Home Equity Loans
You've got big dreams. Tap into your equity to make them happen.
Dreaming of a renovation? Vacation? Education? Put the equity you have in your home to work for you, and get on your way to checking off your to-do list. Your financial needs and goals are unique. Our home equity experts will work with you to craft your perfect solution.
Apply TodayHELOC¹
Our home equity line of credit (HELOC) offers a convenient solution to use the equity in your primary or secondary (vacation) residence. We offer a revolving line of credit up to 90% of the value of your home, and you can lock your balances into convenient, fixed-rate terms.
RELOC¹
With our rental equity line of credit (RELOC) you can enjoy a revolving line of credit on up to 75% of the value of your rental property. Low, competitive, variable rates with a simple application process. Plus, you will have a two year draw period with interest only payments and no pre-payment penalty.
Current rates
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Product |
Variable APR2 as low as |
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Rates effective as of January 12, 2025.
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Product HELOC (home equity line of credit): LTV up to 90% |
Variable APR2 as low as 7.74% |
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Product RELOC (rental equity line of credit): LTV up to 75% |
Variable APR2 as low as 9.74% |
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Fixed Rate Options
Embold’s HELOCs have the ability to lock in an interest rate on any owed balance. The fixed rate is based on the LTV, credit tier for the HELOC, and the term of the lock. The terms available for locks are 5/7/10/15 years.
Get in the know
A home equity line gives you access to a revolving line of credit that you can use as you need. In that sense, it works a lot like a credit card. There’s a credit limit, you make regular payments on your balance, how much credit you use is up to you, and you can spend it however you want.
A HELOC can be taken out on Primary and Secondary Homes for up to 90% of your home’s value (loan to value). These accounts have a 20 year term. There is a 5 year draw period where you will pay only interest each month followed by a 15 year repayment period of any balance. The interest rate is variable based on credit score and loan to value. Fixed rate balance options are also available.
A RELOC is a line against a rental/investment home for up to 75% of the value of the home (loan to value). These accounts have 12 year term. There is a 2 year draw period in which you will pay only interest each month followed by a 10 year repayment period. The interest rate is variable, based on credit score and Loan to Value.
Yes. Your regular monthly payment is a combination of principal and interest. If you want to make a payment exclusively on your principal balance, you can include money in addition to your regular monthly payment and designate it as a principal payment. We design our loans to make this easy, should you want to do so. By making extra principal payments, you can pay off your loans sooner and save money on interest.
The Credit Union uses three methods to determine the value of your home (loan to value):
An automated valuation method, a “drive by” property evaluation, or a full appraisal. Which valuation type depends on a number of factors including the amount you requested and the estimated loan to value. In most cases we can process an application for a HELOC without requiring an appraiser to come into your home.
These possible appraisal alternatives can lower the overall closing costs for the account and streamline the time it takes to fund your loan.
We're here to help.
Disclosures
1) For details, see our Truth in Lending document.
2) Annual Percentage Rate. Variable rate may change based on the credit-worthiness of the borrower and other criteria. Maximum APR 18%.
Closing costs range from $233.25 to $3,000, including property appraisal, if required.
Embold Credit Union is registered with the National Mortgage Licensing System (NMLS #709344). Visit the NMLS Consumer Access link below to confirm our registration and that of our Mortgage Loan Originators. NMLS Consumer AccessSM is a free service for consumers to confirm that the financial-services company or professional with whom they wish to conduct business is authorized to conduct business in their state.