Home Equity

Put the investment you’ve made in your home to work with a home equity loan or a line of credit. You may enjoy flexible terms, the possibility of borrowing up to 100% of your home’s value, and a quick decision with no closing costs*.

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What Is Home Equity?  

Home equity is the difference between the appraised value of your home and the amount you still owe on your mortgage. 

What Can I Do With Home Equity? 

Borrowing against home equity gives you cash on hand to pay for things that matter, whether it’s a planned home remodel or an emergency need. There are two primary options: a fixed-rate home equity loan, or a home equity line of credit. 

Fixed-Rate Home Equity Loan

Borrow what you need based on the value of the equity in your home. 

  • Rates as low as 4.49% APR**.
  • May be tax deductible (consult your tax advisor).
  • Good for large, expensive projects where a lump sum is necessary.
  • Fixed interest rate and payments for the term of the loan.
Home Equity Line Of Credit

A line of credit is a flexible solution that works like a credit card. You borrow money when you need, rather than taking it out all at once. 

  • Introductory rates as low as 2.74% APR***.
  • Draw as little or as much as you’d like from your line of credit ($300 minimum). 
  • Make payments only on the amount you’ve drawn. 
  • Low variable rates.

Get The Answers You Need Before You Apply

Call 800-666-8811, and press option 7. 

Complete our contact form. 

Visit our Real Estate Center in Roanoke, or one of our retail center locations today.

Apply Now

Current members, apply by logging into Online Banking or by calling 800-666-8811.

*Member One standard closing costs waived with the exception of: any attorney fees; if no appraisal is required, borrower pays fixed costs of $130.00 for title insurance and $14 for flood insurance; recording fees based on the amount of the loan—for example, $269.33 on a loan of $25,000 and $352.67 on a loan of $50,000; if an appraisal is required, borrower pays an additional $510. If loan is paid off within two years of closing, the member must reimburse the closing fees (ranging from $280-$1,500).

**All credit union loan programs, rates, terms and conditions are subject to change at any time without notice. Approval subject to loan and property value, creditworthiness, and underwriting. Not all applicants will qualify for the lowest rate. Home equity lines of credit: as of 1/8/18, the current APR is 2.74% and effective for 1 yr. following consummation; thereafter, the APR will adjust quarterly based on the index plus up to 3.74%. The index is the highest prime rate published in the Money Rates column of the Wall Street Journal. The minimum APR that may apply is 3.5%. The maximum APR that may apply is 15.00%. Home equity loans: as of 1/8/18, the current APR is 4.49% and fixed for 5 yrs. OR 4.74% and fixed for 10 yrs. on owner-occupied single family detached primary residences only with a loan to property value of up to 80%. At current APR for 5 yrs. based on $100,000 borrowed, estimated monthly payment is $1868 OR 10 yrs. based on $100,000 borrowed, estimated monthly payment is $1,051. Origination and other fees, and loan amount may affect the APR.

***2.74% is the 12 month intro rate for a HELOC over $100,000, then becomes adjustable based on prime rate plus a margin up to 1.24% with a minimum of 3.5% and maximum of 15%.

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