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Home Equity Loans and Lines of Credit

A HELOC for home improvements!

Just imagine all the possibilities a home equity line of credit can offer. Finance a vacation, pay for college or use it for any other big purchases you can dream up. More than home improvement – it’s life improvement.

  • Borrow up to 100% of your home’s equity
  • Low monthly payments
  • No closing costs for non-escrowed lines up to $100k

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*APR=Annual Percentage Rate.  Introductory APR is fixed for the first six (6) months of your newly opened Home Equity Line of Credit (HELOC). Introductory APR is available only on primary residences. Introductory APR is fixed and based on the Wall Street Journal Prime Rate minus a margin of 2.26%. Non-introductory APRs are variable and are based on the Wall Street Journal Prime Rate plus a margin ranging from 0.75%-2.00% depending on your creditworthiness and combined loan-to-value (CLTV). The APR can change quarterly on the 1st of January, April, July, and October based on the Wall Street Journal Prime Rate. After the six-month introductory period, the minimum lifetime APR is 4.00% and the maximum lifetime APR is 15.00%. No annual fee the first year, thereafter $50. Typical closing costs range from $90-$1,050 and $400 (other than appraisal, if required) is waived. Good news! If your line is $100k or less and you’re not paying off an existing lien (like a 2nd or HELOC elsewhere), your new Columbia CU HELOC will likely have no-closing costs! Columbia CU HELOCs are subject to application and credit approval. Please consult your tax advisor regarding tax deductibility of interest and charges. Homeowner’s insurance is required.

Fixed Home Equity Loan

This type of loan, also known as a 2nd mortgage, is great for projects when you know exactly how much money you need. You will receive funds in one lump sum, and enjoy the comfort of knowing your rate will remain the same throughout your loan. Terms up to 15 years are available.