Home Equity
Turn your home’s equity into your next project
Use the equity in your home to explore financing for renovations, major purchases, and more. Compare home equity loan and line-of-credit options to upgrade your home or your life.
Put your home’s equity to work.
Your home may have equity that can help support the next step in your financial plan. Home equity financing can provide access to funds for projects, planned expenses, and larger financial goals.
Redo your kitchen or bath
Take a vacation
Build an addition
Make energy-efficient upgrades
Pay tuition
Consolidate debt and more
Compare home equity options.
The right home equity option depends on how you plan to use the funds, how often you may need to borrow, and the rate structure that works for your situation.
Introductory Home Equity Line of Credit1
Save upfront with a low fixed rate for 12 months. Need to pay for multiple expenses over time? This line of credit can help lower your payments early on with a special introductory rate.
Home Equity Line of Credit2
Cash when you need it, affordably. Enjoy a great rate and more purchasing power with this flexible line of credit. Borrow funds as needed, up to your approved limit, at any time during your draw period.
Home Equity Loan3
The funds you need, all at once. Keep it simple by borrowing a set dollar amount and making fixed monthly payments. Choose a term that works for you and enjoy a great low rate.
Features |
Introductory Home Equity Line of Credit1 |
Home Equity Line of Credit2 |
Home Equity Loan3 |
|---|---|---|---|
| Best For | Homeowners who want a lower fixed introductory rate for upfront or near-term expenses. | You do not want the rate to change after the intro period. | Homeowners who want flexible access to funds over time and only want to borrow as needed. |
| How You Borrow | Revolving line of credit, borrow as needed. | Revolving line of credit, borrow as needed up to your approved limit. | One-time loan amount borrowed upfront. |
| Rate Structure | Fixed introductory rate for the first 12 months, then variable. | Variable rate line of credit. | Note rate fixed for the first 5 years, then adjusts every 6 months. |
| Featured Rate | Introductory fixed-rate as low as 5.990% APR1 for the first 12 months. | Home Equity Line of Credit as low as 6.000%2. | Home Equity Loan note rate as low as 6.000% for 15 years3. |
| After Intro Period | Rate adjusts to Prime minus 0.50%. | Rate may adjust based on product terms. | Rate adjusts every 6 months after the first 5 years. |
| Payment Style | Interest-only on what you borrow during the draw period. | Interest-only on what you borrow during the draw period. | Fixed monthly payments based on the amount borrowed. |
| Access to Funds | Flexible access during the draw period. | Flexible access during the draw period. | Funds are received all at once. |
| Loan / Line Amount | Minimum loan amount is $35,000. | Borrow up to 80% of the equity in your home. | Borrow up to 80% of the equity in your home. |
| Fees | No application fees. | No application fees. | No application fees. |
| Closing Costs | No closing costs. | No closing costs. | No closing costs. |
| Property Eligibility | Available on 1-4 unit owner-occupied properties. | Available on 1–4 unit owner-occupied properties. | Available on 1–4 unit owner-occupied properties. |
| Good Choice If | You want short-term rate savings and expect to use the funds soon. Apply Now | You want ongoing access for multiple expenses, projects, or unexpected costs. Apply Now | You know exactly how much you need and prefer one loan with scheduled payments. Apply Now |
| Best For Homeowners who want a lower fixed introductory rate for upfront or near-term expenses. |
| How You Borrow Revolving line of credit, borrow as needed. |
| Rate Structure Fixed introductory rate for the first 12 months, then variable. |
| Featured Rate Introductory fixed-rate as low as 5.990% APR1 for the first 12 months. |
| After Intro Period Rate adjusts to Prime minus 0.50%. |
| Payment Style Interest-only on what you borrow during the draw period. |
| Access to Funds Flexible access during the draw period. |
| Loan / Line Amount Minimum loan amount is $35,000. |
| Fees No application fees. |
| Closing Costs No closing costs. |
| Property Eligibility Available on 1-4 unit owner-occupied properties. |
| Good Choice If You want short-term rate savings and expect to use the funds soon. |
| Best For You do not want the rate to change after the intro period. |
