Personal

Home Equity

Clackamas Home Equity

You can use the equity1 in your home to pay for home improvements, medical expenses, tuition, debt consolidation, and more. We offer two ways to use the equity in your home: loans and lines. Not sure which to choose? Just ask. We’re happy to help.

Home equity loans

We offer short-term loans of up to 90% of your home’s value, with lump sum loans up to $250,000, for your primary dwelling or your vacation home. Get low fixed rates, easy payments, and no prepayment penalty.

Home equity lines

We can offer a revolving line of credit on up to 90% of the value of your home, and we’ll waive up to $300 in closing costs.3 Home equity isn’t just for your primary home, either: you can borrow on a vacation home too. Our rates are low, and thanks to local decision-making, the application process is fast.

That local feeling. Small town, small bank, not so many rules and red tape. It works.

Amora, member for 7 years

Options for your needs.

Home insurance

As a Clackamas member, you can get discounts on home insurance. We’ve partnered with the dedicated professionals at CUNA Mutual Group, bringing you policies from carefully-selected insurers with online services and 24/7 claims service through TruStage.4

Home equity rates that fit

Your financial needs are unique. Our home equity experts would be glad to work with you to find a solution that fits your situation, with competitive interest rates to further your goals.

Clackamas Auto Loan

Buying a car or RV? Clackamas can put you in the driver’s seat.

Low, fixed rates. Fast, local decisions. At Clackamas, we can help you buy what moves you: cars, boats, RVs, ATVs, motorcycles, and more.

Auto & RV Loans
Home Equity Loans

Product

Fixed APR2 as low as

Rates effective as of 12/15/17

Home Equity Loan (LTV up to 80%)

4.75%

Home Equity Loan (LTV between 80% & 90%)

5.25%

Answers for your questions.

With a home equity loan, you borrow a fixed amount in one lump sum, using the equity in your home as collateral. Like other types of loans, your home equity loan will have a fixed interest rate and fixed monthly payments.

A home equity line, meanwhile, 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.

How you’ve handled your finances in the past helps us understand what to expect in the future. That’s why a good score can help you qualify for a better interest rate or possibly a lower minimum down payment.

That said, your credit score is only one consideration in the lending process. Other considerations include your income, your monthly payment obligations, the loan program you select and the size of the loan compared to the value of your home or the home you want to purchase.

At Clackamas, we’ll work with you to understand your entire financial profile to ensure you get the loan and the rate that’s right for you.

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. By making extra principal payments, you can pay off your mortgage sooner and save money on interest.

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