Home Equity Loans
HCU now offers 3 Home Equity products to help fit our member’s financial needs.
Instant Equity Loan: Line of credit loan that is fixed for the first 5 years then adjusts semi-annually (January and July) thereafter.
- Line of Credit
- 1st or 2nd Mortgage
- up to 90% loan to value
- Rate lock for first 5 years
- After the 5th year, the rate will adjust semi-annually
- 20 year amortization
- No annual fee
- No closing costs*
Current Rates | Apply Online
Prime Line Equity Loan: Line of credit loan that can adjust monthly according to Prime.
- Line of Credit
- 1st or 2nd Mortgage
- up to 90% loan to value
- Adjustable rate at Prime
- Adjusts last day of each month (if Prime changes)
- 20 year amortization - 10 year draw period
- No annual fee
- No closing costs*
Current Rates | Apply Online
Closed End Home Equity Loan: Fixed loan amount with a fixed term (60, 84 or 120 months). Rate is based on term, LTV and credit criteria.
- Fixed amount borrowed
- 1st or 2nd Mortgage
- up to 90% loan to value
- Term of 60/84/120 months
- No annual fee
- No closing costs*
Current Rates | Apply Online
*Minimum loan amount to avoid closing costs is $10,000. A fee recovery of total closing costs applies to the Prime Line Equity Loan if closed within the first 3 years.
**In some circumstances, a full appraisal may be required. In those cases, the borrower will pay the full appraisal fee.