Home equity loans and lines of credit

Equity is a beautiful thing. Use the value that you've built in your home to tackle a home improvement project, purchase major appliances, take a dream vacation or save for a child's education. Plus, the equity in your home can be tax deductible and the repayment rate is usually lower than most credit cards.

These loans can be disbursed all at once or when you need the money. Talk to a member service representative to find out what option will work best for you.


Why borrow against your home?

If used properly, home equity loans are a prudent way to borrow money. It is a sensible income source when considering the higher interest rates on other lines of credit like credit cards and unsecured loans. Another great feature of a home equity loan is that sometimes the interest you pay is tax deductible. You’ll need to consult with a tax advisor regarding the deductibility of interest.


How much do I need to have invested in my home to take out a home equity loan?

A good rule of thumb is that you’ll need to have at least 10 percent of your home’s value paid for.


What can I purchase with money from a home equity loan?

Debt consolidation, education costs, vacation, home improvements are among the things you can pay for with a home equity loan.