Home Equity Loans

Cash in on the equity you’ve built up.

Cash from home equity can go a long way toward a big purchase or one of life’s curveballs. You can tap your home equity for any reason – major renovations or unexpected car repairs, to name two.

Home equity line of credit (HELOC)

How do HELOCs work? First, since it’s a revolving line of credit based upon the equity you have in your home, you can access the funds as needed over time. Then you pay interest only on the amount you use.  

Best used for: 

  • When you need continuous access to the funds
  • Home improvement, including energy-efficient upgrades and Accessory Dwelling Units (ADU)
  • Debt consolidation
  • Payoff student loans
  • Other unexpected purchases for your home

Choose one of two options:

  • Interest-Only – Pay interest-only during the draw period with up to 15 years to repay it.
  • Traditional HELOC – Pay both principal and interest

Features and Benefits:

  • Loans from $10,000 – $250,000
  • Make advances, repay, and advance again as needed
  • No upfront costs or annual fees1
  • Pay interest only on the amount you borrow
  • Lower initial monthly payments
  • Convenient online access to your line 24/7

Fixed-rate home equity loan

Have a specific purpose for borrowing against your home equity? Consider a fixed-rate home equity loan you repay over time in equal monthly payments, just like a mortgage. This option lets you borrow only as much as you need, perfect for one-time expenses:  like covering a tuition payment, paying off high-interest credit cards, or even taking advantage of a real estate investment.

Best used for: 

  • Single projects or expense with fixed costs 
  • Accessory Dwelling Units (ADUs), or larger home improvement projects
  • Pay off large amount of debt at lower rate 
  • Other large or unexpected purchases for your home
  • Fund an investment or vacation home purchase 

Features and benefits:

  • $10,000 to $250,000 limit2
  • 10- or 15-year terms1
  • Loan is paid off on a set repayment schedule
  • Fixed rates that can protect you from market changes
  • Cash up front in one lump sum
  • Easy budgeting with a fixed monthly payment

Home Equity Line of Credit*

Rates accurate as of 11/21/2024
All rates and terms subject to change without notice.

Types of home equity lines of credit and their corresponding APR
TypeAPR as low as
Interest Only HELOC7.90%
Traditional HELOC7.90%

*Terms and Conditions: PRIME -0.10% APR disclosure: Annual Percentage Rate (APR) is effective 11.21.2024 variable, and is subject to change. Rate is for combined loan-to-value of 80% or less, owner occupied homes and requires a FICO score of 740+. Higher rates may apply, depending on credit and combined loan-to-value. All loans are subject to credit approval. Credit limits up to $250,000. Appraisal may be required. California properties only. No Annual Fee. Flood and/or property insurance may be required. Your APR can adjust monthly and is based on the Prime Rate as published in the Wall Street Journal. Maximum advance period of 10 years, with a 15-year repayment period. $10,000 minimum initial advance required to avoid a processing fee. Thereafter, minimum advance is $200. Minimum loan balance of $8,000 must be maintained for first 12 months; otherwise, a $400 fee will be assessed. Minimum floor rate of 3.00% APR. Maximum loan rate of 18.00% APR. A sample monthly payment for an interest only HELOC, credit score of 740+ with a balance of $10,000 at 7.90% (Prime -.10%) is $65.83 during the draw period and $94.99 for the repayment period. A sample monthly payment for a traditional HELOC, credit score of 740+ with balance $10,000 at 7.90% (Prime -.10) is $150. All Credit Union loan programs, rates, terms and conditions are subject to change at any time without notice. NMLS #448984

Home Equity Line of Credit Calculator

Unlock the power of your home! Use this simple calculator to estimate how much you can borrow.



Result:

$XX,XXX
  • Home value $XXX,XXX
  • Total loan-to-value (LTV) $XXX,XXX
  • Current mortgage balance $XX,XXX
  • Available line of credit $XX,XXX

Tap your home equity.

Manage life’s big expenses and curveballs with a low-rate home equity loan or line of credit.

Great rates on auto loans and HELOC.

-Alma

  • Home Refinancing

    Don’t just live in your home – thrive in it. Give your mortgage a second chance and save money by refinancing for a lower rate and more favorable terms.

  • Personal Line of Credit

    You’re in charge with this revolving line of credit loan. Tap it as needed and pay interest only on the money you borrow – perfect for any curveballs life throws your way.

  • Solar Loans

    Join the clean home energy movement. Choose from two solar loan options, both with USC Credit Union’s affordable rates and flexible terms.

    Educational Resources

    • Home Loan Advice

      ‘Pre-qualified’ and ‘pre-approved’ for a loan – what’s the difference?

      As a home buyer, knowing the difference between being pre-qualified and pre-approved is an important step in the mortgage process. Making your decision on which one to choose starts with understanding the definition of each of those terms.

      Read Full Article

      ‘Pre-qualified’ and ‘pre-approved’ for a loan – what’s the difference?

    • Home Loan Advice

      Free Home Buyers Guide

      USC Credit Union is here to help you feel more confident in today’s real estate market. We’ve helped thousands of our member-owners reach their homeownership goals and we will do the same for you. Download our Free Home Buyer’s Guide and learn about the entire home-buying process.

      Read Full Article

      Free Home Buyers Guide

    • Home Buying

      When is the best time to sell or buy a home?

      In buying or selling your home, timing is everything. While there is no one-size-fits-all answer to the best time to sell or buy a home, there are several factors to consider when making your decision.

      Read Full Article

      When is the best time to sell or buy a home?

    • Home Buying

      What is a mortgage?

      Buying a home is one of the biggest financial decisions you’ll make in your lifetime. A mortgage is a loan that helps you finance the purchase of a home, and it’s important to understand how it works.

      Read Full Article

      What is a mortgage?

    • Home Loan Advice

      8 Unexpected Homeowner Expenses

      There’s a lot more to homeownership than paying the mortgage loan. Here are eight extra homeownership costs to consider as you plan for your dream home.

      Read Full Article

      8 Unexpected Homeowner Expenses

      1Maximum advance period of 10 years, with a 15-year repayment period. $10,000 minimum initial advance required to avoid a processing fee. Thereafter, minimum advance is $200. Minimum loan balance of $8,000 must be maintained for first 12 months; otherwise, a $400 fee will be assessed.

      2Limits from $10,000 – $250,000 depending on your combined loan-to-value ratio and credit scores.