HELOC and Home Equity Loans

If you’re a homeowner, you might be sitting on a valuable source of ready cash — your home equity. Home Equity Loans and Home Equity Lines of Credit (HELOCS) are great ways to access funds for:

• Major home improvements
• Consolidating high-interest loans or credit card debt
• Further education
• Emergencies

At OUCU Financial, we offer great rates and flexible terms on both Home Equity Loans and HELOCs. Click below to get started.

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Home Equity Line of Credit Rates

Home Equity Loans

Home equity loans (often called second mortgages) are loans extended using your equity in your home as collateral. They are similar to conventional loans because they feature fixed interest rates for a fixed period, up to 30 years. They are frequently used for large purchases or debt consolidation.

Home Equity Loan benefits include:

Benefits:

• Competitive fixed rates
• Borrow up to 95% of the home's loan to value*
• Interest rate is determined by the amount of equity and the term

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Home Equity Loan Rates

At OUCU Financial, we offer competitive home equity loan rates that you can feel comfortable with. We've recently lowered our rates!

Rates are available on MortgageClick, by phone at 740-597-2801, or by using this Contact Form.

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HELOC and Home Equity Loans FAQ

What is the difference between a HELOC and a Home Equity Loan? 

The main difference is that a Home Equity Loan comes with a fixed interest rate, meaning your rate won’t fluctuate at any point over the life of the loan. HELOCs, on the other hand, have variable interest rates that rise and fall with the market.

How do rates differ between a HELOC and a Home Equity Loan? 

Initial HELOC rates may be lower than fixed loan rates, making them attractive for short-term borrowing needs. However, if interest rates rise, HELOC payments can become much more expensive over time. Home Equity Loans start with higher rates but protect you from future rate hikes.

How do I know what’s best for me? 

Know yourself and your financial preferences before choosing a Home Equity Loan or a HELOC. Some homeowners prefer knowing their monthly payments for the long term because it allows them to budget more easily. Others are more natural risk-takers and would instead take their chances with fluctuating rates during the repayment period. 

Will I have access to my funds?

HELOCs and Home Equity Loans also differ in how borrowers are given access to their money. The funds from HELOCs are deposited into accounts to which homeowners are given access, and you only have to pay interest on the money you spend. Home Equity Loans, however, are dispersed in the same way as other personal loans: the full amount is deposited into your checking account, and you must pay the total loan amount back plus interest. 

*Pay no closing costs on any new HELOC when you apply between 10/01/2025-11/30/2025. Subject to credit approval. Offer good on new loans/lines only. For Home Equity Loans current rates range from 7.00% APR to 9.50% APR. As of 10/1/2025, the WSJ Prime Rate is 7.25%. Current rates across all markets range from Prime - 0.50% (currently 6.75%) to Prime + 2.00% (currently 9.25%). The minimum APR will never go below 2.75% and the maximum APR will not exceed 18%. Late payment charge after 10 days is 5% of payment amount. Property must be primary residence in the state of Ohio. NMLS #433809.

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