Home Equity Loan
APR as low as
7.05% APR*

Put Your Home's Equity to Work

If you've built equity in your home, you may be able to borrow against it to finance home improvements, consolidate debt, pay for education, cover unexpected expenses, or reach other financial goals. ECCU offers home equity financing designed to help eligible homeowners access funds while using the value they've built in their homes. 


 

✔ Borrow using your home's available equity

✔ Use funds for renovations, debt consolidation, education, major purchases, or emergencies

✔ Competitive rates

✔ Flexible repayment options

✔ Local lending experts

Best for: Homeowners who want to finance large expenses without refinancing their primary mortgage. 
 
 
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What is Home Equity?

Home equity is the difference between your home's current market value and the amount you still owe on your mortgage
 
For example:
Home value: $400,000
Mortgage balance: $250,000
 
Your equity is approximately $150,000
 
Many homeowners choose to borrow against a portion of this equity instead of using higher-interest financing options.
 
 

Home Equity Loan Calculator

 
  
Not sure what you might be qualified to receive? Click the link below!
 
Home Equity Calculator

 

Common Uses for Home Equity Financing

Many homeowners use home equity for:
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Home Improvements
 
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Kitchen or Bathroom Remodel
Debt Consolidation icon
 
Debt Consolidation and Major Purchases
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Medical Bills and  Emergencies
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Education or Wedding Expenses
Benefits of Borrowing Against Your Home Equity

Depending on your financial situation, home equity financing may offer:
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  • Competitive interest rates
  • Larger borrowing amounts
  • Predictable monthly payments (home equity loan)
  • Flexible access to funds
  • Potential tax advantages (consult a tax advisor)
 
Learn more by reading our blog: Home Equity Essentials: What You Need to Know
Who Is This Best For?

Home equity financing may be a good option if you:

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  • Have built significant equity in your home
  • Need funds for a large expense
  • Want an alternative to high-interest credit cards
  • Prefer predictable repayment or flexible borrowing options
How To Apply
1. Submit an application
2. Provide information about your home and income
3. Complete any required appraisal or valuation
4. Receive a lending decision
5. Access your funds after closing!
 
 

 

 

Home Equity Loans FAQ

 
What is home equity?
Home equity is the difference between your home's current market value and the amount your still owe on your mortgage. As you pay down your mortgage or your home's value increases,, your equity grows. 
How much can i borrow against my home?
The amount you may be able to borrow depends on several factors, including your available home equity,, credit history,, income, and the results of the application process. An ECCU lending specialist can help you determine your borrowing options.
What's the difference between a Home Equity loan and a HELOC?
A Home Equity Loan provides a lump sum with fixed monthly payments, making it a good option for one-time expenses. A Home Equity Line of Credit (HELOC) gives you access to a revolving line of credit that you can borrow from as needed during the draw period, making it ideal for ongoing projects or expenses. 
Can I use home equity to consolidate debt?
Yes. Many homeowners use home equity financing to consolidate higher-interest debt into one monthly payment. Whether this is the right option for you depends on your financial situation. 
Can I use home equity for home improvements?
Yes. Home improvements and renovations are among the most common reasons homeowners choose a home equity loan. Funds may also be used for education expenses, major purchases, and other financial goals.
Is a home equity loan better than a personal loan?
It depends on your goals. A home equity loan uses your home as collateral and may offer competitive interest rates, while a persona loan is unsecured and doesn't require home equity. An ECCU lending specialist can help you compare your options. 
Do I need good credit to qualify?
Credit history is one of several factors considered during the application process, along with income, available home equity, and other financial information.
Does applying affect my credit score?
Submitting a loan application may require a credit inquiry, which can affect your credit score. Your lender can explain what to expect before you apply.
Can I pay off my home equity loan early?
Review your loan agreement or speak with an ECCU lending specialist to understand your repayment options and whether any restrictions apply. 
What closing costs should I expect?
Home equity loans may include closing costs or other fees. Your lender will provide a Loan Estimate outline any applicable costs before you finalize your loan.
Is my home used a collateral?
Yes. Home Equity Loans are secured by your home.
What happens if my home's value changes?
Your available equity may increase or decrease as your home's market value changes. Existing loan terms generally remain the same after closing, but future borrowing options may be affected. 
How long does approval take?
The timeline varies depending on your application and the documents required. ECCU's lending team will guide you through each step of the process. 
Is home equity financing right for me?
Home equity financing may be a good option if you've built equity in your home and need funds for major expenses, renovations, or debt consolidation. EN ECCU lending specialist can help you determine which solution best fits your goals. 
















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