| How You Borrow Revolving line of credit, borrow as needed up to your approved limit. |
| Rate Structure Variable rate line of credit. |
| Featured Rate Home Equity Line of Credit as low as 6.000%2. |
| After Intro Period Rate may adjust based on product terms. |
| Payment Style Interest-only on what you borrow during the draw period. |
| Access to Funds Flexible access during the draw period. |
| Loan / Line Amount Borrow up to 80% of the equity in your home. |
| Fees No application fees. |
| Closing Costs No closing costs. |
| Property Eligibility Available on 1–4 unit owner-occupied properties. |
| Good Choice If You want ongoing access for multiple expenses, projects, or unexpected costs. |
| Best For Homeowners who want flexible access to funds over time and only want to borrow as needed. |
| How You Borrow One-time loan amount borrowed upfront. |
| Rate Structure Note rate fixed for the first 5 years, then adjusts every 6 months. |
| Featured Rate Home Equity Loan note rate as low as 6.000% for 15 years3. |
| After Intro Period Rate adjusts every 6 months after the first 5 years. |
| Payment Style Fixed monthly payments based on the amount borrowed. |
| Access to Funds Funds are received all at once. |
| Loan / Line Amount Borrow up to 80% of the equity in your home. |
| Fees No application fees. |
| Closing Costs No closing costs. |
| Property Eligibility Available on 1–4 unit owner-occupied properties. |
| Good Choice If You know exactly how much you need and prefer one loan with scheduled payments. |
Need help choosing an option?
A home equity loan and a home equity line of credit work differently. Our team can help you understand the available options, current rates, application requirements, and next steps.
Frequently asked questions
Think of a Home Equity Line of Credit (HELOC) as a credit card with a higher limit. You can draw from the line as many times as you would like during the draw period. You can use it to pay for life functions, home improvements, a car, or whatever you may need the funds for. The required minimum payment during the draw period is interest only on what has been drawn or advanced. After the draw period ends, you will go into the repayment period. During the repayment period, your monthly payment will be for principal and interest of the balance you have drawn/advanced from the line. The interest rate on a HELOC is variable and fluctuates with the prime rate. The interest rate is the prime rate with a margin added or subtracted from it. A lien will be placed on your property just like a first mortgage but will be in second position.
A mortgage is used to purchase a home initially and then can be refinanced for different reasons. Some examples are if mortgage rates decrease, you need money for home improvements or education or for other reasons, or a situation arises that would require a refinance (i.e. Divorce, removing a borrower from said mortgage).
An equity loan uses the equity you have in the home, without touching the 1st mortgage. Equities are also commonly known as a 2nd mortgage. You can have both a mortgage and an equity loan on the same property.
A Home Equity Loan (HELOAN) is a loan using the equity you have in your home. A lien will be placed on your property just like a mortgage. It is also commonly called a 2nd mortgage. You can use it to pay for life functions, home improvements, a car, or whatever you may need the funds for. You will have a set monthly payment of principal and interest starting right away on the loan amount you have borrowed. The interest rate is fixed and determined at the time of application or closing of the loan. A lien will be placed on your property just like a mortgage, but will be in 2nd position.
A Home Equity Line of Credit (HELOC) is ideal for those seeking flexibility, offering interest-only payment options, and acting as a reliable emergency backup. It is particularly effective for long-term, multi-year home improvements or unpredictable costs. In contrast, a Home Equity Loan (HELOAN) provides a lump sum for immediate, predictable expenses. It is a strong tool for home improvements and debt consolidation, allowing you to possibly replace high-interest credit card debt with a lower, fixed interest rate.
A general rule of thumb is to refinance when the interest rate on the loan will decrease by a 1/4 of a percent or more. There are several factors that could also influence refinancing a mortgage and it’s best to meet with a mortgage specialist to discuss your specific needs and goals.
