Home Equity Loans - Ideal Credit Union

Take advantage of the equity in your home

Access the equity in your home and use it to fund home improvements, major expenses, debt consolidation or even a much deserved vacation.

Find the ideal home equity option for you

Home Equity Loan

A home equity loan is a great option for those looking to cover a large expense or home project all at once. This loan option can also help you to consolidate debt at a lower rate to help you save more while paying it off faster.

Fixed rates and payments
Repayment terms up to 15 years
Borrow up to 90% of property value

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Home Equity Line of Credit

An Ideal CU Home Equity Line of Credit (HELOC) lets you borrow funds against your home's equity when you need it. This is a great option for ongoing home improvement projects, sudden expenses, or just to have quick access to your funds in case of an emergency. You'll enjoy 24/7 access to your funds using Ideal Digital Banking — Simply transfer funds directly from your HELOC into your savings or checking account.

Borrow up to 90% of property value
Enjoy a competitive variable rate
10-year draw and up to 15-year repayment period
Maximum loan amount of $350,000

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Home Equity Rates

Rates as of:

Home Equity Type	Term	APR***
Home Equity Installmentº* (up to 90% property value)¹	Up to 15 years	3.99% - 6.50%
Home Equity Line of Credit⁺	Up to 25 years.10-year draw period and up to 15-year repayment period.	4.00% - 12.00% (variable rate)
No Equity Home Improvement Loan^o^o	Up to 60 months	7.50%
1. Some housing exceptions may apply. ^oPayment example: On a $20,000.00 loan with a 5 year term up to 90% property value at 3.99% APR, monthly payments would be $368.25. Closing costs range from $500 to $2,000. Maximum loan amount is $350,000. ^o^oMaximum loan amount is $25,000. A minimum credit score of 680 is required to obtain this loan. Offer is subject to normal credit qualifications. Payment Example: On a No Equity Home Improvement Loan with a term of 5 years at 7.50%APR, monthly payments would be $500.95. Actual rate based on applicant's payment and credit history. Additional appraisal fee may apply should one be needed. ⁺Minimum Annual Percentage Rate (APR) Floor of 4%. Maximum APR is 12%. APR calculation is subject to change monthly and is based on the Prime Rate as published in the Wall Street Journal. Required payments are calculated at 1% of the outstanding balance. Maximum loan amount is $350,000 with a 10-year draw period and up to 15-year repayment period. Minimum credit score of 660 is required. Properties must be owner-occupied. Eligible property types include SFD and Townhomes (up to 90%), and condos (up to 80%); Not eligible for multi-family properties. Some housing exceptions apply. Closing costs range from $500 to $2,000. Maximum loan amount is $350,000. **APR= Annual Percentage Rate.

Compare Home Equity Loans

Features	Home Equity Line of Credit	Installment Loan
Description	Line of credit that you draw on in Ideal Digital Banking, at a branch or by phone.	Installment loan with a fixed term
Maximum Loan to Value¹	Up to 90%	Up to 90%
Maximum Loan Amount	$350,000	$350,000
Maximum Term	Up to 25 years.10-year draw period and up to 15-year repayment period.	Up to 15 years
Annual Percentage Rate	Variable Rate²	Fixed Rate
Minimum Monthly Payment	1% of the outstanding balance	Fixed amount, based on initial disbursement³
Access to Funds	Draw on funds right from within Ideal Digital Banking, at a branch or by phone.	Funds are disbursed in one lump sum
Apply online	Apply	Apply

1. Some housing exceptions apply.
2. Minimum Annual Percentage Rate (APR) Floor of 4%/Max of 12%. APR calculation is subject to change monthly and is based on the Prime Rate as published in the Wall Street Journal.
3. Payment example: On a $20,000.00 loan with a 5 year term up to 90% property value at 3.99% APR, monthly payments would be $368.25. Closing costs range from $500 to $2,000.

Home Equity Loans & Lines