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.
Schedule an Appointment Call Us: (740) 597-2801
Home Equity Lines of Credit
A home equity line of credit is a revolving line taken out with your home’s equity (appraised value minus mortgage debt) as collateral.
You’ll receive a credit limit of up to 95% of your home’s equity* to withdraw and use as needed at a low variable rate!
HELOC benefits include:
- No annual fees and low closing costs
- Easy access through online banking
- Competitive variable rates
- Interest-only payment options are available
Apply Now Equity Calculator
*Property must be the primary residence in the state of Ohio. Equity Rate is subject to quarterly adjustment.
| How to Determine Your Potential Loan Amount |
| Home Value |
$100,000 |
| Multiply by .95 |
x .95 |
| Max. Borrowable Equity |
$95,000 |
| Subtract Current Mortgage Loan Balance |
- $60,000 |
| Potential Credit Limit |
$35,000 |
Home Equity Line of Credit Rates
| Loan |
Term |
APR |
| Home Equity Line of Credit (Up to 80% LTV) Interest Only |
10 Year Draw/10 Year Repayment |
Prime - .50%, currently 7.00%, Floor Rate 2.75% |
| Home Equity Line of Credit (Up to 80% LTV) |
10 Year Draw/10 Year Repayment |
Prime + 0.00 , currently 7.50%, Floor Rate 4.00% |
| Home Equity Line of Credit (81-90% LTV) |
10 Year Draw/10 Year Repayment |
Prime + 1.00%, currently 8.50%, Floor Rate 5.00% |
| Home Equity Line of Credit (91-95% LTV) |
10 Year Draw/10 Year Repayment |
Prime + 2%*, currently 9.50%, Floor Rate 7.00% |
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
Apply Now
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.
Tools & Services
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.
