Home Equity Loans

Apply for a Home Equity Loan

Your Home's Equity is Money in Your Pocket

When you need to borrow funds for life’s significant expenses like home improvements, college education costs, or paying off debt, we’re here to help! Make the payments you need with a Wright-Patt Credit Union® (WPCU®) Home Equity Line of Credit or Fixed-Rate Loan. Our available credit lines and lump-sum loans have no annual fees, no prepayment penalties, and low closing costs! Your Home’s Equity is an opportune way to get funds when you need them. View more details on both of Wright-Patt Credit Union’s (WPCU) Home Equity Loan options below.

Pay off high-interest debt, outstanding balances, and other loans with a Home Equity Fixed-Rate Loan.

Loan Details:

If you're looking for a fixed amount, a loan that you can easily make a monthly payment on or have a significant purchase in mind that you know how much it will cost, a Home Equity Fixed Rate loan might be for you. A Home Equity Loan is the perfect way to get the lump sum of money you need. With low annual percentage rates and easy terms outlining your payment obligation, a Wright-Patt Credit Union Home Equity Loan puts your home to work for you!

Product Highlights:

  • You may be able to borrow a lump sum up to 100% of your equity.
  • You can take up to 15 years to repay the loan while making minimum monthly payments.
  • This loan gives you a low fixed rate for the entire term rather than a changing variable annual percentage rate. This fixed rate allows you to keep more of your hard-earned money in your pocket.

Loan Details:

A Wright-Patt Credit Union Home Equity Line of Credit makes sense if you:

  • Plan to use the funds as a financial safety net
  • Have the occasional need for a little extra money
  • Have an expense, like a home improvement, with a final cost you don't know yet

This variable rate line of credit is available for a 15-year period, followed by a 10-year repayment period.

Product Highlights:

If you don't use the funds, you don't pay for them—but you'll have peace of mind knowing they'll be available when you need them!

  • You may be able to borrow up to 100% of your equity. You'll have a credit limit that can help you handle any challenges thrown your way.
  • You can easily access your funds via mobile or online banking.
  • We offer a minimum credit limit of $10,000 up to a maximum of $250,000.

Fixed-Rate Loan

Line of Credit
No Annual Fee

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No Pre-Payment Penalties

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Low Closing Costs

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Low Interest Rates

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Interest-Only Payments during Draw Period

-

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Adjustable Rate

-

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Fixed Monthly Payments

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Borrow up to 100% of Home's Equity

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Best for Major Purchases

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Best for Revolving Needs

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Fixed-Rate Loan

No Annual Fee

Green Check Mark

No Pre-Payment Penalties

Green Check Mark

Low Closing Costs

Green Check Mark

Low Interest Rates

Green Check Mark

Interest-Only Payments during Draw Period

-

Adjustable Rate

-

Fixed Monthly Payments

Green Check Mark

Borrow up to 100% of Home's Equity

Green Check Mark

Best for Major Purchases

Green Check Mark

Best for Revolving Needs

-

Line of Credit

No Annual Fee

Green Check Mark

No Pre-Payment Penalties

Green Check Mark

Low Closing Costs

Green Check Mark

Low Interest Rates

Green Check Mark

Interest-Only Payments during Draw Period

Green Check Mark

Adjustable Rate

Green Check Mark

Fixed Monthly Payments

-

Borrow up to 100% of Home's Equity

Green Check Mark

Best for Major Purchases

-

Best for Revolving Needs

Green Check Mark

Description APR
Home Equity Loans (LTV 85% or Less)

Description

60 Months Fixed

APR

7.25% - 8.75%

Description

61-120 Months Fixed

APR

8.00% - 9.50%

Description

121-180 Months Fixed

APR

8.25% - 9.00%
Home Equity Loans (LTV 85.1% - 100%)

Description

60 Months Fixed

APR

8.25% - 9.75%

Description

61-120 Months Fixed

APR

9.00% - 10.50%

Description

121-180 Months Fixed

APR

9.25% - 10.00%
Home Equity Line of Credit

Description

LTV 85% or Less

APR

7.25% - 12.75%

Description

LTV 85.1% - 100%

APR

8.75% - 10.25%

  • A Home Equity loan is a type of loan in which the borrower uses the equity of his or her home as collateral. The loan amount is determined by the value of the property, and the value of the property is determined by an appraiser from the lending institution.

  • A Home Equity Line of Credit is a form of revolving credit in which the lender agrees to lend a maximum amount within an agreed period, where the collateral is the borrower's equity in his or her home.

    Because your home is likely to be your largest asset, you may want to use your credit line for major items such as education, consolidation, wedding or home improvements.

