As a homeowner, you work hard to pay for your home. With the equity you have built as collateral obtain a home equity loan or line of credit from Heritage Credit Union. You can use your money for home improvements, college tuition, a new vehicle, a vacation, to consolidate bills, or any number of other major expenditures. It's the smart financial solution to make all your dreams come true.

Home Equity Line of Credit
A home equity line of credit is like a bank account where you can continuously access your available funds up to your credit limit. As you repay the loan you can access the money available again and again, without having to reapply for the loan. The annual percentage rate is variable and will change with the prime rate. Heritage is currently offering a Prime Minus 1.5% Home Equity Line of Credit with a minimum floor rate of 5.00% APR*.

Another advantage of the home equity line of credit is the flexibility to receive funds available. When you open your home equity line we will order you a 25 pack of convenience checks. You can also transfer funds to your checking or savings account on our Web Branch or by calling our 24 Hour Teller Line or your local HCU branch.

Fixed Rate Home Equity Loan
With a fixed rate home equity loan you borrow a fixed amount and pay back the loan over a pre-determined period of time. The monthly payment for a fixed rate loan is typically higher than a line of credit, but you will pay off the loan quicker.

	Home Equity Line of Credit	Fixed Rate Home Equity Loan
Monthly Payments	As low as 1% of the amount financed*	Set amount
Financing	Up to 100%*	Up to 100%
Repayment Term	Up to 22 years	Up to 15 years
Closing Costs*	NO	NO
Annual Fee*	NO	NO
Tax Deductible Interest*	YES	YES

Tax Deduction
The interest you pay on a home equity loan is usually tax deductible, which further reduces the cost of borrowing. You get no such deductions for interest paid on credit cards, car loans, and personal loans. Generally, if you itemize deductions rather than take the standard deduction, the interest is deductible on a home equity line of credit or fixed rate home equity loan of up to $100,000, or $50,000 for married couples filing separately.

Apply for a Home Equity loan online with our EZ Application!

* APR=Annual Percentage Rates. Rates subject to qualified credit and may change. Your monthly payment and annual percentage rate will vary depending on your credit history and loan to value. Check with your tax advisor about tax deductibility. No closing costs, no annual fee and up to 100% financing is subject to qualified credit and may not be available at all HCU branch locations. Prime minus 1.5% is 4.50% as of 1/31/2008 and falls below the program floor rate of 5%. Rates will never be lower than 5% and will never exceed 18%. Rate depends on loan-to-value ratio and qualified credit and may change. Rate indexed to prime rate. Maximum home equity line depends on home value and total loans secured by home. Minimum $5000 line. Monthly payment may be as low as 1% of your outstanding balance and is subject to qualified credit. Property insurance required. Loans currently financed at HCU require a minimum $5000 advance to qualify for this offer.