Start your dream project today with our HELOC Special.°

Rate special as low as 2.99% APR* for 6 months, then variable as low as 5.25% APR.*

Planning a new home project this spring? Apply for our HELOC Special today for a low introductory rate plus closing costs as low as $149.** You can also use your HELOC for debt consolidation, vacations and more.

Should I get a HELOC or a Home Equity Loan?

Home Equity Line of Credit (HELOC)

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. Easily transfer funds from your HELOC to your checking or savings account through online or mobile banking, or use complimentary checks to pay for purchases. The annual percentage rate is variable and will change with the prime rate.

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 may pay off the loan quicker.

The home equity interest you pay is usually tax-deductible.

The interest you pay on a home equity loan or line of credit is usually tax-deductible, which further reduces the cost of borrowing. This type of deduction is not available 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.

°Rates accurate as of 8/1/2019 and may change at any time. Introductory rate is 2.99% APR for 80% loan-to-value, 3.99% APR for 90% loan-to-value and 4.99% APR for 100% loan-to-value. Introductory rate is based on a new home equity line of credit of at least $10,000 opened between 03/01/2019 and 09/30/2019 and qualifying credit. Introductory rate will remain in effect for 6 months following closing of the loan, then changes at the beginning of the seventh month to a variable rate of Prime rate as published in the Wall Street Journal plus a margin ranging from 0% to 2.5%, and will never fall below the floor rate of 4.00% and will never exceed 18.00%. As of 8/1/2019, the Prime rate was 5.25%. Property insurance required. The proceeds of the new line of credit cannot be used to pay off existing Heritage loans or lines of credit, unless an additional $10,000 in line availability above the payoff is established. Maximum home equity line, interest rate and monthly payment depend on home value and total loans secured by home. No annual fee. Subject to membership eligibility and a minimum share requirement of $5. Promotion may change or end at any time. **Closing costs range from $149 to $199 and do not include cost of appraisal, if needed, which can range from $400 to $700. Consult a tax advisor about tax-deductibility.