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Home Equity Products
Discover the convenience and flexibility an ECU Home Equity loan offers.
Features
Do you have equity in your home? Let ECU help you manage the equity in your home with one of our great home equity loan options.
There are numerous ways you can use the equity in your home, including renovating your home, buying new furniture, paying tuition, funding a wedding, or consolidating debt. ECU is here to assist you, no matter how you choose to utilize your equity.
Home Equity Line of Credit
Your equity funds are ready whenever you are!
A HELOC enables you to use the equity in your home as collateral to make multiple withdrawals from a maximum available loan amount. It’s similar to using a credit card, but you can’t withdraw more than your credit limit.
Features
- Adjustable and interest-only products available
- ECU pays the majority of your fees
- Easy access to your Home Equity Line of Credit with the Equity® Express Debit Card
- Minimum loan amount is $10,000
Please note this product is not available in Texas.
Home Equity Loan
Get a fixed rate on your home's equity!
Utilize the equity in your home as collateral to receive a specific amount of money at a fixed interest rate. A home equity loan is an excellent option to finance significant life events, whether you want to renovate your home or consolidate your debt. ECU is here to help!
Features
- Up to 100% financing*
- Minimal closing costs
- No prepayment penalty
*Maximum loan-to-value is 80% on manufactured homes and homes in Texas.
Rates
Home Equity Line of Credit Rates
| Term | Rate | APR | Points |
|---|---|---|---|
| 15 Year Adjustable | 7.750% | 7.750% | |
| 20 Year Interest Only (First 10 Years)* | 7.750% | 7.750% |
Rates accurate as of December 13, 2024 and are subject to change.
All rates are subject to change without notice and will be based on your credit history, down payment amount, property type, loan purpose, etc. Assumes use of tax assessment. The maximum APR for Variable Rate HELOCs is 18%. HELOC Interest Rate Floor is 3.500% for East Tennessee; and SW Virginia areas. Property Insurance is required.
*First 10 years is the draw period, the second 10 years is the repayment period.
Home Equity Loan Rates
| Term | Rate | APR | Points |
|---|---|---|---|
| 5 Year Fixed | 6.500% | 6.675% | |
| 10 Year Fixed | 7.000% | 7.094% | |
| 15 Year Fixed | 7.250% | 7.318% |
Rates accurate as of December 13, 2024 and are subject to change.
All rates are subject to change without notice and will be based on your credit history, down payment amount, property type, loan purpose, etc. APR is based on $30,000 loan amount for an 80% LTV. Rates current for East Tennessee; SW Virginia, and Texas areas. Property Insurance is required.
FAQs
A home equity loan is for a specific amount at a fixed interest rate. A HELOC allows you to set up a line of credit where you may make withdrawals from a maximum available amount. The rate on a HELOC is adjustable.
The Equity Express debit card offers unmatched convenience. It works just like any other Visa® debit card for making purchases or cash advances. The amount you spend or withdraw will be added to your HELOC balance automatically, without any need for additional calls or forms. This feature is available on most of our HELOC options. When you are approved for your Home Equity Line of Credit, simply ask your ECU mortgage loan specialist to open your Equity Express card.
Please note this product is not available in Texas.
Members may open an Equity Express Debit Card, request funds from the account on our website, or call 800.999.2328 to get funds from a HELOC.