at a variable rate, and repay it over time.

Other Savings

In addition to competitive rates, with a CEFCU Home Equity Loan or HELOC, there’s:

  • No annual fee.
  • No early payment penalty.
  • No termination fee.

Convenient Ways To Apply

Apply for a CEFCU Home Equity Loan or Line of Credit: