Make Your Home's Value Work for You
Turn your home equity into new possibilities for your forever home.
A home equity line of credit from Cyprus Credit Union lets you borrow against your home's value, giving you funds you can access whenever you need to consolidate debt, make home improvements, or even plan your next getaway!
Your Home Equity, Your Goals
Enjoy a revolving line of credit with a lower variable interest rate. Borrow as needed, make interest-only payments, and take advantage of some of the lowest HELOC rates available.
You can also choose how to pay your HELOC, so you can find what works within your budget.
Interest Only Payment Option
- Draw period up to 10 years with a 10-year repayment 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 repayment period
- Monthly payment will be 1.25% of the balance, minimum of $50
- This payment option requires a higher monthly payment, allowing the loan to be paid down more quickly
Flexible Borrowing When You Need It
Access the Equity in Your Home
Use the equity you’ve built in your home to fund major expenses or consolidate debt.
Revolving Line of Credit Like a Credit Card
Tap into funds whenever you need them over a multi-year period, and reuse the funds when you repay.
Borrow up to 100% of your home's value
Finance large purchases with a larger credit limit, and only pay interest on what you actually spend.
Lower Variable Interest Rate
Compared to other loan options, a HELOC has lower borrowing costs, and monthly payments, saving you money.
Home Equity Loan Rates
APR = Annual Percentage Rate
Meet the Mortgage Team
Mortgage Products Fit for Your Goals
Mortgage Refinancing
Convert your existing mortgage to secure better terms, lower your payment, or adjust your loan to fit your current goals.
Construction/Lot Loans
Get funding to move to a bigger space, secure the right plot of land, or start the remodel you've always wanted.
Second Mortgage
Borrow against the equity in your home in one lump sum while keeping your existing mortgage in place.
HELOC FAQs
What's the difference between a HELOC and a home equity loan?
A home equity line of credit (HELOC) is a revolving line of credit, similar to a credit card, that you can access as needed. Conversely, a home equity loan lets you borrow a lump sum payment with fixed interest rates and repayment terms.
Can I pay off a HELOC early?
Yes. Typically, you can pay off a HELOC early, so you can make extra payments toward the principal balance before the draw period or repayment period ends.
Why should I get a home equity loan from a credit union?
Getting a HELOC from a credit union typically allows you to secure lower rates, fewer fees, and more flexible terms.
Ready to maximize your home equity?
Work with our experienced mortgage team to explore HELOC options today. We're committed to securing you the lowest rates possible to lock in big savings.
Contact our team at 801-260-7606 or HomeEquity@CyprusCU.com.
