Getting Value Out of Your Home
Put your home’s equity to work for you.
You’ve worked hard to build up equity in your home. Now, you can put it to work for you, for anything from home improvement to paying off debts to financing an education. You may borrow up to 100% of your home’s value, less your remaining mortgage balance.
Fixed Home Equity Loans
When you open a Home Equity Loan, you can obtain a lump sum amount at a low, competitive fixed rate.
Variable Home Equity Line of Credit (HELOC)
With a HELOC, you can borrow funds when you need it at low, competitive variable rates.
Both Home Equity Loans and HELOCs come with:
- Up to $250 cash back when you transfer an existing Home Equity Loan or Line of Credit to BCU
- No annual fees or closing costs1
- A possible tax deduction on the interest you pay2
- A rate reduction up to 0.50% APR3 when you qualify for Rewards Rates.
1A minimum initial advance of $30,000 is required to avoid closing costs on a new or refinanced loan. Closing costs vary by state and range from $700-$1300. Closing costs paid by BCU are limited to appraisal, flood determination, title insurance and recording fees. Costs to satisfy certain prior liens may be assessed.
2Consult your tax advisor regarding the deductibility of interest.
3You may reduce your APR up to 0.50% with Rewards Rates. This includes a 0.50% discount for having two of the following relationships: direct deposit of at least $500 per month into your credit union checking account; at least $25,000 on deposit, or a loan in good standing. Qualifying loan types include mortgage, home equity, auto, and credit card. A qualifying loan must have a current balance and credit cards must have a transaction within the past 30 days. Any Credit Union loan that is not in good standing or delinquent will disqualify you for Rewards Rates. All rates are subject to credit certification and approval. The rates shown are the lowest available and your rate may be higher.