What Are Home Equity Lines of Credit and Loans?
April 11, 2023
Interested in remodeling your outdated kitchen? A home equity line or loan can help make it happen. Learn about HELOCs and more.
HOME EQUITY LINE OF CREDIT
HOME EQUITY LINE OF CREDIT
Make it happen with a HELOC.
Use a HELOC to reinvest in home improvements, finance a big purchase, or consolidate higher interest debt. The possibilities are endless.
Easy Application
Streamlined and hassle-free process
Quick Cash
Transfer to your checking when you need it
Closing Costs Credit
Columbia CU covers the first $400*
What can your Home Equity do for you?
Overhaul your home value, pay for improvements, or consolidate debts at a better rate. It’s your equity, use it how you want!
- Pay for repairs, renovations, and side projects
- Make big-ticket purchases
- Refinance higher interest debt
- Increase your monthly cash-on-hand
What can your Home Equity do for you?
Overhaul your home value, pay for improvements, or consolidate debts at a better rate. It’s your equity, use it how you want!
- Pay for repairs, renovations, and side projects
- Make big-ticket purchases
- Refinance higher interest debt
- Increase your monthly cash-on-hand
How Does a HELOC work, anyway?
A Home Equity Line of Credit (HELOC) allows you to draw against the equity in your home as a line of credit, then pay it back over a long period of time.
- Borrow up to 100% of your home’s equity
- Low monthly payments spread over long periods of time
- Although we offer higher limits, Columbia CU offers a credit for the first $400 in closing costs
How Does a HELOC work, anyway?
A Home Equity Line of Credit (HELOC) allows you to draw against the equity in your home as a line of credit, then pay it back over a long period of time.
- Borrow up to 100% of your home’s equity
- Low monthly payments spread over long periods of time
- Although we offer higher limits, Columbia CU offers a credit for the first $400 in closing costs
Another Home Equity Option
A Fixed Home Equity Loan allows you to get a lump sum from a 2nd mortgage.
- For when you know exactly how much money you need
- Receive funds in a lump sum with a fixed rate
- Terms up to 15 years
Another Home Equity Option
A Fixed Home Equity Loan allows you to get a lump sum from a 2nd mortgage.
- For when you know exactly how much money you need
- Receive funds in a lump sum with a fixed rate
- Terms up to 15 years
From Our Blog
Home Equity vs. Mortgage Refinancing
February 21, 2020
If you own a home and have equity in it, there are different ways to get extra cash on hand every month. Learn which could be best for you.
Frequently Asked Questions
Your line of credit appears as an account within Online Banking, where you can make, same-day transfers to your checking account. Or, contact us and we’ll make that transfer for you.
There is no annual fee for the first year. After that, it is just $50.
You can borrow up to 100% of your home’s equity.
Your HELOC has a 10 year draw period followed by a 15 year repayment period.
Feel free to call, chat, or stop by any time with your home equity, mortgage financing, or any other questions. We’re always happy to help!
*Typical closing costs range from $50-$1,050. Of that amount, Columbia Credit Union will cover up to $400 in the form of a lender credit (lender credit does not apply to full appraisal costs, if full appraisal is required. Appraisal fees are to be paid upfront by the member in the event the full appraisal becomes necessary)