Home Equity Loans & Lines of Credit

Borrow from the equity you've built in your home

Features & Benefits

Competitive Rates
Fast Preapprovals
Free, No-obligation Consultations
Lumpsum Loan Solutions
Line of Credit Loan Solutions

Borrowing from your home's equity can be an excellent way to finance home repairs and improvements.

What is Home Equity?

Put simply, home equity is the amount of value you own in your home. You can generally calculate the equity you have in your home by subtracting the balance of your mortgage from your home's appraised value. For example, if your home is appraised at $150,000 and your mortgage balance is $90,000, you have $60,000 in equity.

The equity in your home increases when you pay down your mortgage or when the appraised value of your home increases. Home value increases are usually a result of changes in the market or improvements made to the property.

How Can I Use My Equity?

Because home equity is something you own, it can be used as collateral. The most common types of loans that accept home equity as collateral are Home Equity Loans or Home Equity Lines of Credit (HELOC); these loans are sometimes called a "second mortgage".

Home Equity Line of Credit vs Loan

Home Equity Loans and HELOCs are two loans that allow homeowners to tap into the equity of their houses. Understanding the difference in these loans can help you make sure you're choosing the best loan type for your needs.

Home Equity Line of Credit (HELOC)

HELOCs are an excellent option if you're seeking borrowing flexibility. With a HELOC, you are approved for a maximum line of credit based on your home equity. You can withdraw from that line of credit anytime during the "draw period". Draw periods typically range from 5 to 10 years, and you'll make interest-only payments on just the amount you've withdrawn, not the entire line of credit. After the draw period, you'll enter the "repayment period". In the repayment period, you can no longer make withdrawals from the line of credit. The repayment period generally ranges from 10 to 20 years, and you'll make payments on both the principal (amount borrowed) and interest during this time.

HELOCs are generally useful for expenses that are less predictable or are large, recurring sums, like medical bills and tuition. Because most HELOCs are variable rate, your payment amounts might not be consistent from one period to the next, making it important to consider your comfort with fluctuating payments before applying for a HELOC.

Home Equity Loan

Home Equity Loans are funded in a single lump sum. Home Equity Loans are good for large, one-time expenses like roof repairs, major car repairs, and debt consolidation. If your month-to-month income varies, a Home Equity Loan may be a good choice for you because it offers stable interest rates with predictable payments.

 

Rates

Term Months APR1 As Low As2 Payment Per $1,000
Up to 36 3.99% $30.06
37 - 49 3.99% $22.58
50 - 60 3.99% $18.42
61 - 84 4.49% $13.90
85 - 120 4.99% $10.61
121 - 180 5.75% $8.31
Line of Credit3 Prime plus 0.00% $10.00
Effective Date: September 26, 2022
Membership eligibility is required.
1: APR=Annual Percentage Rate. Rates and terms subject to change. Above rates based upon a credit rating of 740 and above and are subject to change based upon borrower's credit history.
2: Rates apply to owner-occupied home loans up to 80% Loan-to-Value (LTV). Closing costs start at $400 and do not include appraisal. If required, appraisal is an additional cost of typically $325-470 and is due upfront. If refinancing a Prime Financial Credit Union loan, an additional $5,000 borrowed is required to qualify for any fee discounts. Homeowner insurance is required.
3: Home Equity Line of Credit (HELOC) Prime plus 0.00% rate (as reported in The Wall Street Journal) applies to 700+ credit score. Rate for 620-699 credit score is Prime plus 1.00%. HELOC rate is adjustable, may change monthly and will not exceed 11.25%. HELOC monthly payment per $1000 based upon minimum payment of 1.00% of outstanding balance. Payment example does not include taxes and insurance premiums.
Term Months APR1 As Low As4 Payment Per $1000
Up to  36 5.25% $30.06
37 - 49 5.25% $23.12
50 - 60 5.25% $18.96
61 - 84 5.75% $14.46
85 - 120 6.25% $11.19
121 - 180 6.99% $8.93
Line of Credit5 Prime plus 1.00% $10.00
Effective Date: September 26, 2022
Membership eligibility is required.
1: APR=Annual Percentage Rate. Rates and terms subject to change. Above rates based upon a credit rating of 740 and above and are subject to change based upon borrower's credit history.
4: Rates apply to owner-occupied home loans up to 95% Loan-to-Value (LTV) and are based on credit and Debt-to-Income (DTI) qualifications. Closing costs range from $604 to $754 and do not include appraisal. If required, appraisal is an additional cost of typically $325-470 and is due up front. Homeowner insurance is required.
5: Home Equity Line of Credit (HELOC) Prime plus 1.00% rate (as reported in The Wall Street Journal) applies to 700+ credit score. Rate for 620-699 credit score is Prime plus 3.00%. HELOC rate is adjustable, may change monthly and will not exceed 11.25%. HELOC monthly payment per $1000 based upon minimum payment of 1.00% of outstanding balance. Payment example does not include taxes and insurance premiums.
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NMLS ID 718926 - Equal Housing Opportunity. Membership eligibility is required.