Home Equity Loans

Home Equity Line of Credit (HELOC)

A home equity line of credit is different from a fixed rate second mortgage. Instead of all of your money up-front, you can borrow the money as you need it. Similar to a credit card, you can charge it and pay it down for 10 years and you only get charged interest on the current balance.

  • Borrow up to 100%** of your home's value
  • Advances available by Visa Card or Home Banking
  • Early Termination fee applies if credit line is closed within the first 2 years
  • Adjustable rate loan
  • These terms are subject to change without notice

Interest Only Payment Option

  • Draw period up to 10 years with a 10 year re-payment period
  • $50 minimum payment per month
  • This payment option has a lower monthly payment

1.25% of the Balance Payment Option

  • Draw period up to 10 years with a 5 year re-payment period
  • Monthly payment will be 1.25% of the balance, minimum of $50
  • This payment option requires a higher monthly payment, but your loan amount will be paid down more quickly

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Fixed Rate Second Mortgage

A fixed rate second mortgage is great for projects when you know exactly how much money you will need. You will receive funds in one lump sum, with the comfort of knowing your rate will remain the same for the duration of your loan. 

  • Fixed loan amount, rate, and payments
  • Repayment terms up to 15 years
  • Borrow up to 100% of your home’s equity**

**We lend up to 100% of the property’s value based on the evaluation or appraisal, minus 1st mortgage balance. If the appraisal is required, members must pay for the appraisal at the time it is ordered. An appraisal is required on all loans with a loan to value in excess of 80% if the loan amount exceeds $25,000. Maximum loan amount over 80% loan to value is $50,000. 

All second homes require an appraisal and are subject to third party fees. Maximum loan to value is 65%
Not all property types are eligible for these products. Please contact our in-house loan advisors for a current list of ineligible property types.

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