    With a HELOC, you will be approved for a predetermined amount which is your credit limit. This is the maximum amount you can borrow during the draw period. The credit limit on a HELOC is determined by taking a percentage of the appraised value of your home and subtracting the balance owed on any existing mortgages.

    In determining your actual credit line, we will consider your ability to repay by reviewing your income, debts, and other financial obligations, as well as your credit history.

  • With a Home Equity fixed rate loan, funds are received as a lump sum versus a Home Equity Line of Credit that lets you borrow money as you need it up to a predetermined maximum credit limit.

View All FAQs

  • Interest rates for home equity lines and loans are typically lower than for other forms of credit because your home is used as collateral – meaning the risk to a financial institution is less than with an unsecured loan. A lower rate means a lower cost to you.

  • Because of the competitive interest rates of home equity lines and loans, they're convenient ways to finance almost anything, including home improvements/repairs, education, purchasing a vehicle, buying a second property or consolidating higher interest rate balances.

  • The home equity loan has a fixed rate. The HELOC is subject to a variable rate which can change quarterly if the prime rate changes (as published in the money rates section of the Wall Street Journal).

  • Financial Calculators

    Use our financial calculators to estimate monthly payments, refinance needs, estimated savings and more.

  • Brochures/Documents

    Learn more about the products, services and resources available from Wright-Patt Credit Union that can help you on your Financial Flexibility and Freedom® journey.

  • Helpful Videos

    View our short, helpful videos that cover a host of Wright-Patt Credit Union's products and services to help you learn more.

  • Credit Score

    One of the best ways to feel good about your finances is to get a credit report and strengthen your credit score. Visit AnnualCreditReport.com for an annual free copy of your credit report. Learn more about how your credit score works here.

Common Uses of Home Equity Loans

If you need some extra cash, borrowing against the equity in your home can be an easy and affordable option. Here at Wright-Patt Credit Union, we know people tap into their home's value for all sorts of good reasons. Whether you're looking to tackle a big project, pay for an important expense, or consolidate debt, a home equity loan or home equity line of credit may be able to help!

One of the most popular uses for home equity loans is to fund home renovations or improvements. If you've been dreaming about that new kitchen, finished basement, or luxurious master bath, the funds from a home equity line of credit can make it happen! The best part is you can borrow up to 100% of your available equity, and you may be able to spread repayment over up to 10 years, keeping your payments manageable.

We also see lots of parents and families use home equity loans to pay for their children’s college tuition and other major education expenses. With college costs skyrocketing, home equity loans offer an affordable way to cover what financial aid and savings can't for their kids’ higher education. The lump sum from a fixed-rate home equity loan can give you the funds you need to avoid taking on higher interest student loans or racking up credit card debt to pay steep tuition bills.

High-interest debt consolidation is another common use for home equity loans. By rolling multiple credit card balances or other debts into a home equity loan at a lower interest rate, you can potentially save hundreds or even thousands in interest charges. We can set you up with easy monthly payments so you can pay off debt faster and improve your credit history.

No matter what you need the extra funds for, Wright-Patt Credit Union home equity loans and home equity lines of credit can help make it happen. With low rates, fees, and closing costs, you can put your home's hard-earned equity to work. Contact us today to learn more about securing a home equity loan or home equity line of credit!

Home Equity Fixed-Rate Loan vs. Home Equity Line of Credit

Both Home Equity Lines of Credit (HELOC) and a Home Equity Fixed-Rate Loans are supported by the equity in your home. What you plan to do with the funds from your home’s equity will determine the loan type that is right for you.

A Home Equity Line of Credit allows you to draw from the available funds, similar to a credit card. If you are planning on making multiple home improvement projects over a period of time, if you don’t know the final cost of a project yet, or if you would just like to have a financial safety net, a HELOC from a trusted credit union may be right for you.

A Home Equity Fixed-Rate Loan will provide you with the funds in one lump sum. If you are planning to consolidate high-interest credit card debt, pay interest and principal on student loans, or fund a project that you know the total amount of, a Home Equity Loan may be right for you.

When determining which loan is right for you, be sure to factor in additional expenses such as origination fees, appraisal fees, application fees, or credit card fees. Take advantage of Wright-Patt Credit Union’s low rates, minimal fees and extraordinary service by securing a Home Equity Loan today.

Evaluating Your Home’s Equity

To evaluate your home’s equity, you need to determine the Loan to Value ratio (LTV). For example, if your home is worth $200,000 and you still owe $80,000, your equity would be the difference of $120,000. To determine the LTV, you would take $120,000 divided by the value for an LTV of 0.60 or 60%.