Put the available equity in your home to work!
Your home’s equity can be put to work for you as either a loan or a line of credit. We will help guide you to the best solution.
Flexible Funds
Use your money for debt consolidation, home improvements, and more.
Easy to apply
Use our quick online form to get started!
Your Choice
Apply for a revolving line of credit or a lump-sum loan.
Home Equity Options
Home Equity Lines of Credit (HELOC)
Choose a line of credit that you can tap into again and again, as necessary.
HELOCs available up to $250,000No application fee
No prepayment penalty
No annual fee
Flexible Repayment Options
No Closing costs*
Home Equity Loans
Receive your money all at once, which is helpful when you know exactly how much you need.
Funds disbursed at closingLow, fixed rate for easy monthly budgeting
Budget-friendly repayment terms
Borrow up to 95% of your home's value**
If you have questions and need to speak with our Consumer lenders, please call (270) 796-8500.
Home Equity FAQs
What is “Home Equity”?
Home Equity is the difference between what you owe on your mortgage and what your home is currently worth. If you owe $150,000 on your mortgage loan and your home is worth $210,000, you have $60,000 of equity in your home.
What's the difference between a home equity loan and a line of credit?
They are similar in that you’re borrowing against the value of your home and how much you owe.
Home Equity Loan: A loan based on the equity in your home that is distributed all at once in a lump sum. Since it’s a lump-sum equity draw, a home equity loan is a good source of money for major projects and one-time expenses. There are no restrictions on how you use the money. Home equity loans typically have a fixed interest rate, making the payment the same each month; that makes them easier to factor into your budget. The home equity loan payment will be in addition to your usual mortgage payment.
Home Equity Lines of Credit (HELOC): A line of credit based on the equity in your home that you can tap into again and again, as necessary. You can then access your credit line whenever you want, up to your credit limit. When you make your payment each month, that credit becomes available for use again, much like a credit card. You’ll pay interest only on the amount you draw.
How does a HELOC work?
With a HELOC, you can borrow as much of your available equity as you want during an initial draw period, typically around 10 years. You’ll make payments in this phase, but they might be interest-only.
Get the most of your membership with Exclusive Perks
*HELOC No closing costs utilizes an Automated Valuation Model (AVM) to determine the value of the property. If an AVM is not available, not acceptable to the credit union, or if the applicant requests an additional appraisal, the applicant will be responsible to pay for that service.
**Less any existing mortgage.
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