Rate structure depends on the product selected. Review current rates, introductory-rate details, disclosures, and repayment terms before applying.
The amount available depends on factors such as your home’s value, existing mortgage balance, credit profile, income, and current product requirements.
Yes. Home equity financing is secured by your home. Review all disclosures and terms carefully before applying.
1 APR is annual percentage rate and is accurate as of June 16, 2026. APR noted applies to combined loan to value less than 80%. Introductory HELOC available for new lines only; existing Alltrust Credit Union Home Equity Loans or Home Equity Lines of Credit cannot be refinanced for this promotion. After the introductory period, the APR may vary monthly and will be based on the Prime Rate as listed in The Wall Street Journal (Prime) minus a margin. After the introductory period the rate will be set at Prime minus 0.50%; maximum APR will not exceed 18.00% or be less than 4.00%. Minimum $35,000 draw required at closing and must be maintained for 180 days to receive Introductory rate. Consult your tax advisor regarding the deductibility of interest. To open and maintain a line of credit, the following fees apply: Application fee: $0.00 (due at application); Points 0.00% of credit limit (due when account is opened). Fees charged to the customer will apply under the following circumstances: Annual Maintenance Fee of $100.00; Early Termination Fee of $500 or 2.00% of the line, whichever is less, if the line is closed within 3 years from the note date; Third-party fees may apply: Appraisal Fee, Power of Attorney, Revocable Trust Agreement or other legal documents will be required to be reviewed by the Credit Union’s Attorney and recorded as part of the closing. Borrower will pay all fees related to this review and recording. Appraisal fees are generally between $350-$850 depending on property and appraisal type. Legal fees generally total between $0 and $500. Minimum line amount $35,000. Subject to credit approval. Other terms and conditions apply. Terms subject to change without notice. Rates may change at any time without notice.
2 APR is annual percentage rate and is accurate as of June 16, 2026. Rate indicated requires automatic payment from an Alltrust Credit Union checking account. APR noted applies to combined loan to value less than 80%. APR may vary monthly and will be based on the Prime Rate as listed in The Wall Street Journal (Prime) minus 0.500%; maximum APR will not exceed 18.00% or be less than 6.00%. Minimum line amount $35,000. Maximum line amount $175,000. Consult your tax advisor regarding the deductibility of interest. To open and maintain a line of credit, the following fees apply: Application fee: $0.00 (due at application); Points 0.00% of credit limit (due when account is opened). Fees charged to the customer will apply under the following circumstances: Annual Maintenance Fee of $100.00; Early Termination Fee of $500 or 2.00% of the line, whichever is less, if the line is closed within 3 years from the note date; Third-party fees may apply: Appraisal Fee, Power of Attorney, Revocable Trust Agreement or other legal documents will be required to be reviewed by the Credit Union’s Attorney and recorded as part of the closing. Borrower will pay all fees related to this review and recording. Appraisal fees between $350-$850 may be required depending on comparison of estimated market value to actual market value. Legal fees generally total between $0 and $500. Subject to credit approval. Other terms and conditions apply. Terms subject to change without notice. Rates may change at any time without notice.
3 APR is annual percentage rate. Note rate is accurate as of June 16, 2026 and requires auto pay from an Alltrust Credit Union checking account. APR on note rate reflected is 6.00% based on a loan amount of $35,000 with a combined loan to value up to 80%. Rate is fixed for the first 5 years at $8.44 per $1,000 borrowed then adjusts every 6 months to the 30-day average SOFR index plus 3.00%. 180-month term. Minimum 700 or greater FICO score required. Maximum 45% debt to income ratio. Payment does not include taxes and insurance premiums therefore payment obligation will be greater. Real Estate Taxes and Property insurance is required. Flood insurance where required by law. Borrower responsible for real estate taxes and property insurance. All loans are subject to credit approval. Other rates and terms available. Rates may change at any time without notice.